Standard Chartered Bank Fixed Deposit

Standard Chartered Bank offers a wide range of fixed deposit schemes with attractive interest rates and flexible investment tenures. The interest offered on time deposits by the bank ranges between 2.50% p.a. to 5.35% p.a. for general citizens. Senior citizens are offered between 2.50% p.a. and 5.85% p.a. for opening a fixed deposit account with the bank. A term deposit account can be opened for a tenure that ranges between 7 days and 5 years.

Features and Benefits of Standard Chartered Bank FDs

Standard Chartered Bank FD schemes have the following customer-centric features:

  • Indian residents and NRIs are eligible to open FD accounts
  • Online banking for quick and easy management of FD accounts (for senior citizens and joint savings account holders)
  • SCB mobile application keeps you in touch with your FD account wherever you are
  • Auto-renewal facility
  • Overdraft facility
  • Choose between simple or compound interest
  • Deposits starting at low amounts
  • Flexible and convenient investment tenures
  • 24 x 7 phone banking helplines
  • Senior citizens are offered additional interest
  • Get assured returns on term deposits

Types of Standard Chartered FD Schemes

Standard Chartered Bank offer term deposits to suit different needs. You can open any of the following type of FDs with SCB:

  • Short Term Deposit
  • Reinvestment Deposit
  • Simple Fixed Deposit
  • Monthly Interest Payout

Eligibility Criteria for Standard Chartered Bank FD

The following entities are eligible to open fixed deposit accounts with SCB:

  • Individuals
  • Proprietors
  • Partnership companies
  • Limited companies
  • Societies
  • Clubs
  • Associations
  • Hindu Undivided Families (HUFs)

Tax on Standard Chartered Bank FD

Tax Deducted at Source (TDS) is taken at 20% for interest income exceeding Rs.10,000 in a financial year on all term deposits. However, this is applicable only in the absence of PAN details so it is important to submit your PAN card details to the bank when you open an FD account.

Interest Rates offered on Standard Chartered Bank Fixed Deposits

The interest rates offered on fixed deposits less than Rs.2 crore by Standard Chartered Bank are listed in the table below:

Tenure General Public (% per annum)
7 days to 29 days 2.50%
30 days to 89 days 3.00%
90 days to 180 days 3.50%
181 days to 210 days 4.40%
211 days to less than 12 months 4.60%
12 months to 12 months 10 days 5.30%
12 months 11 days to less than 18 months 5.20%
18 months to less than 21 months 5.40%
21 months to less than 24 months 5.25%
24 months to less than 36 months 5.40%
36 months to 60 months 5.35%

The mentioned interest rates are effective from 23 December 2020. Please visit the bank’s website to know the updated rates as the bank revises the rates from time to time.

The interest rate offered to senior citizens on deposits less than Rs.1 crore are mentioned below:

Tenure General Public (% per annum)
7 days to 29 days 2.50%
30 days to 89 days 3.00%
90 days to 180 days 3.50%
181 days to 210 days 4.40%
211 days to less than 12 months 4.60%
12 months to 12 months 10 days 5.80%
12 months 11 days to less than 18 months 5.70%
18 months to less than 21 months 5.90%
21 months to less than 24 months 5.75%
24 months to less than 36 months 5.90%
36 months to 60 months 5.85%

The mentioned interest rates are effective from 23 December 2020. Please visit the bank’s website to know the updated rates as the bank revises the rates from time to time.

Highest Interest Rate on Standard Chartered Bank FD

The highest interest rate offered for opening a Standard Chartered Bank fixed deposit is 5.40% p.a. for general citizens and 5.90% p.a. for senior citizens. The rate of interest is offered on tenures that range between 18 months and 21 months and 24 months and less than 36 months.

These rates are effective from 23 September 2020.

SCB FD Minimum/ Maximum Deposit Amount

  • The minimum deposit amount for Standard Chartered Bank fixed deposits with premature withdrawal facility is Rs.10,000.
  • The maximum deposit amount on Standard Chartered Bank fixed deposits with premature withdrawal facility is Rs.7.5 crore.

Standard Chartered Bank Fixed Deposits FAQs

  1. Is there a penalty for premature withdrawal of SCB FD?

    Yes, there is a penalty of 1% on the payable interest rate for the tenor held on premature withdrawal.

  2. Is there a monthly interest payout option?

    Yes, there is an option to avail interest payout on a monthly basis.

  3. Is there a tax-saver FD with Standard Chartered Bank?

    Yes, Standard Chartered Bank does have a tax-saver FD. A tax-saver FD can be opened for a period of 5 years.

  4. Are staff interest rates available for FDs booked online?

    No, staff interest rates are not available for FDs booked online. To avail staff rates, you need to contact the nearest bank branch, call phone banking or use ClickToChat on the bank’s website.

  5. If I withdraw some money from my SCB FD account, does the rest of my deposit continue to accrue interest?

    Yes, interest will continue to accumulate on the remaining amount in your FD.

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