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, as well as Consumer, Private, and Business Banking services. In addition, the bank has a Non-Banking Finance lending entity, a Retail securities broking business, and 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 you a detailed insight of the fixed deposit scheme provided by Standard Chartered bank.
|Tenure||For General Citizens (p.a.)||For Senior Citizens (p.a)|
|Note: All interest rates are updated as of 1st Aug 2023|
Term Fixed Deposit
Standard Chartered Bank provides a range of fixed deposit options that cater to both short-term and long-term investments. Apart from services like premature withdrawals and loans against FD, the bank offers competitive interest rates on its fixed deposits.
Here are the key features of Standard Chartered Bank's Fixed Deposit scheme:
The following are eligible to invest in Standard Chartered Bank fixed deposits:
The following documents are required to invest in Standard Chartered Bank fixed deposits:
Documents accepted as ID and Address Proof
Fixed deposit accounts can be opened in both online and offline methods:
Step 1: Login to Online Banking
Step 2: Select “Open Term Deposit” from the left hand side menu
Step 3: Follow the online instructions and apply for a term deposit.
Step 1: Visit the bank branch.
Step 2: Take the FD application form.
Step 3: Fill in the required details and submit the necessary documents.
Step 4: Submit the form to the branch.
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.
As per the Income Tax Act of India of 1961, taxpayers can seek deductions under Section 80C if they invest in FDs.
In a given financial year, a taxpayer can avail tax deduction to a maximum of ₹1.5 lakhs from their gross taxable income, provided the following conditions are fulfilled:
At the time of filing the Income Tax Returns (ITR), the taxpayer can provide supporting documents to avail tax benefits on FDs.
Tax Deducted at Source (TDS)
Standard Chartered Bank fixed deposit interest rates range between 2.75-7.5% per annum.
Depositors can check their deposit status online using the Standard Chartered Mobile application.
Yes. ₹5 lakhs Deposit Insurance and Credit Guarantee Corporation (DICGC) insurance cover is applicable on Standard Chartered bank FD
Once invested, one cannot change the tenure of Standard Chartered Bank FD investment
In the event of the death of the depositor, premature termination of term deposits will be allowed subject to completion of documentary formalities as required. Such premature withdrawal would not attract any penal charges.
Disclaimer: The calculator and the results of the same are based on information inputted by you and extracted from third party sources. The information on this page is for illustrative purposes only and does not amount to any investment advice or recommendation. Wint Wealth has no commercial interest or gain in or from the actions resulting from the information displayed on this page. The information displayed on this page does not constitute an invitation to invest in any product nor is it a promise of performance. Interest rates are not updated in real time and you are advised to make your own enquiries, consult a professional advisor and verify the information prior to taking any investment decisions.