Among the many FD providers in the industry, Standard Chartered Bank is one of the most dependable. Standard Chartered Bank FDs provide investors with a range of advantages, including higher yields, a longer term, a lower minimum deposit requirement, and the ability to borrow against an FD. When it comes to FD interest rates, Standard Chartered Bank offers the highest rate of 5.40 percent. On the other hand, the current Standard Chartered Bank FD interest rate for senior citizens varies from 2.50 percent to 5.90 percent.
Standard Chartered Bank fixed Deposit Features
Standard Chartered Bank FDs are one of the best investment options for depositors searching for a fixed income instrument with better returns than a savings account. The following are some of the main features of a Standard Chartered Bank Fixed Deposit:
- Deposit Amount: Standard Chartered Bank FDs can be opened for as little as $1,000 to as much as $100,000.
- Tenure of FDs varies from 7 days to 2 years and 364 days.
- Interest Rates: 2.50 percent per annum to 5.40 percent per annum
- Senior Citizens are people who have reached retirement age. FD Rates: 2.50 to 5.90 percent per annum
- Standard Chartered Bank offers the highest interest rate on FDs at 5.40 percent for a term of 2 years and 364 days, as of today’s rate.
- Deposits at Standard Chartered Bank are safe since they are protected by the Deposit Insurance Scheme of the Reserve Bank of India, which insures up to 5 lakh of a depositor’s total deposits.
- Against FD: Standard Chartered Bank offers a loan against FD to its depositors to help them fulfil their liquidity needs without having to split their FD.
- Auto-renewal service is available.
- Nomination service is available.
- Popular FD Plans: Fixed-Income Account
Standard Chartered Bank FD Interest Rates
| Tenure | FD Interest Rates | Senior Citizen FD Interest Rates |
|---|---|---|
| 7 days to 29 days | 2.50% | 2.50% |
| 30 days to 89 days | 3.00% | 3.00% |
| 90 days to 180 days | 3.50% | 3.50% |
| 181 days to 210 days | 4.40% | 4.40% |
| 211 days to 364 days | 4.60% | 4.60% |
Standard Chartered Bank Fixed Deposit Rates – Premature Withdrawal
Premature termination of a Term Deposit with Standard Chartered Bank is accompanied by a 1 percent lower interest rate than the agreed rate. The penalties for prematurely closing a Standard Chartered Bank FD are subject to adjustment and may vary depending on the deposit scheme.
Loan against Fixed Deposit Standard Chartered Bank
Standard Chartered Bank provides loans of up to 85% towards its own deposits. Standard Chartered Bank will not lend you money if you have an FD with another bank. Standard Chartered Bank provides a 3.5 percent to 6.4 percent loan against a fixed deposit.
The maximum loan tenure is limited to the FD’s maximum term.
Mr. Rahul has opened a 1,00,000 fixed deposit with Standard Chartered Bank for a period of two years. Later, the borrower decided to take out a loan against his FD. The bank has approved an 85 percent credit cap against his FD, with a ten percent interest rate. Now, if the borrower draws ₹ 85,000 on the first of the month and then repays the money on the 1st of next month, then he is supposed to pay the interest on ₹ 85,000 availed for 1 month only. The amount he repays after 1 month is ₹ 85,703. So, the interest charged on the loan taken is ₹ 703.
FD Account Opening Process at Standard Chartered Bank
You can visit Standard Chartered Bank’s official website and login to your account to open a Fixed Deposit account. Select Fixed Deposit from the menu, then the Type of FD you want to open and click Next. After that, fill in the deposit amount and, if you are over 60, select the ‘Senior Citizen’ option. You must select the deposit term and the frequency of interest payments. After reading the terms and conditions, click Submit to open the Standard Chartered Bank FD.
Nomination Facility on Standard Chartered Bank FD
Standard Chartered Bank provides a nominating facility on Fixed Deposits that enables the depositor’s beneficiaries to demand the money in the event of the depositor’s death. A nominee may be appointed by an individual, a single account holder, or a joint account holder. No more than one person may be named as a nominee. When you open a Standard Chartered Bank fixed deposit, you can fill out nominee details. At the time of claim, the nominee must provide identification evidence.
Standard Chartered Bank News Snippets
Standard Chartered Bank’s FD rates have been updated.
With effect from January 15, 2021, Standard Chartered Bank revised its FD prices. The updated rate is 2.50 percent for a period of 7 to 29 days, 3 percent for a period of 30 to 89 days, 3.50 percent for a period of 90 to 180 days, 4.40 percent for a period of 181 to 210 days, and 4.60 percent for a period of 211 to 364 days. Furthermore, the fixed deposit rate is 5.20 percent for 365 days to less than 17 months 29 days, 5.40 percent for 18 to 21 months, 5.30 percent for 1 year to 375 days, and 5.40 percent for 2 years to 2 years 364 days. The interest rate on a 3- to 5-year fixed deposit is 5.35 percent.
The FD rates at Standard Chartered Bank have been updated.
With effect from January 15, 2021, Standard Chartered Bank revised its FD prices. The updated rate is 2.50 percent for a period of 7 to 29 days, 3 percent for a period of 30 to 89 days, 3.50 percent for a period of 90 to 180 days, 4.40 percent for a period of 181 to 210 days, and 4.60 percent for a period of 211 to 364 days. Furthermore, the fixed deposit rate is 5.20 percent for 365 days to less than 17 months 29 days, 5.40 percent for 18 to 21 months, 5.30 percent for 1 year to 375 days, and 5.40 percent for 2 years to 2 years 364 days. The interest rate on a 3- to 5-year fixed deposit is 5.35 percent.
Standard Chartered Bank’s FD rates have been revised.
With effect from October 16, 2020, Standard Chartered Bank revised its FD prices. The updated average is 4.25 percent for a period of 7 to 14 days, 4.50 percent for a period of 15 to 29 days, and 5.00 percent for a period of 30 to 44 days. For 45-89 days, the FD rate is 5.50 percent, for 90-210 days, it is 6%, for 211-364 days, it is 6.10 percent, and for one year to 375 days, it is 6.30 percent. Furthermore, the fixed deposit rate is 6.20 percent for 376 days to less than 21 months, 6.20 percent for 21 months to less than 4 years, and 6 percent for 4 years to 5 years.
FAQs
✅ What is the highest FD rate for Standard Chartered Bank?
You can earn a maximum interest of 5.40% on Standard Chartered Bank fixed deposit.
✅ Are there any special rates for senior citizens FD of Standard Chartered Bank?
Yes, senior citizens get a higher rate on their deposits compared to FD rates. The rate of regular FD are in the range of 2.50% to 5.40%. Compared to this, the rate of senior citizens FD are in the range of 2.50% to 5.90%.
✅ Is there any minimum amount that I have to give for opening a Fixed Deposit with Standard Chartered Bank?
The minimum deposit amount required to book an FD with Standard Chartered Bank is .
✅ Can I deposit additional amount in my FD account?
No, you cannot deposit any additional amount in your existing FD account as you are allowed to deposit only once at the time of opening the account. If you want to invest any additional amount in FD, you are required to open a new FD account.
