Standard Chartered Priority Banking Eligibility: How to Qualify?

Here are the key eligibility criteria and their specific details for Priority Banking customers:

To qualify for Standard Chartered Priority Banking, you must meet at least one of the following criteria:

• Minimum Monthly Average FUM of INR 30 Lakh: This includes savings, term deposits, and investments with the bank.
• Minimum Monthly Salary Credit of INR 3 Lakh: Your employer must credit this into a Standard Chartered salary account.
• Mortgage Requirements: New customers need an approved amount above INR 2 Crore, while existing customers need an outstanding balance above INR 2 Crore after 12 months.

One of the primary ways to qualify for Priority Banking is by maintaining a minimum monthly average FUM of INR 30 Lakh. You can check on their Priority Banking Most Important Document (MID) . FUM includes:

• Savings Accounts:The average monthly balance in your savings account with Standard Chartered Bank.
• Term Deposits: Fixed deposits or recurring deposits held with the bank.
• Investments: This encompasses mutual funds, bonds, equities, and other securities offered through the bank’s platforms.

The bank calculates the monthly average FUM by taking the daily closing balances of these accounts and investments over the month and computing the average. To meet this criterion you must have a total FUM of at least INR 30 Lakh.

Customers can also qualify by maintaining a salary account with the Standard Chartered Bank. The minimum salary of INR 3 Lakh per month must be required to qualify according to the Priority Banking MID.

Benefits and Verification:

• By choosing Standard Chartered for your salary account, you not only meet the eligibility criterion but also gain access to additional benefits, such as higher interest rates on savings, discounted locker rents, and more, as detailed on the Salary Account page.
• To ensure compliance, the entire salary must be credited to the Standard Chartered Salary Account. Partial credits or splits with other banks might not suffice, so it’s advisable to confirm with your employer and the bank.

This is very beneficial for professionals and executives who have high salaries and looking for premium banking services with a simple qualification route.

Customers with significant mortgage loans from Standard Chartered Bank can also qualify, with specific requirements for new and existing customers:

• For New Customers: If you are applying for a new mortgage with Standard Chartered Bank and the approved loan amount is above INR 2 Crore, you can enjoy Priority Banking benefits for the first 12 months of your banking relationship, as per the Priority Banking MID.
• For Existing Customers: After the initial 12 months, you must maintain a mortgage outstanding balance of at least INR 2 Crore to continue enjoying Priority Banking benefits.

• Approved Amount: The total loan amount sanctioned by the bank at the time of mortgage approval.
• Outstanding Balance: The remaining loan amount that the customer still owes to the bank.

This criterion is ideal for high-value property owners who have taken substantial loans, leveraging their mortgage relationship to access premium banking services.

An unexpected detail is the family-inclusive approach of Standard Chartered Priority Banking. If one family member meets the eligibility criteria, other family members—such as a spouse and children—can also enjoy Priority Banking privileges without needing to individually meet the standards, as mentioned on the Priority Benefits page. This includes:

• Travel Benefits: Complimentary Priority Pass for airport lounge access.
• Hospitality Discounts: Discounts at select restaurants and hotels.
• Wellness and Education Support: Assistance with overseas education and wellness programs.

This family-centric approach adds significant value, making Priority Banking not just an individual privilege but a collective advantage for your household.

Once you qualify for Priority Banking, maintaining your status is crucial to continue enjoying its benefits. For most criteria, the qualification is ongoing:

• If you qualified based on FUM, your average FUM must remain above INR 30 Lakh every month.
• If you qualified based on a mortgage, your outstanding balance must stay above INR 2 Crore.
• For salary-based qualification, the monthly credit must consistently be INR 3 Lakh or more

If you fail to meet the ongoing qualification criteria, you may be subject to program maintenance fees, such as a monthly fee of INR 800 plus taxes, as outlined in the Priority Banking MID, or may need to adjust your banking relationship to continue enjoying Priority Banking. This ongoing requirement ensures that only those with sustained high-net-worth status maintain the privileges.