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Senior Citizens Fixed Deposit Interest Rates in Standard Chartered Bank

Updated 15 Dec 2023

Navigating the financial landscape as a senior requires tools prioritising reliability and attractive returns. Recognising this, Standard Chartered Bank offers Senior Citizen Fixed Deposit Rates meticulously designed for the seasoned age bracket. These FDs stand as a testament to the bank's commitment to providing enhanced interest rates over their regular counterparts, ensuring that the savings of our seniors are rewarded aptly.


This blog delves into these FD rates' unique features and benefits, specifically curated by Standard Chartered for its venerable clientele. Join us as we guide you through a profitable retirement financial journey.

Features of Senior Citizen FD

  • Enhanced Interest Rates: Senior citizens typically receive a bonus interest rate on top of the regular FD rates. The specific rate hinges on the bank's current offerings.
  • Qualification: Only individuals 60 or older can establish a senior citizen FD account.
  • Duration: Depositors can choose from a diverse range of FD durations, usually between 7 days and 10 years.
  • Early Withdrawal: Although penalties may apply, senior citizens often benefit from more accommodating terms for premature FD closures.
  • Borrowing Options: Like other depositors, senior citizens have the privilege of securing loans against their FDs.
  • Beneficiary Assignment: The bank allows a beneficiary to inherit the FD funds after the account holder's passing.
  • Tax Deduction at Source (TDS) Implications: Earnings from interest are taxable under Indian tax regulations. Yet, by submitting Form 15H, eligible senior citizens can avoid TDS deductions.
  • Automatic Renewal: IDBI, among other banks, possibly features an automatic renewal mechanism, ensuring the FD's continuation post-maturity unless directed otherwise.
  • Deposit Limits: The deposit range for a senior citizen FD can differ. While a minimum threshold is often set, a maximum limit might be absent.
  • Unique Offerings: Periodically or based on bank initiatives, exclusive perks or attributes tailored for senior citizens may be presented.

Interest Rate of Senior Citizen FDs

TenureSenior Citizen FD Rate
7 days - 1 month 13 days2.75%
1 month 14 days - 1 month 28 days3.30%
1 month 29 days - 2 months 28 days3.50%
2 months 29 days - 5 months 27 days5.50%
5 months 28 days - 11 months 29 days6%
11 months 30 days - 1 year 9 days7.75%
1 year 10 days - 1 year 24 days7.90%
1 year 25 days - 1 year 11 months 29 days7.70%
1 year 11 months 30 days - 2 years 11 months 29 days7.75%
2 years 11 months 30 days - 4 years 11 months 29 days7.30%

Eligibility Criteria

The eligibility criteria for the senior citizen FDs is that they need to be at least or above the age of 60 on the day of opening the FD account. They typically need to be residents to open a senior citizen FD; However, NRIs can also open accounts through NRE and NRO accounts.

Documents Required

The documentation required is similar to that of a normal FD account opening. One metric being essential is your age proof.


Identity Proofs

  • Aadhar Card 
  • Passport
  • Driver’s License


Address Proof

  • Gas Bill 
  • Utility Bill 
  • Bank Statement 
  • Cancelled Cheque

Age proof is mandatory to avail of a Senior Citizen FD account.


Who qualifies as a senior citizen at Standard Chartered Bank?

Generally, individuals aged 60 years and above are considered senior citizens by most banks, including SC Bank.

Is there a specific tenure for senior citizen FDs at SC Bank?

SC Bank offers a range of tenures for FDs. However, the special interest rate for senior citizens is applicable across various tenures.

Can I open a joint FD account with a senior citizen rate?

Yes, but typically, the primary account holder must be a senior citizen to avail of the special rates.


Disclaimer: Wint Wealth makes no guarantee or warranty on the accuracy of the data provided on this site, the information displayed is subject to change and are provided on an as-is basis. Nothing contained herein is intended to or shall be deemed to be investment advice, implied or otherwise. You are advised to make your own enquiries, consult a professional advisor and verify the information prior to taking any investment decisions. We accept no liability for any loss arising from the use of information contained on this website.

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