Standard Chartered Bank offers different types of fixed deposits to customers at attractive rates of interest. The variety of term deposit schemes offered by the bank is suitable for every individual’s requirement whether it is for short term or a longer one. Investing in fixed deposits is a good option as the Standard Chartered FD rates are competitive in nature and provide investors with good returns.
Standard Chartered FD Rates 2020
Domestic/NRO FD Interest Rates
For deposits < Rs. 2 crore
|Tenure||Standard Chartered Bank FD Rates|
|Regular Citizens||Senior Citizens (Only for deposits < Rs. 1 crore)|
|1 year – 375 days||6.50%||7.00%|
|391 days to < 18 months||6.45%||6.95%|
|18 months < 21 months||6.60%||7.10%|
|21 months to < 2 years||6.60%||7.10%|
|2 years to < 3 years||6.60%||7.10%|
|3 years to < 4 years||6.50%||7.00%|
|4 years to <= 5 years||6.50%||7.00%|
FNCR Interest Rates
|Deposits||FD Interest Rates w.e.f. 1 January 2020|
|Currency : USD||< USD 100,000||>= USD 100,000|
|1 year – < 375 days||1.65||1.65|
|376 D – < 1.5 years||1.50||1.50|
|1.5 years – < 2 years||0.01||0.01|
|2 years – < 740 D||0.01||0.01|
|741 D – < 3 years||0.01||0.01|
|36 – <39 Months||0.01||0.01|
|1 year < 375 days||0.70||0.70|
|376 D < 1.5 years||0.45||0.45|
|1.5 years < 2 years||0.01||0.01|
|1 year – < 375 days||0.01||0.01|
|376 days – < 1.5 years||0.01||0.01|
|1.5 years < 2 years||0.01||0.01|
|366D < 390D||0.01||0.01|
|391D < 1.5 years||0.01||0.01|
|366 D < 390 D||0.01||0.01|
|391 D < 1.5 years||0.01||0.01|
Standard Chartered Bank Fixed Deposit Scheme
Standard Chartered Bank provides customers with varied options in fixed deposit vertical for short term as well long term investments. Along with services like premature withdrawal and loan against FD, competitive Standard Chartered FD rates make investing in the bank’s term deposit a sound decision. Further details about Standard Chartered Bank Fixed Deposit are:
|Tenure||7 days – 5 years|
|Min. Deposit Amount||Rs. 10, 000|
|Rates for Senior Citizens||Additional 0.50% interest (for deposits up to Rs. 1 crore)|
|Premature Withdrawal||Available (penalty of 1% on the payable rate of interest)|
|Overdraft facility against FD||Available|
- In case of need for excess funds, investors can opt to break FD only for the amount required while keeping the remaining amount intact and earn interest
- Investors can check the status of their fixed deposit accounts using the mobile application, Standard Chartered Mobile
- Joint savings account holders and senior citizens can online apply for Standard Chartered fixed deposit
- For deposits earning > Rs. 10,000 interest income, 20% TDS shall be deducted if PAN is not updated with the bank
Premature Withdrawal Facility
Although it is not advised to withdraw the term deposit before time and let it earn interest on prevailing Standard Chartered Bank FD rates, there are times when depositors may find themselves in a contradictory situation. For such times the bank provides investors with the facility to withdraw from FD prematurely, i.e. before the term ends.
It should be noted that premature withdrawal of fixed deposit shall lead to a 1% penalty on the payable interest rate.
Loan against FD
Standard Chartered Bank provides its term deposit customers with the option of overdraft facility against FD. In case the investor needs money to fill the financial gap, they can opt for this option. In case they are not able to repay the amount taken, the bank may recover it from the fixed deposit.
The credit limit is fixed by the bank at the time of availing the loan and can be altered as per the bank’s credit policies.
Standard Chartered Bank FD Calculator
To get a clear picture of the returns they may get from investing in a Standard Chartered FD scheme, customers are advised to make use of the FD calculator available at Paisabazaar.com. Using the tool, customers get the maturity amount that their term deposit earns at the prevailing Standard Chartered FD rates. This tool can be used multiple times for different tenure options, deposit amount and Standard Chartered fixed deposit interest rates. While manual calculation may have a scope of error, this tool shall provide the correct result every time.
Documents Required to Apply for Standard Chartered Bank FD
Customers should keep the following list of documents ready when applying for a term deposit account with the bank:
How to Apply for Standard Chartered Fixed Deposit?
To apply for fixed deposits with Standard Chartered, customers are required to visit the nearby branch of the bank along with documents required for application process and ask for opening the FD account. A representative of the bank shall guide the customer through the application process.
Interested customers may also call Standard Chartered Bank customer care number for detailed information.
Q. At what rate does a customer gain highest returns on Standard Chartered FD?
A. Currently, the bank provides the highest ROI at 6.90% for tenure ranging from 211-226 days.
Q. Is there an auto-renewal facility available?
A. Standard Chartered FD scheme comes with the option of auto-renewal. This should be enabled at the time of signing up for the scheme.
Q. Who can open fixed deposit with Standard Chartered Bank?
A. Individuals, proprietors, partnerships and limited companies, societies, clubs, associations, and HUFs are eligible to invest in FD by the bank.
Q. Can the customer choose whether the interest be compounded or not?
A. Interest on FD can be calculated using simple interest or compound interest, as per the preference of the investor.