Standard Chartered requires minimum balance of 50K for non-salary accounts?

[spatone]

My first employer opened my salary account with Standard Chartered. With subsequent employers I used the same account for salary.

However, since there are no real perks offered by SC and their Premium / Priority banking has not been able to resolve the issues I have faced in the past. I was looking to other banks for LTF premium cards.

The issue is my SC bank account is registered with a lot of mutual fund houses and insurance companies and I wish to retain the account. I mailed them asking what would be the minimum balance requirements these guys have and got a reply that if no salary is credited then the minimum balance that needs to be maintained is INR 50K. This is something I find ludicrous for a no frills lowest tier account that I asked for.

Is that really the case? Does anyone here have non-salary bank accounts with SC and do you really maintain 50K with them?

 

[Karvanna]

I Have I maintain 25k

But There Are Many Variants Lile Axcess Plus 25k Prime 2L Super Value 50k

 

[spatone]

I Have I maintain 25k

But There Are Many Variants Lile Axcess Plus 25k Prime 2L Super Value 50k

Thanks for the reply. Will check with them again.

 

[sujoybasu]

Recently there has been a change in their rules which will be applicable from April, 2025. The minimum balance requirement from April 2025 is ₹50000.

 

[qf037x42v]

Try converting into Basic Savings account. They might resist but with enough push, they have to convert.

 

[PrabhuP]

Try converting into Basic Savings account. They might resist but with enough push, they have to convert.

When i have inquired about basic savings account they told their lowest saving account plan in 25K AMB.

 

[anonymuos]

Recently there has been a change in their rules which will be applicable from April, 2025. The minimum balance requirement from April 2025 is ₹50000.

Can you link to their website which states MAB of 50K? That's quite steep!

 

[qf037x42v]

When i have inquired about basic savings account they told their lowest saving account plan in 25K AMB.

That's what they say. RBI mandates Basic savings account. They can't not have it. Ask them to give in writing if they deny.

See below

https://av.sc.com/in/content/docs/in-sc-savings-account-sosc.pdf

 

[rogerthat]

That's what they say. RBI mandates Basic savings account. They can't not have it. Ask them to give in writing if they deny.

See below

https://av.sc.com/in/content/docs/in-sc-savings-account-sosc.pdf

I had the same experience when I asked them. They will kick and scream and writhe and squirm trying to get away without opening a basic zero balance account. You need to threaten them showing them RBI to get to open a basic account with SCB.

In my opinion it is not worth dealing with the Standard Chartered. They used to be good once upon a time but these days they seemed to have acquired some kind of "air". They have turned snooty and look down upon their customers. Their customer service both in branch and over phone is too high-and-mighty and treat you like shit unless you show them like around 5 crore or so. And even then the benefits that they offer are utter waste. And the less said about their credit cards, the better.

Just close the account and move on. There's nothing to see at SCB anymore.

 

[qf037x42v]

I had the same experience when I asked them. They will kick and scream and writhe and squirm trying to get away without opening a basic zero balance account. You need to threaten them showing them RBI to get to open a basic account with SCB.

In my opinion it is not worth dealing with the Standard Chartered. They used to be good once upon a time but these days they seemed to have acquired some kind of "air". They have turned snooty and look down upon their customers. Their customer service both in branch and over phone is too high-and-mighty and treat you like shit unless you show them like around 5 crore or so. And even then the benefits that they offer are utter waste. And the less said about their credit cards, the better.

Just close the account and move on. There's nothing to see at SCB anymore.

Totally agree. They are not keen on India anymore which is clearly evident in their CC strategy.
However, the issue for OP is that his MF folios are linked to SC account.

@PrabhuP You can change the bank accounts for MFs online (with some restrictions of course). Better start looking into it.