Terms and Conditions Applicable during the Deposit Campaign Period

“SCB” STANDARD CHARTERED BANK, incorporated in England and Wales with limited liability by Royal Charter 1853 reference number ZC18 and licensed to operate as a commercial bank in the United Arab Emirates (UAE) by the Central Bank of UAE;
“Account(s)/ Account Balance(s)/ Overall Relationship Balance” Means Current, Savings, Term Deposit products and total average deposit balance in these Accounts
“Client” Means Priority Private, Priority and Premium Clients who hold an active Transacting Account(s) with SCB as of 31st July 2024 or New to Bank clients onboarded after 31st July 2024
 New to Bank clients onboarded in November 2024 are eligible to get the offer till February 2025 and New to Bank clients onboarded in December 2024 are eligible to get the offer till March 2025.
“Campaign” The deposit incremental balance campaign entitles eligible Clients to earn Special profit on their Savings Accounts during the Campaign period

 
“Campaign Period”

 

 The Campaign period is between  1st August  to 31st December 2024, both days inclusive.

 
“Currency” AED
“Closing Balance” means the total of the Average Account Balance(s) as of July 2024
Standard Profit on Wealth$aver (Average Balance in AED) Per Annum AED 500,000 to 4,999,999 – 2.75%

AED 5,000,000 to 10,000,000 – 3.50%

 
“Special Profit” & “Payout Period” Per Annum Means additional Profit rate as below:

AED 500,000 to 4,999,999 – 2.25%

AED 5,000,000 to 10,000,000 – 1.50%
 
Payout of Special profit will be completed by 31st January 2025.
Payout of Special profit will be completed by 30 April 2025 for New to Bank clients onboarded in November and December 2024
“Savings Account” Means Wealth$aver Account in AED Currency
  1. The offer will be provided only during the Campaign Period between 1st August 2024 to 31st December 2024, both days inclusive.
  2. New to Bank clients onboarded in November 2024 are eligible to get the offer till February 2025 and New to Bank clients onboarded in December 2024 are eligible to get the offer till March 2025.
  3. Clients shall be eligible to earn Special Profit if they meet the requirements set out in these Terms & Conditions.
  4. To be eligible to earn Special Profit, a client must increase their Account Balance(s) by a minimum of AED 500,000 and retain the amount during the Campaign Period.
  5. Clients can open a new account if they do not have an existing account.
  6. The Special profit rate will be calculated on the average incremental balance brought into the Savings Account. If the total Account Balance(s) during the Campaign Period has not increased by a minimum of AED 500,000 over the Closing Balance, then the Special Profit will not be eligible for pay-out.
  7. The minimum and maximum amounts eligible for profit at the end of the Campaign Period for each eligible Client shall be AED 500,000 and AED 10,000,000 respectively on the average balance amount.
  8. Balances transferred from any of the existing Account(s) to the Savings Account are not eligible for Special Profit. [Illustrations below]

Illustrations: 

Illustration 1 Existing Client who meets Campaign Criteria will get Wealth$aver rate at 2.75% p.a + Special Profit
All Figures in AED (Avg.) Closing Balance as of 31st Jul 2024 Funding Date 1st to 31st Aug 2024 Balance maintained Sept 2024 Balance maintained Oct 2024 Balance maintained Nov 2024 Balance maintained Dec 2024
Overall Relationship Balance 2,000,000 2,500,000 2,500,000 2,500,000 2,500,000 2,500,000
Wealth$aver Balance – 500,000 500,000 500,000 500,000 500,000
Incremental Balance on Wealth$aver 500,000 500,000 500,000 500,000 500,000
Profit on Wealth$aver Balance @2.75% p.a – 1,184.03 1,145.83 1,184.03 1,145.83 1,184.03
Special Profit @2.25% p.a. on incremental balance – 968.75 937.50 968.75 937.50 968.75
Total Return p.a. 2,152.78 2,083.33 2,152.78 2,083.33 2,152.78
*Remarks: Client will only get profit on incremental average amount
Illustration 2 Existing Client who meets Campaign Criteria will get Wealth$aver rate at 3.50% p.a.  + Special Profit
All Figures in AED (Avg.) Closing Balance as of 31st Jul 2024 Funding Date 1st to 31st Aug 2024 Balance maintained Sept 2024 Balance maintained Oct 2024 Balance maintained Nov 2024 Balance maintained Dec 2024
Overall Relationship Balance 500,000 6,500,000 6,500,000 6,500,000 6,500,000 6,500,000
Wealth$aver Balance – 6,000,000 6,000,000 6,000,000 6,000,000 6,000,000
Incremental Balance on Wealth$aver 6,000,000 6,000,000 6,000,000 6,000,000 6,000,000
Profit on Wealth$aver Balance @3.50% p.a – 18,083.33 17,500.00 18,083.33 17,500.00 18,083.33
Special Profit @1.50% p.a. on incremental balance – 7,750.00 7,500.00 7,750.00 7,500.00 7,750.00
Total Return p.a. 25,833.33 25,000.00 25,833.33 25,000.00 25,833.33
*Remarks: Client will only get profit on incremental average amount

 

Illustration 3 New Client who meets Campaign Criteria will get Wealth$aver rate at 3.50% p.a.  + Special Profit
All Figures in AED (Avg.) Closing Balance as of 31st Jul 2024 Funding Date 1st to 31st Aug 2024 Balance maintained Sept 2024 Balance maintained Oct 2024 Balance maintained Nov 2024 Balance maintained Dec 2024
Overall Relationship Balance – 5,500,000 5,500,000 5,500,000 5,500,000 5,500,000
Wealth$aver Balance – 5,500,000 5,500,000 5,500,000 5,500,000 5,500,000
Incremental Balance on Wealth$aver 5,500,000 5,500,000 5,500,000 5,500,000 5,500,000
Profit on Wealth$aver Balance @3.50% p.a – 16,576.39 16,041.67 16,576.39 16,041.67 16,576.39
Special Profit @1.50% p.a. on incremental balance – 7,104.17 6,875.00 7,104.17 6,875.00 7,104.17
Total Return p.a. 23,680.56 22,916.67 23,680.56 22,916.67 23,680.56
*Remarks: Client will only get profit on incremental average amount
  1. In event of closure of any or all of the Account(s) prior to the expiry of the Campaign Period; no Special profit will be paid on the balance that was held in such account(s).
  2. Existing Clients, who are eligible to take part in the Campaign, as per these terms and conditions, will
    receive an SMS and/or an e‐mail from SCB with details of this Campaign. If a client has 2 or more relationships with SCB under the same mobile number and/or same email address, or family linked account(s) such Clients will have to refer to their Priority relationship manager or Premium Executive (as applicable) to clarify which Relationship is part of the Campaign to avail the offer.
  1. These terms and conditions are supplemental to the Client & Product Terms and Conditions
  2. The Campaign and these terms and conditions may be amended and/or terminated at any time by SCB without prior notice and is not valid in conjunction with any other special promotion or other reward periodical campaign.
  3. The Special profit payable under the Campaign will be applied to all eligible Clients automatically. If any eligible Client wishes to opt out of this Campaign, they may do so at any time by notifying their Priority relationship manager or Premium executive. A Client’s participation in the Campaign constitutes to his/her acceptance of the terms and conditions contained herein, as amended from time to time.
  4. For Wealth$aver, Hiba is over and above the Mudarabah rate and is being offered by the Bank at its sole discretion. If there is no Mudarabah profit or (there is) loss, Hiba will not be paid.
  5. Should you have any concerns or complaints regarding any of our products or services, you may raise your complaint by emailing us at complaint.resolution@sc.com or calling our Client Care Centre on +971 600 5222 88, and we will get back to you within 2 working days. To know more about our Complaints Resolution process, visit https://www.sc.com/ae/customer-service/

Arabic version of the Terms & Conditions available on request.