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Priority Banking Most Important Document (MID)

Thank you for your application for commencing a relationship with Standard Chartered Priority 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 Priority Banking Terms and Conditions; The Client Terms and the Savings Account and Term Deposit Terms which are applicable to your Priority Banking Relationship and your agreement to abide by them or any other terms that may be in force.

  1. Priority Banking Membership
    Priority Banking is a banking relationship offered by Standard Chartered Bank where the bank extends certain special privileges, offers products and services to its members, which are modified from time to time. A full list of all such privileges, offers and products can be obtained from the Bank.
  2. Program Maintenance Fee
    A monthly maintenance fee of 800/- and taxes as applicable, or such other amount (“Program Maintenance Fee”) as the Bank shall 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 our eligibility/qualification criteria, mentioned below:
                    
    Eligibility Criteria
    Priority Eligibility Criteria for new customers (applicable for a Standard Chartered Bank relationship for the first 12 months of account opening)
    1. Minimum monthly average FUM* (Funds under management) of `30 Lakh, or
    2. Minimum monthly salary credit into Standard Chartered salary account of `3 lakh1, or
    3. Mortgage approved amount above `2 Crore1
                
    Priority Qualification Criteria (applicable for a Standard Chartered Bank relationship post 12 months of account opening)
                             
    1. Minimum monthly average FUM* (Funds under management) of `30 Lakh, or
    2. Mortgage outstanding balance above `2 Crore2
                          
    1On completion of 12 months, client has to ensure to meet the Qualification criteria
                          
    2At any point if outstanding balance falls below `2 Crore, client has to either restore the amount by way of top-up or meet the FUM qualification criteria
                        
    *FUM (Funds under management) includes any one or combination of the following products from the Bank: Savings accounts, Term Deposits, Investments made through the Bank.
                    
    Please note, if one family member maintains the qualification / eligibility criteria, rest of the family members can enjoy Priority benefits.
  3. Renewal of Priority Banking Membership
    Priority Banking Membership shall be valid for one year from the date of joining and subject to renewal every year at the Bank’s sole discretion.
  4. Complimentary Priority Banking services for the first three months
    Priority Banking services shall be complimentary for the first three months of joining. At the end of three months non-maintenance of eligibility criteria shall attract Program Maintenance Fee and may result in discontinuation of Priority Banking services and benefits.
  5. Cancellation of Priority Banking Membership
    a) Priority client may terminate their Priority Banking Membership by giving the Bank a written notice.
    b) All Priority Banking privileges shall be terminated forthwith upon the death or bankruptcy of Priority clients.
    c) Priority Banking Membership is extended to clients at the Bank’s sole discretion and the Bank may revoke the membership at any time, without obligation to give clients any notice or reasons.
  6. Know Your Customer (KYC) norms
    Please be informed that there might be transaction restriction on the account incase 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 incase you are not able to provide complete KYC documents as per the requirement.
                         
    Note:

    1. 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.
    2. 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.
    3. The schedule of charges will be sent to you along with your welcome kit
    4. All charges are exclusive of duties and taxes as applicable
    5. 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.
    6. All charges and service standards are subject to revision at the discretion of the Bank
    7. The conduct of your Account(s) and the use of Phone banking, ATM, Debit Card, Doorstep 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. account holder in person.
    8. Withdrawals using withdrawal slips supplied by the Bank can only be made in case of Savings Bank Account opened by the individuals and by the account in person
    9. Accounts which are not operated for a period of greater than 10 years or more will automatically be marked as “Unclaimed account” wherein credits and debits in the account will be restricted and the account will be placed on hold
    10. Waiver of Programme maintenance Fee is applicable under the Employee Banking Accounts Programme and to all Standard Chartered Bank staff
    11. Any charges not mentioned in this document should be read in conjunction with the Schedule of Service Charges for the relevant product
    12. Debit Cards issued for NRO accounts would be valid for use in India only
    13. 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.
    14. Your deposit held with us is covered by the provisions of the Deposit Insurance & Credit Guarantee Corporation Act, 1961.
    15. You can not use this account for settling transactions or dealing in virtual currencies, including but not limited to bitcoins.                  

                             
      Standard Chartered Bank is committed to making your banking with us a pleasant experience and values your feedback:
      Write to us: customer.care@sc.com OR Priority.Banking@sc.com
      Write to us: Standard Chartered Bank, Customer Care Unit, 19 Rajaji Salai, Chennai 600 001.
      Visit us: https://www.sc.com/in/priority/en/
      Call us: Priority Banking Helpline Services (7 Days a Week, 24 Hours a Day).
                       
      Most Important Document (MID) Version – 15 January 2019