Standard Chartered Bank Fixed Deposit
Standard Chartered Bank offers a wide range of fixed deposit schemes with attractive interest rates and flexible investment tenures. The interest offered on time deposits by the bank ranges between 2.75% p.a. to 7.50% p.a. for general citizens.
A term deposit account can be opened for a tenure that ranges between 7 days and 5 years.
Features and Benefits of Standard Chartered Bank FDs
Standard Chartered Bank FD schemes have the following customer-centric features:
- Indian residents and NRIs are eligible to open FD accounts
- Online banking for quick and easy management of FD accounts (for senior citizens and joint savings account holders)
- SCB mobile application keeps you in touch with your FD account wherever you are
- Auto-renewal facility
- Overdraft facility
- Choose between simple or compound interest
- Deposits starting at low amounts
- Flexible and convenient investment tenures
- 24 x 7 phone banking helplines
- Senior citizens are offered additional interest
- Get assured returns on term deposits
Types of Standard Chartered FD Schemes
Standard Chartered Bank offer term deposits to suit different needs. You can open any of the following type of FDs with SCB:
- Short Term Deposit
- Reinvestment Deposit
- Simple Fixed Deposit
- Monthly Interest Payout
Eligibility Criteria for Standard Chartered Bank FD
The following entities are eligible to open fixed deposit accounts with SCB:
- Individuals
- Proprietors
- Partnership companies
- Limited companies
- Societies
- Clubs
- Associations
- Hindu Undivided Families (HUFs)
Tax on Standard Chartered Bank FD
Tax Deducted at Source (TDS) is taken at 20% for interest income exceeding Rs.10,000 in a financial year on all term deposits. However, this is applicable only in the absence of PAN details so it is important to submit your PAN card details to the bank when you open an FD account.
Interest Rates offered on Standard Chartered Bank Fixed Deposits
The interest rates offered on fixed deposits less than Rs.2 crore by Standard Chartered Bank are listed in the table below:
Tenure | Interest Rates (p.a.) |
7-9 days | 2.75% |
10-14 days | 2.75% |
15 -17days | 2.75% |
18-20days | 2.75% |
21-23days | 2.75% |
24-26 days | 2.75% |
27-29days | 2.75% |
30-32 days | 2.75% |
33-35 days | 2.75% |
36-38 days | 2.75% |
39-41 days | 2.75% |
42-44 days | 2.75% |
45 -47 days | 3.25% |
48-50 days | 3.25% |
51-53 days | 3.25% |
54-56 days | 3.25% |
57-59 days | 3.25% |
60-74 days | 3.50% |
75-89 days | 3.50% |
90 -104 days | 5.50% |
105-120 days | 5.50% |
121 -149 days | 5.50% |
150-164 days | 5.50% |
165-180 days | 5.50% |
181-210 days | 6.50% |
211-226 days | 6.50% |
227 – 269 days | 6.50% |
270 days-345 days | 6.50% |
346 days-364 days | 7.00% |
1yr – 375days | 7.50% |
376 -390 days* | 7.25% |
391 days < 18 Months | 7.20% |
18M < 21M | 7.20% |
21M < 2 Yrs | 7.20% |
2 Yrs < 3 Yrs | 7.25% |
3 Yrs < 4 Yrs | 6.75% |
4 Yrs < 5Yrs | 6.75% |
5Yrs | 6.75% |
*The Standard Chartered Bank Fixed Deposit rates tend to change at the discretion of the bank. The above-mentioned rates of interest are effective as of 18 July 2024.
Highest Interest Rate on Standard Chartered Bank FD
The highest interest rate offered for opening a Standard Chartered Bank fixed deposit is 7.35% p.a. for general citizens. The rate of interest is offered on tenures that range between 2 years and less than 3 years, and between 1 year to 375 days.
SCB FD Minimum/ Maximum Deposit Amount
- The minimum deposit amount for Standard Chartered Bank fixed deposits with premature withdrawal facility is Rs.10,000.
- The maximum deposit amount on Standard Chartered Bank fixed deposits with premature withdrawal facility is Rs.7.5 crore.
FAQs on Standard Chartered Bank Fixed Deposit
- Is there a penalty for premature withdrawal of SCB FD?
Yes, there is a penalty of 1% on the payable interest rate for the tenor held on premature withdrawal.
- Is there a monthly interest payout option?
Yes, there is an option to avail interest payout on a monthly basis.
- Is there a tax-saver FD with Standard Chartered Bank?
Yes, Standard Chartered Bank does have a tax-saver FD. A tax-saver FD can be opened for a period of 5 years.
- Are staff interest rates available for FDs booked online?
No, staff interest rates are not available for FDs booked online. To avail staff rates, you need to contact the nearest bank branch, call phone banking or use ClickToChat on the bank's website.
- If I withdraw some money from my SCB FD account, does the rest of my deposit continue to accrue interest?
Yes, interest will continue to accumulate on the remaining amount in your FD.
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