Standard Chartered Bank Recurring Deposit

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Standard Chartered Bank Recurring Deposit

Standard Chartered Bank Recurring Deposit

Standard Chartered Bank provides you with the ability to build up capital over time by making frequent monthly deposits of a fixed amount. It provides you with a variety of Recurring Deposit choices, ranging from a minimum of 12 months to a maximum of 120 months. An RD’s maximum deposit volume is unrestricted. When you open your Recurring Deposit account, you must have instructions for the disposition of maturity proceeds.

Loans or overdrafts of up to 90% of the deposited amount are eligible. The rate of interest on RDs is the same as that on term deposits. Both Senior Citizens aged 60 and up will be charged at a rate that is 0.50 percent higher than the general consumer rate.

For those with lower incomes, investing in Standard Chartered Bank is a great choice. The advantage of RDs is that you get the same interest rate for the duration of the Recurring Deposit, even though subsequent Recurring Deposit rates are lower.

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Standard Chartered Bank Recurring Deposit Rates – Special Features

The following customer-centric features are included in Standard Chartered Bank:

  • NRIs and Indian residents are both entitled to open FD accounts.
  • Online banking allows you to access your FD accounts quickly and easily (for senior citizens and joint savings account holders)
  • Wherever you are, the SCB mobile application keeps you connected to your FD account.
  • Facility for auto-renewal
  • Access to a line of credit
  • Select whether you want easy or compound interest.
  • Low-cost deposits are available.
  • Investing in tenures that are both flexible and comfortable
  • Phone banking assistance is available 24 hours a day, 7 days a week.
  • Senior citizens are given preferential treatment.
  • Term deposits have guaranteed returns.

Standard Chartered Bank Recurring Deposit Schemes Types

Standard Chartered Bank has a variety of term deposits to fit your needs. With SCB, you can open any of the following types of FDs:

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

Standard Chartered Bank Recurring Deposit Rates

Recurring Deposit Interest Rates at Standard Chartered Bank (as of 09 Apr 2021). An account in which the investor must deposit a pre-determined sum at regular intervals (usually monthly installments) for a long period of time.

Public sector banks, private sector banks, cooperative banks, international banks, and regional rural banks all sell bank RDs. You are expected to invest in pre-determined daily installments (usually monthly). Banks provide a variety of tenures with varying interest rates that you can choose from based on your needs. Interest rates are measured on a quarterly basis rather than monthly, and the maturity amount is taxed.

Withdrawals made too soon, Partially withdrawing funds from a revolving deposit is not permitted; however, you can withdraw the entire sum at any time after paying a penalty, which is usually 1%.

Standard Chartered Bank Recurring Deposit Interest Rates 2021

Maturity Period
Interest Rate (p.a.)
Year 1 6.30%
Year 2 6.20%
Year 3 6.00%
Year 4 6.00%
Year 5 6.00%

Standard Chartered Bank Recurring Deposit Interest Calculator

A pre-specified sum is deposited at periodic intervals on a regular basis in a Standard Chartered Bank RD account, and the term ranges from 6 months to 10 years, with monthly installments of 12, 24, 36, 48, 60, 72, 84, 96, 108, and 120 months.

You can conveniently measure the amount of interest received as well as the maturity amount using the Recurring Deposit calculator below. Please keep in mind that the results of this calculator will only give you a rough estimate of the maturity values; only your bank will be able to tell you the exact amount you will get.

The Standard Chartered Bank Recurring Deposit Interest Rate Calculator assists in calculating interest on an RD based on the following factors:

(1) Sum Due Per Month

You will need to enter a monthly investment number. It’s also known as a monthly installment plan. If you want to invest Rs 2000 every month, enter Rs 2000 in the appropriate box.

(2) Timeframe

It refers to the length of time you have registered your RD for. It must be expressed in months. It lasts anywhere from 6 to 120 months.

(3) The Rate of Interest

It is the rate of interest that the bank would give on the Recurring Deposit. It is dependent on the length of your RD. It differs from one bank to the next.

Recurring Deposit Account Opening Process at Standard Chartered Bank

The RD account can be opened either in person at a bank where you already have a savings account or online via the bank’s net banking system. To open an RD at the post office, you must go to the nearest post office. You can open an RD account online after logging in with your Internet banking username and password.

Duration of Recurring Deposits with Standard Chartered Bank

Deposits must be held for a minimum of 12 months and can be extended in 3-month increments up to a maximum of 2 years. If a Resident Recurring Deposit is closed within three months and an NRE RD is closed within one year, no interest will be charged.

FAQ’s

✅ What is the tenure of recurring deposits?

Many banks require a Recurring Deposit to be kept for at least six months. Depending on the depositor, these accounts can be opened for anything from six months to ten years.

✅ Can we close the Recurring Deposit account before maturity?

Yes, you can close a revolving deposit account until the maturity period has ended. Is it possible to withdraw the whole amount as part of an early withdrawal? No, you won’t be able to remove the whole amount. The withdrawal sum is limited to a maximum of 50% of the available deposit in the account, according to the law.

 

 

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