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Standard Chartered Bank Fixed Deposit

Updated 06 Dec 2023

Standard Chartered Bank has been a prominent foreign bank in India for over 160 years, with a network of 100 branches in 42 cities offering Corporate, Commercial, and Institutional Banking and Consumer, Private, and Business Banking services. In addition, the bank has a Non-Banking Finance lending entity, a Retail securities broking business. It is the first foreign bank to commence banking activities in India's International Financial Services Centre.

 

Fixed deposit is a traditional and safer way of investment where a customer gets a fixed return. This article will provide detailed insight into the fixed deposit scheme provided by Standard Chartered Bank.

Types of Standard Chartered Fixed Deposits

  • Term Fixed Deposit
  • Tax Saving FD
  • Senior Citizens FD
  • NRI FD
  • Return FD
  • Flexi FD
  • Junior Citizen/Minor'sFD

Benefits of investing in Standard Chartered Fixed Deposit

  • Period: The FD with Standard Chartered period ranges from 1 week to a maximum of 5 years.
  • Convenient: Open hassle-free FD using online banking in a few minutes.
  • DICGC insurance: The amount invested with the Bank is covered by DICGC for the total sum of ₹5 lakhs.
  • Minimum amount: Fixed deposits with Standard Chartered Bank can be opened with a minimum investment of ₹10,000.
  • Preference to senior citizens: Additional 0.5% interest rate for senior citizens on term deposit.
  • Auto-renewal option: The Standard Chartered Bank offers an auto-renewal option for their FDs. It means at the time of maturity of the FD, it gets renewed automatically. This is helpful for investors as they do not have to take the pressure of renewing their FDs.
  • Nomination facility: Depositors can nominate beneficiaries for their Standard Chartered Bank FDs investments.
  • Overdraft facility: You can avail overdraft facility against your term deposit.

Key features of Standard Chartered Bank's Fixed Deposit scheme

Standard FD

  • Flexible tenure options range from 7 days to 5 years.
  • The minimum amount required to book a term deposit is ₹10,000.
  • Depositors can choose between compound interest and simple interest. They can also opt for monthly payout options to suit their monetary requirements.
  • An additional 0.5% interest is offered to senior citizens.
  • Premature withdrawal is available but attracts a penalty of 1%.
  • Depositors can avail of an overdraft facility against their deposit amount.
  • The term deposit gets auto-renewed for the same tenure on the maturity date, ensuring no interest loss.
  • Depositors can easily open a bank FD online using Online banking or Mobile banking or offline by visiting the nearest bank branch.
  • In the absence of PAN details, TDS at a higher rate of 20% will be applied to resident term deposits.
  • No-premat deposits greater than ₹7.5 crores can be booked.
  • Based on the tenor, the interest rate ranges from 2.75% to 7.40% for the general public and 2.75% to 7.90% for senior citizens.

Tax Saving FD

  • This particular FD offers tax benefits per Section 80C of the Income Tax Act, 1961.
  • The interest earned on this FD is exempted from income tax up to a limit of ₹1.5 lakhs per year. 
  • Based on the tenor, the interest rate ranges from 2.75% to 7.40% for the general public and 2.75% to 7.90% for senior citizens.

Senior Citizens FD

  • Exclusively designed for citizens aged 60 years and above, this FD provides interest rates compared to other types. 
  • Based on the tenor, the interest rate ranges from 2.75% to 7.90%.

NRI FD

  • Non-Resident Indians (NRIs) with foreign currency accounts in India can opt for this type of FD. 
  • The interest rates on NRI FDs are linked to the prevailing interest rates in the currency. 
  • Based on the tenor, the interest rate ranges from 2.75% to 7.40% for the general public and 2.75% to 7.90% for senior citizens.

Return FD

  • With this type of FD, you can enjoy guaranteed returns throughout your chosen tenure period.
  • The interest rates for Stable Return FDs remain fixed during the duration.
  • Based on the tenor, the interest rate ranges from 2.75% to 7.40% for the general public and 2.75% to 7.90% for senior citizens.

Flexi FD

  • This flexible option allows you to change your tenure without penalties or charges.
  • You also have the option to extend your tenure or withdraw your funds before the maturity date.
  • Based on the tenor, the interest rate ranges from 2.75% to 7.40% for the general public and 2.75% to 7.90% for senior citizens.

Junior Citizen/Minor'sFD

  • The interest rates offered on Junior Citizen fixed deposits (FDs) are comparatively higher than those provided on FDs.
  • Based on the tenor, the interest rate ranges from 2.75% to 7.40% for the general public and 2.75% to 7.90% for senior citizens.
  • Minors between the ages of 10 and 18 can avail themselves of this Fixed Deposit offered by Standard Chartered Bank. 

Eligibility Criteria to Open a Fixed Deposit with Standard Chartered

The following are eligible to invest in Standard Chartered Bank fixed deposits:

  • Individuals
  • Proprietors
  • Partnership
  • Limited Companies
  • Societies
  • Clubs
  • Associations and
  • HUFs

Documents Required to Open a Standard Chartered Fixed Deposit

The following documents are required to invest in Standard Chartered Bank fixed deposits:

 

Documents accepted as ID and Address Proof

  • Passport
  • Driving licence
  • Aadhaar card
  • Voter’s Identity Card issued by the Election Commission of India
  • Job card issued by NREGA duly signed by an officer of the State Government
  • Letter issued by the National Population Register containing details of name and address

How To Open A FD Account with Standard Chartered?

Fixed deposit accounts can be opened in both online and offline methods:

Online Method

  • Log in to Online Banking
  • Select “Open Term Deposit” from the left-hand side menu
  • Follow the online instructions and apply for a term deposit.

Offline Method

  • Visit the bank branch.
  • Take the FD application form. 
  • Fill in the required details and submit the necessary documents. 
  • Submit the form to the branch.

Standard Chartered Fixed Deposit Premature Withdrawal

Standard Chartered Bank permits the early withdrawal of fixed deposits but imposes a penalty on the interest earned. The penalty charged for premature withdrawal is 1% of the interest income.

FAQs

What are Standard Chartered FD rates?

Standard Chartered Bank fixed deposit interest rates range between 2.75-7.5% per annum.

How can depositors check their FD status?

Depositors can check their deposit status online using the Standard Chartered Mobile application.

Is the ₹5 lakhs DICGC insurance cover applicable on Standard Chartered Bank FD?

Yes. ₹5 lakhs Deposit Insurance and Credit Guarantee Corporation (DICGC) insurance cover is applicable on Standard Chartered bank FD.

Can a depositor change the tenure of FD once created?

Once invested, one cannot change the tenure of Standard Chartered Bank FD investment

What is the case of termination of FD in case of death?

In the event of the depositor's death, premature termination of term deposits will be allowed, subject to the completion of documentary formalities as required. Such premature withdrawal would not attract any penal charges.

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Standard Chartered Bank

Calculate Standard Chartered Bank FD Returns

₹1,00,000
6%
365
days
daysmonthsyears
Maturity Amount₹1,06,000

Understanding Fixed Deposit

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