This Charter, issued by Standard Chartered
Bank, documents the overall standards of care and requirements
established by the Bank in providing banking and deposit acceptance
services to public. This document is based on the regulations
existing at this time, and on the guidelines on deposits provided
by the Indian Banks' Association.
This Charter is a public document aimed at ensuring
there is transparency in the requirements and general practice
relating to provision of these services and in the Bank's internal
requirements in the provision of this service.
While adopting this policy, Standard Chartered
Bank also reiterates its commitments to individual customers outlined
in the Bankers' Fair Practice Code of Indian Banks' Association.
This Charter seeks to broadly answer the following
questions that a customer may have:
do I open an account?
are the types of accounts that I can open?
are the mandates of operation on my account?
do I add or delete the names of joint account holders?
specific instructions can I give for a term deposit account?
do I open an account for an illiterate or blind person?
I transfer my account?
do I nominate beneficiaries for my account?
do I know what the transactions on my account have been?
does the Bank pay interest to me?
does the Bank deduct tax at source on interest paid to my account?
are the various fees and charges that the Bank levies on my account?
does the Bank use my personal information?
happens to the proceeds of the account in case of the death of an
do I address my complaints or grievances?
other relevant information regarding my account should I know about?
Q. At which
of your branches, can I exchange notes and coins?
For any further queries or clarifications
that you may have, please do not hesitate to contact us at our
Phonebanking numbers or write to us at Customer.firstname.lastname@example.org
Q. How do I open an account?
- The Bank will provide you with details of
various types of accounts that you may open with the Bank.
- You can have your choice on what type of account
would best suit you, based on your needs and requirements
- The Bank will, prior to opening an account,
require documentation and information as prescribed by the "Know
Your Customer" (KYC) guidelines issued by RBI and or such other
norms or procedures adopted by the Bank prior to opening the
- The due diligence process that the Bank would
follow, will involve providing documentation verifying your
identity, verifying your address, and information onyour occupation
or business and source of funds. As part of the due diligence
process the Bank may also require an introduction from a person
acceptable to the Bank if they so deem necessary and will need
your recent photographs.
- The Bank is required by law to obtain Permanent
Account Number (PAN) or General Index Register (GIR) Number
or, where you do not possess such registration, declaration
in Form No. 60 or 61 as specified under the Income Tax Rules.
- In the event that the account opening process
is likely to take longer than normal, the Bank will inform you
of the revised timeline.
- You can also call your branch or the executive
for any queries that you may have and the branch / executive
will revert on the query at the earliest.
- The Bank will provide you with the account
opening forms and other relevant material to enable you open
the account. Bank personnel will advise you on the complete
details of information that would be required by the Bank for
the verification process.
- The Bank reserves the right, at its sole discretion,
to open any account and at such terms as the Bank may prescribe
from time to time
Q. What are the types
of accounts that I can open?
TYPES OF ACCOUNTS
The Broad categories under which your account
would be opened are:
- Savings Bank Accounts which can be opened
for eligible person / persons and certain organisations / agencies
(as advised by Reserve Bank of India (RBI) from time to time)
- Current Accounts which can be opened by individuals
/ partnership firms / Private and Public Limited Companies /
HUFs / Specified Associates / Societies / Trusts, etc.
- Term Deposits Accounts which can be opened
by individuals / partnership firms / Private and Public Limited
Companies / HUFs/ Specified Associates / Societies / Trusts,
- Within the above-mentioned broad categories,
Standard Chartered bank may introduce various products with
specific features. The details of such products and features
will be available with Bank officials.
Q. What are the mandates
of operation on my account?
MANDATE OF OPERATION FOR A TRANSACTION
- Personal accounts opened by you can be opened
in your own name (status: known as account in single name) or
by you jointly with others (status: known as Joint Account).
- A Joint Account opened by more than one individual
may be operated by a single individual or jointly by more than
one individual, based on the mandate provided. The mandate for
operating the account can be modified with the consent of all
- A minor account will be opened jointly with
a guardian and only the guardian would be allowed to operate
- At the specific request of the depositor,
the Bank may register mandate / power of attorney given by the
customer authorising another person to operate the account on
- If you have a term deposit account, at the
time of placing your deposit you can give instructions with
regard to closure of deposit account or renewal of deposit for
further period on the date of maturity.
Q. How do I add or
delete the names of joint account holders?
ADDITION OR DELETION OF THE NAME/S OF
JOINT ACCOUNT HOLDERS
The Bank may at the request of all the joint
account holders allow addition or deletion of name/s of joint
account holder/s if the circumstances so warrant or allow. They
also allow an individual depositor to add the name of another
person as a joint account holder.
Q. What specific instructions
can I give for a term deposit account?
SPECIFIC INSTRUCTIONS ON TERM DEPOSIT
Premature Withdrawal of Term Deposits
- The Bank may allow requests for withdrawal
of term deposit before completion of the period of the deposit
agreed upon at the time of placing the deposit.
- The Bank may declare their penal interest
rates policy for premature withdrawal of term deposit. The Bank
will also make depositors aware of the applicable rate along
with the deposit rate.
Premature Renewal Of Term Deposit
- In case you wish to renew the deposit by seeking
premature closure of an existing term deposit account, the Bank
may permit the renewal at the applicable rate on the date of
renewal, provided the deposit is renewed for a period longer
than the balance period of the original deposit.
- While prematurely closing a deposit for the
purpose of renewal, interest on the deposit for the period it
has remained with the Bank may be paid at the rate applicable
to the period for which the deposit remained with the Bank and
not at the contracted rate.
Renewal Of Overdue Term Deposits
- The bank may, if alternative or special instructions
are not provided, automatically renew deposits on maturity for
the same period as the previous deposit.
- On renewal of a term deposit at the time of
maturity, the deposit interest rate applicable for the period
specified by the depositor would be applied.
- If request for renewal is received after the
date of maturity, such overdue deposits will be renewed with
effect from the date of maturity at interest rate applicable
as on the due date, provided such request is received within
14 days from the date of maturity.
- In respect of overdue deposits renewed after
14 days from the date of maturity, interest for the overdue
period will be paid at the rates decided by the Bank from time
to time. .
Advances Against Deposits
The Bank may consider depositors' requests for
loan / overdraft facility against term deposits, subject to execution
of necessary security documents.
Q. How do I open an
account for an illiterate or blind person?
ACCOUNT OF ILLITERATE / BLIND PERSON
- The Bank may at its sole discretion, open
deposit accounts, not being Current Accounts, in the name of
an illiterate person. Subject to such terms and documents that
the Bank may prescribe from time to time.
- The account of such person may be opened provided
he/she calls on the Bank personally along with a witness known
to both the depositor and the Bank, and after due completion
of KYC requirements.
- No cheque book facility is provided for such
Savings Bank Account therefore at the time of withdrawal/ repayment
of deposit amount and/or interest, the account holder should
affix his / her thumb impression or mark in the presence of
the authorised Bank officer who would verify the identity of
- The Bank may explain the need for proper care
and safe keeping of the statement given to the account holder.
The Bank official may explain the terms and conditions governing
the account to the illiterate / blind person prior to opening
Q. Can I transfer my
TRANSFER OF ACCOUNT
The deposit accounts may be transferred to any
other branch of the Bank at the request of the depositor. You
can obtain the details and process for the same from any of the
Bank's branches or service units.
Q. How do I nominate
beneficiaries for my account?
NOMINATION FACILITY FOR ALL ACCOUNTS
- Nomination facility is available on all deposit
accounts opened by individuals. Nomination is also available
to a sole proprietary company account.
- Nomination can be made in favour of one individual
- Nomination so made can be cancelled or changed
by the account holder/s any time.
- While making nomination, cancellation or change
thereof, it is required to be witnessed by a third party.
- Nomination can be modified by the consent
of account holder/s. Nomination can be made in favour of a minor
- The Bank recommends that all depositors should
avail of a nomination facility. The nominee, in the event of
death of the depositor/s, would receive the balance outstanding
in the account as a trustee of legal heirs. The depositor will
be informed of the advantages of the nomination facility while
opening a deposit account.
Q. How do I know what
the transactions on my account have been?
STATEMENT OF ACCOUNT
- The Bank will provide a statement of account
to Savings account as well as Current account customers at pre-decided
intervals. These will be informed to the customer at the time
of opening the account.
- The statement of account will contain all
the transactions that have been done on your account during
- The statements given to you at the pre decided
intervals would be free of cost to you. If you wish to receive
statements in any other manner the same would be made available
to you at a nominal charge. This will be communicated to you
Q. How does the Bank
pay interest to me?
INTEREST PAYABLE BY THE BANK ON ACCOUNTS
- Interest shall be paid on saving account at
the rate specified by Reserve Bank of India from time to time.
- No interest is payable on Current accounts as per Reserve Bank of India guidelines
- Term deposit interest rates are decided by
the Bank within the general guidelines issued by the Reserve
Bank of India from time to time.
- Interest on term deposits will be calculated
at quarterly intervals and paid at the rate decided by the Bank
depending upon the period of deposits.
- In case of monthly deposit scheme, the interest
shall be calculated for the quarter and paid monthly at discounted
- The interest on term deposits is calculated
by the Bank in accordance with the formulae and conventions
advised by Indian Banks' Association.
- The rate of interest on deposits will be prominently
displayed in the branch premises.
Click here for more
Q. Why does the Bank
deduct tax at source on interest paid to my account?
TAX DEDUCTION AT SOURCE ON INTEREST PAID
- The Bank is required to deduct taxes/cess
at source, if the total interest paid / payable on all term
deposits held by a person exceeds the amount specified under
the Income Tax Act.
- The Bank will issue a tax deduction certificate
(TDS Certificate) for the amount of tax deducted.
The Bank may consider the depositors' request to exempt him
from TDS if he submits declaration in the prescribed format
at the beginning of every financial year. Taxes once recovered
will be paid to Revenue authorities and therefore cannot be
refunded. Such exemptions from TDS are subject to the provisions
of the Income Tax Act. Rules and Regulations as applicable from
time to time.
Q. What are the various
fees and charges that the Bank levies on my account?
FEES AND CHARGES
- For all products the Bank has a stipulated
minimum balance to be maintained in the account.
- The Bank also has a complete listing of charges
that would be levied by the Bank for non-maintenance of balance
- The Bank also has nominal charges for various
special facilities and for various types of transactions.
- All these charges will be provided in the
form of a printed leaflet to the prospective customer while
opening the account.
The Schedule of Charges for each type of account
has been appended for further reference.
Q. How does the Bank
use my personal information?
PERSONAL CUSTOMER INFORMATION
- The Bank values the information provided by
you at the time of opening the account.
- The Bank will not use this information
for cross selling of services or products by the Bank, their
subsidiaries and affiliates without your knowledge.
- If the Bank proposes to use such information,
consent of the accountholder/s will be obtained.
- The Bank will not disclose details / particulars
of the customer's account to a third person or party without
the express or implied consent from the customer.
- However, there are some exceptions, viz. disclosure
of information under compulsion of law, where there is a duty
to public to disclose and where interest of the Bank requires
Q. What happens to
the proceeds of the account in case of the death of an account
SETTLEMENT OF DUES IN DECEASED DEPOSIT
- If the depositor has registered a nomination
with the Bank the balance outstanding in the account of the
deceased depositor will be transferred to the account of / paid
to the nominee after the Bank is satisfied about the identity
of the nominee, etc.
- The above procedure will be followed even
in respect of a joint account where nomination is registered
with the Bank.
- In a joint deposit account, when one of the
joint account holders dies, the Bank is required to make payment
jointly to the legal heirs of the deceased person and the surviving
depositor(s). However, if the joint account holders had given
mandate for disposal of the balance in the account in the forms
such as "either or survivor, former / latter or survivor, anyone
of survivors or survivor; etc", the payment will be made as
per the mandate to avoid any delays that might be caused due
to the delays in production of legal papers by the heirs of
- The joint account holders can give any of
the following mandates for the disposal of balance in the above
* Either or Survivor: If the account is held by two individuals
say, A & B, the final balance along with interest, if applicable,
will be paid to survivor on death of anyone of the account holders.
* Anyone or Survivor/s: If the account is held by more than
two individuals say, A, B and C, the final balance along with
interest, if applicable, will be paid to the survivor on death
of any two account holders.
In the absence of nomination and when there are no disputes among the claimants, the Bank will pay the amount outstanding in the account of deceased person against joint application and indemnity by all legal heirs or the person mandated by the legal heirs to receive the payment on their behalf without insisting on legal documents up to the limit approved by the banks board. This is to ensure that the common depositors are not put hardship on account of delays in completing legal formalities
Interest payable on term deposit in deceased account
1. In the event of the death of the depositor before the date
of maturity of the deposit and the amount of the deposit is
claimed after the date of maturity, the Bank may pay interest
at the contracted rate till the date of maturity. For the period for which the deposit remained with the Bank beyond the date of maturity; as per the Banks policy in this regard.
2. From the date of maturity to the date of payment, the Bank
may pay simple interest at the applicable rate on the date of
maturity, as per the Bank's policy in this regard.
3. However, in the case of death of the depositor after the
date of maturity of the deposit, the Bank may pay interest at
the savings deposit rate applicable on the date of maturity.
This will be for the period from the date of maturity till the
date of payment.
Q. Where do I address
my complaints or grievances?
REDRESSAL OF COMPLAINTS AND GRIEVANCES
- Depositors having any complaint / grievance
in regard to the services rendered by the Bank have a right
to approach the authority(ies) designated by the Bank for handling
customer complaint / grievances.
- All Bank officials at any of the contact points
for the Bank are authorised to provide all required information
regarding the procedure for lodging the complaint.
For more details
click here to refer to the Grievance Redressal policy of the bank.
other relevant information regarding my account should I know
OTHER IMPORTANT INFORMATION
Insurance Cover for Deposits
Bank deposits are covered under the insurance scheme offered by
Deposit Insurance and Credit Guarantee Corporation of India (DICGC)
subject to certain limits and conditions. The details of the insurance cover in force, will be made available to the depositor.
Stop Payment Facility
The Bank may accept stop payment instructions from the depositors
in respect of cheques issued by them as per Bank's policy in this
regard. Charges, as specified, will be recovered.
Accounts which are not operated for a pre-defined period of time
will be transferred to a separate dormant / inoperative account
status in the interest of the depositor. The depositor will be
informed of charges, if any, which the Bank will levy on dormant
/ inoperative accounts. The depositor can, after providing appropriate
identity and address evidence and upon such other document as
the Bank may prescribe to re-activate the account.
Safe Deposit Lockers
This facility is not offered through all Bank branches and wherever
the facility is offered, allotment of the safe deposit vault will
be subject to availability and compliance with other terms and
conditions attached to the service. Safe deposit lockers may be
hired by an individual (being not a minor) singly or jointly with
another individual(s), HUFs, firms, limited companies, associates, societies,
trusts etc. Nomination facility is available to individual(s)
holding the lockers singly or jointly. In respect of lockers held
in joint names, up to two nominees can be appointed. Joint locker
holders can give mandate for access to the lockers in the event
of death of one of the holders on the lines similar to those for
deposit accounts. In the absence of nomination or mandate for disposal of contents of lockers, with a view to avoid hardship to common persons, the bank will release the contents of locker to the legal heirs against indemnity on the lines as applicable to deposit accounts
Q. At which of your branches, can I exchange notes and coins?
This facility is available at all our branches.