For the purposes of calculation of Bonus Interest, the Bank will only consider those transactions which appear on the Bonus Saver Savings Accounts. Hence a new debit card needs to be issued for a new Bonus Saver Savings account. Monthly Debit Card spends will be the sum of the transactions made on the relevant Debit Card, linked to the Bonus Saver Savings Account, carried out on Point of Sale outlets within and outside the UAE. ATM transactions will not be considered.
While standard account interest will be credited on the last day of the month, the Bonus Interest rate will be credited by the 15th day of the next month.
Illustration;If customer maintains minimum day-end balance of AED 20,000 (on each day of the month) and has cumulative debit card spends of AED 4,000 in a given month, the Standard account rate of 0.2% will be credited to the Bonus Saver Account on the last working day of the month while the Bonus Interest of 2.8% will be credited by the 15th day of the next month
For the purpose of calculation of Bonus Interest, the Bank will take into consideration the purchases available in the Bank’s systems at the end of each calendar month. Any variations arising out of delay in receiving settlement details from merchants, acquirers or associations, including but not limited to, weekdays, weekends, public holidays or international transactions will be considered for next month’s Bonus Interest qualification.
Electronic Statement registration is mandatory. Electronic Statements will be sent to the email address registered with Standard Chartered Bank. Paper statements will be issued upon request with charges as per the General Service & Price Guide.
Branch cash transactions pertaining to the Bonus Saver Savings Account are not allowed. You may use alternative Digital channels.
Frequency of interest payout will be monthly and will be calculated on the minimum daily ending account balance of any given month. In case the Minimum Monthly Interest Earning Balance is not met, neither Standard Account Interest nor Bonus Interest will be credited for that month.
This product can be discontinued or renewed by the Bank at its own discretion. In case of discontinuation or amendment of product features, an electronic communication will be sent to the registered email address and relevant notifications will be available.