Standard Chartered Fixed Deposit
Posted By admin On 11/04/22As you know that a Fixed Deposit (FD) is an investment option offered by banks that gives you higher rate of interest than a regular savings account. By investing in an FD, you can achieve your financial goals comfortably due to higher returns offered by it.
Bank Fixed Deposit or Term Deposit is a deposit scheme where you can invest money in lump sum for a fixed pre-decided tenure at a given rate of interest. Standard Chartered Bank offers Fixed Deposit (FD) products of multiple tenures at competitive interest rates and with many other benefits like loan or overdraft facility against Fixed Deposit. Time Deposits (Fixed Deposits) Sustainable Time Deposit Time to invest in a sustainable future and earn up to 0.40% p.a. Singapore Dollar Time Deposit Earn up to 0.50% p.a. Interest with minimum S$25,000 placement sum. Standard Chartered Bank offering attractive fixed deposit interest rates for its senior citizens customer at 8.50% p.a. For 1 year tenure. Many small finance banks giving highest fixed deposit interest rates for its senior citizen customers one of them is Standard Chartered Bank.
Standard Chartered Bank FD provides an option to deposit lump sum amount for a specific period, ranging from 7 days to 10 years. You can choose any of the tenures offered by Standard Chartered Bank FD according to your convenience and financial objective. As soon as you select the tenure and deposit the amount in Standard Chartered Bank_ FD, it will start earning an interest based on the tenure of the deposit. Customer is allowed to deposit lump sum money into a fixed deposit only once into his FD account at the time of opening the account with the bank and afterwards he cannot deposit additional money in the same FD account.
You can also get tax benefits under section 80C of the Income Tax Act on an amount between Rs. 100 to 1.5 lakh by investing in Standard Chartered Bank FD for a tenure of 5 years or more.
Following table provides you Standard Chartered Bank FD Rates of various tenors. Also, given below is the facility/ option, through which you can calculate the interest rate and the maturity value of your Standard Chartered Bank FD for different tenures by clicking on the 'calculate' button provided in the table.
Standard Chartered Bank Fixed Deposit Interest Rates (as on 06 Mar 2021)
| Maturity Period | Interest Rate (p.a.) | Calculate Interest Rate |
|---|---|---|
| 30 Days | 5.00% | |
| 45 Days | 5.50% | |
| 60 Days | 5.50% | |
| 90 Days | 6.00% | |
| 120 Days | 6.00% | |
| 6 Months | 6.00% | |
| 9 Months | 6.10% | |
| 12 Months | 6.30% | |
| 2 Years | 6.20% | |
| 3 Years | 6.00% | |
| 4 Years | 6.00% | |
| 5 Years | 6.00% |
Features & Benefits: Standard Chartered Bank Fixed Deposit
- Competitive interest rates are offered with flexible FD tenures to suit your investment plan.
- FD account can be opened online or by visiting your nearest Standard Chartered Bank branch.
- No cap on the Maximum Amount of FD
- FD Tenures: 7 days to 10 years
- Different interest payout options such as monthly, quarterly, etc.
- Loan/ Overdraft against FD facility is available upto 85% of the FD amount.
- Easy and fast liquidity options are available.
- Nomination facility is available.
- Tax benefit of amount up to Rs 1,50,000, through tax saving term deposit scheme
- Part withdrawal facility and auto-renewal facilities are also available
- Senior citizens can enjoy higher interest rate as compared to regular citizens
- NRE, NRO and FCNR deposit facility is offered by the bank
Who is Eligible for Standard Chartered Bank Fixed Deposit
Any of the following persons is eligible to invest in fixed deposits (FD):
- Individual
- Minor
- HUF
- Proprietary Firm
- Partnership Firm
- Limited Liability Partnership (LLP)
- Company
- Association of Persons (AOP)
- Body of Individuals (BOI)
- Local Authority
- Trust
- Non-Resident Indian (NRI)
- Registered Society
Important Things to Know Before Investing in Fixed Deposits
- Always compare tenure-wise FD interest rates of different banks before finalizing the bank for opening an FD account, in order to get maximum interest rate on selected tenure.
- The tenure for most bank fixed deposits varies from 7 days to 10 years. You should choose the FD Tenure according to your convenience and objective behind investment.
- Opt for interest payout options such as monthly or quarterly, if required. Otherwise, choose cumulative option so that you can receive lump sum amount when FD gets matured.
- You can also avail loan or overdraft against FD, if you have immediate requirement of funds.
- If your annual income is non-taxable, you can submit Form 15G or Form 15H in order to avoid TDS.
- Don't forget to make nomination in your FD account.
- If you are a senior citizen then open your FD in a bank which offers extra interest of 0.25% to 0.75% to senior citizens.
- When you open fixed deposit online or offline, do not forget to give instructions on what to do on maturity of your FD. If you do not give any instruction, your fixed deposit will be renewed automatically on maturity.
Calculation of Interest on FD of Standard Chartered Bank
Interest on FD for different tenures is calculated in following manner:
- Simple interest is paid at maturity for fixed deposit tenure of less than 6 months.
- Interest is calculated on a quarterly basis for fixed deposit tenure of 6 months & above.
- Cumulative Interest/ re-investment interest is calculated every quarter, and is added to the Principal such that Interest is paid on the Interest earned in the previous quarter as well.
- In case of monthly deposit scheme, the interest shall be calculated for the quarter and paid monthly at discounted rate over the Standard FD Rate
Standard Chartered Bank FD Interest Calculator
Standard Chartered Bank FD Interest Calculator is an online financial tool that allows you to calculate the maturity value of your fixed deposit at the interest rate offered by bank. The amount of FD, interest rate, deposit tenure and compounding frequency of interest together determine the maturity amount of the FD at the end of the tenure.
Automatic Renewal of Bank FD
Bank FD matures on specific date. On maturity, if you have not given any specific instructions such as payout or renewal of FD, most of the banks automatically renew the FD for the same period for which it was initially made at the interest rate prevailing on the date of maturity of FD. This is called Automatic Renewal of Bank FD.
You should choose the option on the account opening form, if you do not want the bank to auto renew your FD. You have 2 options on the account opening form while depositing money in FD, first one is auto renew and second one is deposit of amount to your account after maturity. In case you have not mentioned any option on the account opening form then you will need to visit the bank branch on maturity day of your bank FD and opt for credit of the final proceeds of your bank FD into your savings account if you do not want an auto renewal of your FD.
Bank FD News Mar 2021
13-01-2020: SBI revised FD interest rate
SBI has announced a cut in retail fixed deposits of FD rates. The latest FD rates on SBI deposits is effective from 10th January 2020. The bank has cut the FD rates by 15 bps on long-term deposits maturing in 1 year to 10 years. Now FD interest rate for 7 to 45 days is 4.50%, for 46 to 179 days is 5.50%, for 180 days to 1 year is 5.80% and for 1 year to 10 years is 6.10%.
09-01-2020: Axis Bank reduced FD interest rate
Axis Bank reduced interest rates by up to 20 bps from January 9. FDs for less than Rs 2 crore and with the tenor of less than 1 year will earn 6.40%, for the tenor of 5 years to up to 10 years, FD rates is 6.50%.
07-01-2020: HDFC Bank deposits up by 25% (YoY) in 2019
Standard Chartered Singapore
The largest private sector lender HDFC Bank's deposits up by 25% (YoY) in 2019. Its deposits are at Rs 10.67 trillion as of December 31, 2019 growing by 25% as compared to Rs 8.52 trillion as of December 31, 2018..
Standard Chartered Fixed Deposit Rate Malaysia
24-12-2019: HDFC Bank revised FD interest rate
The revised rate for FDs maturing in 9 months 1 day to less than 1 year will be 6.05%. Term deposits maturing in 1 year to 2 years will fetch an interest rate of 6.3%, 2-3 years 6.40%, and 3 years to 10 years 6.3%.
01-12-2019: PNB cuts off FD rates
With effect from December 1, 2019, FDs for less than Rs 2 crore and the tenor of 271 days to below 1 year will be 6% for general customers and 6.5% for senior citizens. For the tenor of 5 years to up to 10 years, PNB has FD rates of 6.3% for general customers and 6.8% for senior citizens.
12-11-2019: ICICI Bank reduces FD interest rate
Standard Chartered Malaysia
The interest rates on ICICI Bank FD for less than Rs 2 crore and the tenor of 185 days to 289 days will be 5.75%, for 5 years to up to 10 years will be 6.40% and 6.9% for senior citizens. Its interest rates will be effective from December 7, 2019.
Public Sector Banks FD Interest Rates
| Allahabad Bank | Andhra Bank | Bank Of Baroda |
| Bank Of India | Bank Of Maharashtra | Canara Bank |
| Central Bank Of India | Corporation Bank | Idbi Bank |
| Indian Bank | Indian Overseas Bank | Oriental Bank Of Commerce |
| Punjab National Bank | Syndicate Bank | Uco Bank |
| Union Bank Of India | United Bank Of India | Vijaya Bank |
| State Bank Of India | State Bank Of Mysore | State Bank Of Patiala |
| State Bank Of Travancore | State Bank Of Bikaner And Jaipur | Punjab And Sind Bank |
Private Sector Banks FD Interest Rates
| Axis Bank | Bandhan Bank Limited | Catholic Syrian Bank Limited |
| City Union Bank Limited | Dcb Bank Limited | Dhanalakshmi Bank |
| Federal Bank | Hdfc Bank | Icici Bank Limited |
| Idfc Bank Limited | Jammu And Kashmir Bank Limited | Indusind Bank |
| Karnataka Bank Limited | Karur Vysya Bank | Kotak Mahindra Bank Limited |
| Laxmi Vilas Bank | The Nainital Bank Limited | Rbl Bank Limited |
| South Indian Bank | Tamilnad Mercantile Bank Limited | Yes Bank |
| Equitas Small Finance Bank Limited | Ujjivan Small Finance Bank Limited | Utkarsh Small Finance Bank |
| Suryoday Small Finance Bank | Au Small Finance Bank Limited | Capital Small Finance Bank Limited |
| Esaf Small Finance Bank Limited | North East Small Finance Bank Limited | Fincare Small Finance Bank Ltd |
Fixed deposits are the most reliable, convenient and trusted option for investment. Indian customers prefer fixed deposit as it guarantees assured returns at an attractive rate of interest for a specified fixed period of time. There are many several fixed deposit schemes available in the banking segment. Standard Chartered Bank Fixed deposit is amongst one such offering. However, it also deals with many other facilities such as flexible durations, choices between simple and compound interest, low deposit amounts and even auto-renewal facilities.Fixed deposit continues to be an ideal choice among Indian masses.
Standard Chartered Bank has been in existence in India for over 150 years and in that time it has expanded its branches to over 42 cities through a hundred or more branches. The bank commenced its operations in India in 1858 and has many offerings to its customers such as regular banking service for Indians, special services for NRI’s and even quick and easy solutions for day-to-day banking via online and mobile banking.
Being in this exemplary service has helped the bank to earn accolades like Best Foreign Bank 2012 awarded by Bloomberg Financial Leadership Awards and Financial Advisor of the Year Award 2012 awarded by UTI CNBC.
Features of Standard Chartered Bank Fixed Deposit
- Flexible Tenures: Covering for a period of 7 days to 5 years
- Low Deposits: Minimum Amount for first deposit: ₹ 10,000/
- Minimum Amount for subsequent deposit: ₹10,000 and in multiples of ₹1,000 thereafter
- Tailored Accruals: Decide whether you prefer simple interest or compound interest calculations.
- Auto Renewal Facility: Standard Chartered Term Deposits offer you an auto-renewal facility.
Let’s check out what Standard Chartered Bank has stored for its customers in its FD:
Domestic Fixed Deposit Interest Rates Per Annum
| Term Deposits (All Maturities) | Amount less than 2 Crore | Amount more than 2 crore to less than 7.50 crore | |
|---|---|---|---|
| Interest Rate | Senior Citizen Rate (only for resident)** | ||
| 7-9 days | 4.25% | 4.25% | 3.00% |
| 10-14 days | 4.25% | 4.25% | 3.00% |
| 15 -17days | 4.50% | 4.50% | 3.00% |
| 18-20days | 4.50% | 4.50% | 3.00% |
| 21-23days | 4.50% | 4.50% | 3.00% |
| 24-26 days | 4.50% | 4.50% | 3.00% |
| 27-29days | 4.50% | 4.50% | 3.00% |
| 30-32 days | 5.00% | 5.00% | 3.00% |
| 33-35 days | 5.00% | 5.00% | 3.00% |
| 36-38 days | 5.00% | 5.00% | 3.00% |
| 39-41 days | 5.00% | 5.00% | 3.00% |
| 42-44 days | 5.00% | 5.00% | 3.00% |
| 45 -47 days | 5.50% | 5.50% | 3.00% |
| 48-50 days | 5.50% | 5.50% | 3.00% |
| 51-53 days | 5.50% | 5.50% | 3.00% |
| 54-56 days | 5.50% | 5.50% | 3.00% |
| 57-59 days | 5.50% | 5.50% | 3.00% |
| 60-74 days | 5.75% | 5.50% | 3.50% |
| 75-89 days | 5.50% | 5.50% | 3.50% |
| 90 -104 days | 6.25% | 6.25% | 4.25% |
| 105-120 days | 6.25% | 6.25% | 4.25% |
| 121 -149 days | 6.45% | 6.45% | 4.25% |
| 150-164 days | 6.45% | 6.45% | 4.75% |
| 165-180 days | 6.45% | 6.45% | 4.75% |
| 181-210 days | 6.45% | 6.45% | 4.75% |
| 211-226 days | 6.45% | 6.45% | 4.75% |
| 227 - 269 days | 6.45% | 6.45% | 4.75% |
| 270 days-345 days | 6.45% | 6.45% | 4.50% |
| 346 days-364 days | 6.45% | 6.45% | 4.50% |
| 1yr - 375 days | 6.50% | 7.00% | 6.40% |
| 376 -390 days | 6.45% | 6.95% | 6.35% |
| 391 - < 18 Months | 6.45% | 6.95% | 6.35% |
| 18M - 2 Yrs | 6.60% | 7.10% | 6.50% |
| 2 Yrs- 3 Yrs | 6.60% | 7.10% | 6.50% |
| 3 Yrs - 4 Yrs | 6.50% | 7.00% | 5.50% |
| 4 Yrs - 5Yrs | 6.50% | 7.00% | 5.50% |
Note: Premature withdrawal of the Term Deposit shall become liable for a penalty of 1% on the interest rate payable for the tenor the deposit has been held with the bank. In the event of the death of the depositor, premature termination of Term Deposits will be permitted based on the completion of documentary formalities as required. Such premature withdrawal would not levy any penal charges. No interest payment will carry in the case of premature withdrawal of the NRE/FCNR Term Deposit before the completion of the minimum tenor (1 year). In the case of premature withdrawal of NRE term deposits for getting it converted into Resident Foreign Currency (RFC) Account, the bank would not apply any penalty for premature withdrawal.
Eligibility Criteria for Standard Chartered Bank Fixed Deposit Schemes
Following are the list of persons entitled to prefer fixed deposit scheme of Standard Chartered Bank of India:
- Individuals
- Proprietors
- Partnership and Limited companies Societies
- Clubs
- Associations
- HUFs.
Standard Chartered Bank Fixed Deposit Schemes
- Short Term Deposit
- Reinvestment Deposit
- Simple Fixed Deposit
- Monthly Income Plan
Standard Chartered Bank Fixed Deposit Calculator
Fixed deposits are a great way to invest for those who want safety in their returns. Standard Chartered Bank Fixed Deposit Calculator helps you to find out how much interest can be earned on an FD and the value of your investment(Principal) on Maturity when compounding of interest is calculated on the basis of monthly, quarterly, half-yearly or annually. All you need to enter the details such as principal amount, the rate of interest, time period and frequency(Simple Interest/Compounded Monthly/Compounded Quarterly/Compounded Half Yearly/Compounded Yearly) for getting the calculated amount of your returns generated on FD.