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Standard Chartered Bank FD Interest Rate

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...Read More

Standard Chartered Bank Fixed Deposit Interest Rates

Note: All interest rates are updated as of 30 Jan 2024
TenureFor General Citizen (p.a)For Senior Citizen (p.a)
7-9 days2.75 %3.25 %
10-14 days2.75 %3.25 %
15 -17days2.75 %3.25 %
18-20days2.75 %3.25 %
21-23days2.75 %3.25 %
24-26 days2.75 %3.25 %
27-29days2.75 %3.25 %
30-32 days2.75 %3.25 %
33-35 days2.75 %3.25 %
36-38 days2.75 %3.25 %
39-41 days2.75 %3.25 %
42-44 days2.75 %3.25 %
45 -47 days3.25 %3.75 %
48-50 days3.25 %3.75 %
51-53 days3.25 %3.75 %
54-56 days3.25 %3.75 %
57-59 days3.25 %3.75 %
60-74 days3.5 %4 %
75-89 days3.5 %4 %
90 -104 days5.5 %6 %
105-120 days5.5 %6 %
121 -149 days5.5 %6 %
150-164 days5.5 %6 %
165-180 days5.5 %6 %
181-210 days6 %6.5 %
211-226 days6 %6.5 %
227 – 269 days6 %6.5 %
270 days-345 days6 %6.5 %
346 days-364 days6 %6.5 %
1yr – 375days7.25 %7.75 %
max_returns
376 -390 days*
7.35 %7.85 %
391 days < 18 Months7.2 %7.7 %
18M < 21M7.2 %7.7 %
21M < 2 Yrs7.2 %7.7 %
2 Yrs < 3 Yrs7.25 %7.75 %
3 Yrs < 4 Yrs6.75 %7.25 %
4 Yrs < 5Yrs6.75 %7.25 %
5Yrs6.75 %7.25 %

Standard Chartered Fixed Deposit

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:

  • Flexible tenure options ranging 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 on resident term deposits
  • No-premat deposits greater than ₹7.5 crores can be booked.

Pros of investing in Standard Chartered Fixed Deposit

  • Period:  The period of the FD with Standard Chartered ranges from 1 week to a maximum of 5 years.  
  • Convenient: Open hassle free FD using online banking in 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 investments made in Standard Chartered Bank FDs. 
  • Overdraft facility: You can avail overdraft facility against your term deposit

Cons of investing in Standard Chartered Fixed Deposit

  • Not dynamic: Interest rates on FD are not dynamic. So, it fails to overcome the risk of inflation. 
  • Fixed rate: Fixed deposits offer a fixed rate on the investment. Hence, no benefit can be availed for higher returns in cases of an increase in market interest rates.

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: 

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.

Offline Method: 

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 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.

Tax implications on Standard Chartered Bank FD

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:

  • Taxpayers can invest in FD either through public or private sector banks. 
  • Individuals and HUFs can avail tax deductions by investing in tax savings FDs. 
  • Bank's five year tax saving FD offers exemptions under Section 80C. 
  • Investors cannot get loans against these FDs. 
  • In case of joint holders, only the first holder can get tax benefits. 

How to claim tax benefits?

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)

  • TDS will be deducted on the interest accrued on the FDs if the interest is more than ₹40,000 (₹50,000 for senior citizens) in a given financial year. 
  • For Resident customers, If you have submitted your PAN card details then the deduction will be at 10% per year on the interest. Without a PAN card, the bank will deduct 20% TDS per year.

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 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.

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Standard Chartered Bank

Calculate Standard Chartered Bank FD Returns

₹1,00,000
376 -390 days*
7-9 days10-14 days15 -17days18-20days21-23days24-26 days27-29days30-32 days33-35 days36-38 days39-41 days42-44 days45 -47 days48-50 days51-53 days54-56 days57-59 days60-74 days75-89 days90 -104 days105-120 days121 -149 days150-164 days165-180 days181-210 days211-226 days227 – 269 days270 days-345 days346 days-364 days1yr – 375days376 -390 days*391 days < 18 Months18M < 21M21M < 2 Yrs2 Yrs < 3 Yrs3 Yrs < 4 Yrs4 Yrs < 5Yrs5Yrs
7.35 %
Yes
No
Maturity Amount₹1,07,572

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