Overview of Standard Chartered Bank Fixed Deposit

    A Standard Chartered Bank fixed (term) deposit is just one of the many services that can be availed by customers of this banking giant. It comes with many facilities like flexible durations, choices between simple and compound interest, low deposit amounts and even auto-renewal facilities.

    Standard Chartered Bank has been in India for over 150 years and in that time it has spread its branches to over 42 cities through a hundred or more branches. The bank opened in India in 1858 and has since done its utmost to offer its customers a wealth of services that include 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.

    Their glowing list of accolades for exemplary service include awards like Best Foreign Bank 2012 awarded by Bloomberg Financial Leadership Awards and Financial Advisor of the Year Award 2012 awarded by UTI CNBC.

    Fixed Deposits of Standard Chartered Bank

    Investors can earn fixed income on their savings or surplus funds by holding their money in an SCB FD. These schemes offer returns that are attractive and can provide a steady income or work as an option for those looking to compound earnings on their investments. Flexible holding periods let depositors invest their savings as per their liquidity needs and plan investments better.

    Eligibility - Who can open an FD account with Standard Chartered Bank

    Any individual working for a private limited company or a government body, proprietorships, partnerships, organisations, clubs, societies or HUF (Hindu Unified Families) are eligible to open a fixed deposit account with Standard Chartered Bank.

    What Fixed Deposit Schemes does Standard Chartered Bank offer?

    Standard Chartered Bank offers fixed deposits to all it customers that can be opened for a period of 7 days to 5 years. The interest rates offered are applied based on the deposit scheme opted for. The bank also offers overdraft facilities against the funds held in FD accounts, to provide for times when there may be an urgent need for cash. Apart from the domestic term deposits, they also offer NRE and NRO deposits for NRI’s and FCNR deposits.

    The schemes offered also have various features like Monthly Income Plans, Reinvestment Deposit, Short Term Deposits and Simple Fixed Deposits.

    What is the minimum amount required to open an FD account with SCB?

    To open a fixed deposit account with Standard Chartered Bank, the minimum amount required for the first deposit is ₹ 50,000. Thereafter, deposits can be in multiples of ₹ 1,000. In case of the Online Term Deposit the minimum amount is ₹ 10,000.

    What is the maximum amount that can be deposited in an SCB FD account?

    SCB allows deposits of various amounts. The maximum amount that can be deposited in an SCB FD account is ₹ 7.5 crore. Acceptance of high-value deposits may be subject to regulatory approvals.

    What is the minimum / maximum period for which funds can be held in as fixed deposits with Standard Chartered Bank?

    Fixed deposits with Standard Chartered Bank can be held for a minimum of 7 days and a maximum of 5 years. The interest rates offered vary depending on the duration of the fixed deposit. They usually offer a host of different tenures. Short-term schemes ranging between 7 to 9 days long deposits, medium-term schemes in the range of 1 to 2 years and long-term schemes of 3 - 5 years.

    What is the procedure to open a fixed deposit account at Standard Chartered Bank?

    SCB FD accounts can be opened through online and offline modes. Customers can apply to open a fixed deposit account online through the bank’s website. Applicants will be required to fill a form with some basic information from where they will be redirected to another page to complete the remaining formalities. Alternately, they may contact the bank directly via telephone or visit any of the bank’s branches to get information/open the FD.

    What are the interest rates offered on Standard Chartered Bank fixed deposits?

    Depending on the duration of the deposit, the minimum return on a deposit less than ₹ 1 Cr. for a period of 7 to 9 days is 4.25% and the maximum return is 8.25% per annum. Interest rates are subject to change in accordance to market rate movements. It is advisable to check rates prevailing at the time of opening/renewing FDs.

    Does SCB offer tax saver fixed deposits?

    SCB currently doesn’t offer tax saver FD schemes. Irrespective of deposit periods, interest earned is taxable in accordance with provisions of the Income Tax Act, 1961.

    Are FD accounts with SCB taxable?

    Tax deducted on fixed deposits fall under two main categories which are FD’s where PAN details have been provided and deposits where they have not. If the PAN number has been provided then the bank will deduct 10% TDS (Tax Deducted at Source) if the interest income exceeds ₹ 10,000 in a financial year. In case PAN details have not been provided then all interest income in excess of ₹ 10,000 will be taxed at 20%. Interest income on FDs has to be declared by the accountholder while filing returns and the appropriate amount of tax has to be paid thereon.

    What are the main features of Standard Chartered Bank fixed deposit schemes?

    Standard Chartered fixed deposits sport features like tenures ranging from 7 days to 5 years. They provide a choice between simple and compound interest. They provide an overdraft facility on FD accounts as well.

    Are loans provided against FDs at Standard Chartered Bank?

    Customers are offered the opportunity to take a loan against an FD with Standard Chartered Bank with facilities to repay in easy instalments. The amount borrowed can be up to 85% against domestic term deposits. This is subject to rates, terms and conditions as outlined by the bank.

    Does SCB offer senior citizens special rates on their fixed deposits?

    Currently, there are no special rates for senior citizens. Rack rates apply to all customers irrespective of age.

    Does SCB issue credit cards against fixed deposits held at Standard Chartered Bank?

    The usual conditions for the issue of a credit card from Standard Chartered Bank are that the person applying for the card must be over 21 years of age and should have a salary account with the bank. In case the person applying for the card does not have a salary account with Standard Chartered they may apply for the credit cards if they have fixed deposits with the bank. The credit limits that will be offered in this case will be equivalent to the amount of the fixed deposit.

    Does SCB allow for premature withdrawals?

    Yes, for domestic deposits, you can close an SCB FD prematurely however you will only be paid an interest for the time for which the fixed deposit has been held with the bank. You will also be have to suffer a penalty under which you will be paid a discounted rate of interest which will be 1% less than the original rate of interest.

    For the NRE and FCNR deposits, if they are close within 1 year of being opened than no interest will be paid but if the deposit has been held with the bank for longer than 1 year the interest will be calculated at a discounted rate of 1% lesser than the prevailing rate and it will be paid only for the actual duration of the deposit.

    Can NRIs open a fixed deposit with SCB?

    Yes, NRIs can open NRE deposits, FCNR deposits or NRO deposits. In the case of NRO deposits all the tenors and interest rates will be the same as those for the domestic term deposits.

    NRE deposits can be opened for durations ranging from 1 year to 5 years. The interest you can earn on these deposits, when the deposit amount is less than Rs. 1 crore, will range from 7.25% per annum on deposits made for 391 days to 5 years and 8.15% per annum for deposits made for 376 days to 390 days. Deposits that are opened for 1 year to 375 days can expect to earn 8.1% per annum. The interest rates for all NRE deposits made in excess of Rs. 1 crore will be 6.4% per annum.

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    Standard Chartered Bank Fixed Deposit Reviews

    • Standard Chartered Bank Fixed Deposit
      "Good service"
      0.5 4.5/5 "Excellent!"
      Hold a fixed deposit Account with STANDARD CHRATED BANK . The best thing is their Customer Service .The response of banking service and banking staff is good here . The online banking is good and the services at the branch is also satisfactory.So far it has been good experience with STANDARD bank .
      Was this review helpful? 1
      , new delhi
      Reviewed on Apr 03, 2019
    • Standard Chartered Bank Fixed Deposit
      "Very much satisfactory"
      0.5 5.0/5 "Blown Away!"
      I decided to park some my funds with SCB, thereby I opened a fixed deposit account with Standard chartered bank. As always it has been a good experience with the bank. They value their customers a lot and they have provided good rates and offers to them. It was a easy process to get this deposit opened and it was overall satisfactory.
      Was this review helpful? 4
      , kolkata
      Reviewed on Aug 19, 2016
    • Standard Chartered Bank Fixed Deposit
      " Best bank to bank with"
      0.5 5.0/5 "Blown Away!"
      I have opened a fixed deposit with SCB. It was not a difficult process. Being a customer of SCB for a period of ten years , I did not face any issues. I only need to apply on the portal and they would fix a date come over and complete the document process. The rate of interest is good too.
      Was this review helpful? 4
      , vijayawada
      Reviewed on May 07, 2016
    • Standard Chartered Bank Fixed Deposit
      "Very Good services"
      0.5 5.0/5 "Blown Away!"
      I could open my fixed deposit online with standard chartered bank. I also had a fixed deposit earlier which I closed before the maturity period. But I did not have any penalty charges for it. They also offer me a good rate of interest.
      Was this review helpful? 1
      , mumbai
      Reviewed on Oct 15, 2015
    • Standard Chartered Bank Fixed Deposit
      0.5 5.0/5 "Blown Away!"
      I have opted long term for fixed deposit which is of five years. No clear idea about figure of interest rate but it is competitive with others. Though it is simple rate of interest for deposit I have preferred Standard Chartered bank because I love their services and I am existing customer of them for twelve years. Pre mature penalty charge is only if we close it in first three months.
      Was this review helpful? 8
      , noida
      Reviewed on Apr 11, 2015
    • Standard Chartered Bank Fixed Deposit
      "Good interest rate"
      0.5 5.0/5 "Blown Away!"
      As my salary account is with Standard Chartered bank , I did chose this bank for fixed deposit. At present, they are offering 9.25% which is a flat rate. I do random deposits either via on line or visiting the branch. Overall its good.
      Was this review helpful? 4
      , howrah
      Reviewed on Dec 08, 2014
    • Standard Chartered Bank Fixed Deposit
      "Very good"
      0.5 5.0/5 "Blown Away!"
      I am drawing a very good interest amount on the savings what I hold with this SCB Bank. Signing up this account was very easy and they have mentioned certain steps on-line and I can very well follow that. Any issues, I can immediately contact the customer service team and get it in touch with them and they would sort it out immediately. For closure, all I have do is I have to call them and they will close the deposit and transfer the amount back to my savings account with in 24-48 hours of time .
      Was this review helpful? 5
      , new delhi
      Reviewed on Nov 09, 2014
    • Standard Chartered Bank Fixed Deposit
      0.5 5.0/5 "Blown Away!"
      Service is awesome in Standard Chartered bank and my experience was good. I did not visit branch to avail fixed deposit instead I applied through online. The rate of interest is less so it could be considered. I availed Fixed deposit for 45 days so that I can use it for different purposes. Standard Chartered bank did not deduct any extra charges.
      Was this review helpful? 4
      , chennai
      Reviewed on Nov 01, 2014
    • Standard Chartered Bank Fixed Deposit
      "Best plan"
      0.5 4.0/5 "Great!"
      Fixed deposit is under locking period for five years so we can not take amount as granted, I like this features. As per my experience the rate of interest is less in Standard Chartered bank for Fixed deposit than what other banks offering. Thus the rate of interest could be offered same as other banks.
      Was this review helpful? 3
      , chennai
      Reviewed on Oct 30, 2014
    • Standard Chartered Bank Fixed Deposit
      "Rate of interest is not satisfactory one"
      0.5 4.0/5 "Great!"
      I had my salary account initially with Standard Chartered bank so that was the reason I opted for fixed deposit. I do visit the branch as well as on line for depositing the money where both the services are quite good. Interest rate is around 8% which is lesser.
      Was this review helpful? 6
      , lucknow
      Reviewed on Oct 27, 2014
    • Standard Chartered Bank Fixed Deposit
      "Quite easier"
      0.5 4.0/5 "Great!"
      AS per my requirement, I just approached this bank as well as my salary account is in this bank. They did provide me around 8-9% interest rate for fixed deposit. As of now, its good to go with. I prefer on line for fixed deposits as it is quite easier.
      Was this review helpful? 3
      , mumbai
      Reviewed on Sep 27, 2014
    • Standard Chartered Bank Fixed Deposit
      0.5 4.0/5 "Great!"
      EXCELLENT SERVICE! when it comes to Standard Chartered Bank as I am able to do a immediate fund transfer add payee and make payments instantly and through phone banking I am able to place a request for Fixed Deposit, change maturity instructions and no suggestions for them as I am really happy with them.
      Was this review helpful? 3
      , hyderabad
      Reviewed on May 17, 2014
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