Premium Banking Most Important Document (MID)
Dear Premium Banking Customer,
Thank you for your application for commencing a relationship with Standard
Chartered Premium
Banking.
To ensure that there is clarity regarding the Bank's terms, we request you to go
through some of
the important conditions listed below governing the relationship and sign your
acceptance of the
same.
Your acceptance will confirm having received, read and understood the Most
Important Document
(MID), The Premium Banking Terms and Conditions, The Customer Terms and the
Savings Account and Term
Deposit Terms which are applicable to your Premium Banking Relationship and your
agreement to abide
by them or any other terms that may be in force.
- Premium Banking Membership
Premium Banking is a banking relationship offered by Standard Chartered
Bank (the Bank) where
the Bank extends certain special privileges, offers products and
services to its clients, which
are modified from time to time. A full list of all such privileges,
offers and products can be
obtained from the Bank.
- Programme Maintenance Fee
A monthly maintenance fee of 0.5% of shortfall in Funds Under Management
with a maximum cap of
INR 750/month + Goods and Services Tax (GST) or such other amount
(“Program Maintenance Fee”) as
the Bank may decide in its sole discretion, shall be charged by the Bank
every month and such
Program Maintenance Fee shall be payable by you in the event you do not
meet the qualification
criteria, as mentioned below:
- Minimum monthly average FUM1 (Funds under management) of ₹15 Lakh,
or
- Minimum monthly salary credit into Standard Chartered salary account
of ₹1.5 Lakh, or
- Mortgage approved amount of ₹1 Crore and above, in the first 12
months of commencement of
Premium Banking relationship, and thereafter maintain a Mortgage
outstanding balance above ₹1
Crore.
Please note, if one family member meets the Premium Qualification
criteria, the other members
of his family can enjoy Premium Banking benefits. Non-maintenance of
qualification criteria
shall attract a program maintenance fee and may result in
discontinuation of Premium Banking
services and benefits.
1FUM (Funds under management) includes any one or combination
of the following
products from the Bank: Savings accounts, Term Deposits, Investments
made through the Bank.
- Renewal of Premium Banking Membership
Premium Banking Membership will be valid for one year from the date of
joining and will be
subject to renewal every year at the Bank's sole discretion.
- Complimentary Premium Banking services for the first three months
Premium banking services and privileges will be complimentary for the
first three months of
joining. At the end of three months, if the client is unable to meet
Qualification criteria,
then the Bank may at its sole discretion levy Program Maintenance Fee or
discontinue Premium
Banking services and benefits.
- Cancellation of Premium Banking Membership
- Premium Banking client may terminate the Premium Banking Membership
by giving the Bank a
written intimation of the same.
- All Premium banking privileges and services will be terminated
forthwith upon the death or
bankruptcy of Premium Banking clients.
- Premium Banking Membership is offered to clients at the Bank's sole
discretion and the Bank
may revoke the membership at any time, without assigning any
reasons.
- Know Your Customer (KYC) norms
Please be informed that there might be transaction restriction on the
account in case the Know
Your Customer (KYC) documents submitted by you are found incomplete/
insufficient during
internal review by the Bank after the account has been opened. The
account might be closed in
case you are not able to provide complete KYC documents as per the
requirement.
Note:
- Please verify the identity of the Bank officer before handing over the
initial payment for
opening the account. Also please confirm that you have not handed over cash
to the officer for
opening the account except when you have visited the Bank's branch
personally. You have not been
incentivised by a gift/ discount for opening the account.
- Account holder(s), please note that the name will be captured in certain
Bank records as per the
details available on the Income Tax Pan Site (only if pan card is provided
as a primary identity
document). This name may differ from the name appearing in the Pan Card
submitted at the time of
account opening.
- The schedule of charges will be sent to you along with your welcome kit.
- All charges are exclusive of duties and taxes as applicable.
- Program maintenance charges will not be levied for clients holding Saving
accounts with a
minimum monthly average balance of INR 2 Lakh
- GST will be levied at the applicable rates in force on all taxable supplies
with effect from a
date to be notified by the Government.
- All charges and service standards are subject to revision at the discretion
of the Bank.
- The conduct of your Account(s) and the use of Phone Banking, ATM, Debit
Card, Door Step Banking,
Internet Banking and Electronic Banking facilities and all other banking
facilities are governed
by the applicable “terms and conditions” and relevant service charges which
shall be read,
understood and accepted in addition to the above conditions.
- You have to promptly report any unauthorised transaction including
electronic banking
transaction** on the account/ card to the Bank either through Phone Banking,
Email Channel, Online
Banking or Branch, ensuring that there is no delay in reporting. Your
liability for the
unauthorised transaction due to third party breach will be determined in
accordance with the Banks
Policy on Limited Liability of Customers in Unauthorised Electronic Banking
Transactions
(“Policy”). Your ‘liability’ is linked to the timeframe within which you
report any unauthorised
transaction on the account/ card to the Bank, and more details on that are
available in the
Policy. If the investigation done by the Bank is incomplete or inconclusive
within 10 working days
from the date of notification by you of the unauthorised transaction, the
Bank will provide a
provisional credit or a shadow credit of the disputed amount to you (in
accordance with the
Policy). The provisional credit or shadow credit shall be value dated
(subject to the unauthorised
transaction being reported to the Bank within 7 working days) to be as date
of the transaction, in
case of debit card/ bank account so that you do not suffer loss of interest.
You will not be able
to utilise the amount that is provisionally credited to your account,
pending the investigation by
the Bank. If the investigation outcome reveals that there has been
negligence/ compromise of the
secured credentials by you, then the provisional credit or the shadow credit
will be reversed by
the Bank
- Withdrawals using withdrawal slips supplied by the Bank can only be made in
case of Savings Bank
Account opened by individuals and by the account holder in person.
- Accounts which are not operated for a period of greater than two years are
classified as
dormant. Consequently, the bank will allow operations in the account only
after completion of due
diligence by the Bank. Any Debit/ ATM card due for renewal will not be
issued.
- Accounts which are not operated for a period of greater than 10 years or
more will automatically
be marked as an “Unclaimed Account” wherein credits and debits in the
account will be restricted
and the account will be placed on hold.
- Waiver of Program Maintenance Fee is applicable to all Standard Chartered
Bank Staff.
- Any charges not mentioned in this document should be read in conjunction
with the Schedule of
Service Charges for the relevant product.
- Waiver of Program Maintenance Fee is applicable to all Standard Chartered
Bank Staff.
- Debit cards issued for NRO accounts would be valid for use in India only.
- Debit Card Reward points earned during a calendar year (January-December)
will lapse on 30 June of the next year, call Phone Banking to redeem your
points before expiry.
- Your deposit held with us is covered by the provisions of the Deposit
Insurance & Credit
Guarantee Corporation Act, 1961.
Standard Chartered Bank is committed to making your banking with us a
pleasant experience
and values your feedback:
Write to us: Standard Chartered Bank, Customer Care Unit, 19 Rajaji
Salai, Chennai 600 001.
Most Important Document (MID) Version – 1 October 2024
