Opening a savings bank account is one the best ways to park one’s life earnings. Irrespective of the aim of saving, such an account allows a person to easily transfer funds between accounts and even between banks, all thanks to its high degree of liquidity.
Moreover, banks like Standard Chartered Bank offer their clients a wide range of savings accounts, depending on their individual needs.
Here’s a list of some of its popular savings account.
1. 2-in-1 Savings account: If one is looking for high return on fixed deposits and a high degree of flexibility in operations, then this is a great option.
2. Axcess Plus account: This savings account enables the account-holder to access funds from anywhere in the world with VISA ATM network.
3. Basic Savings Account: With a very basic approach to savings, this type of account for those who are looking for a hassle-free, no-frills banking experience.
Minimum Balance Requirement
Standard Chartered Bank makes it mandatory for its clients to maintain minimum balance requirement in their savings account. The requirement varies with different accounts as is evident by the following details:
1. 2-in-1 savings account: Account holders need to maintain an average monthly balance of Rs 10,000, on failing which the bank charges a fee at the rate of 10% on the balance shortfall, subject to a maximum of Rs 500.
2. Axcess Plus account: Clients need to maintain a monthly average balance of Rs 25,000. In case an account fails to meet the requirement, the bank levies a charge of 5% on the shortfall of the MAB.
3. Basic Savings account: As the bank has not fixed any minimum balance requirement for this type of account, there are no charges associated with an account holder’s failure to maintain the limit.