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Standard Chartered FD Interest Rates

Standard Chartered FD Rates 2020

Last Updated 07th Aug 2020

Standard Chartered Bank is one of most reliable FD providers amongst a number of FD providers in the market. Standard Chartered Bank FD offers a number of benefits to investors such as higher returns, flexible tenure, lower minimum deposit limit, and loan against FD facility, among others. When it comes to the FD interest rate, the highest rate offered on Standard Chartered Bank FD is 6.30%. Latest Standard Chartered Bank FD interest rate for senior citizens, on the other hand ranges between 4.25% to 6.30%.

Tenure FD interest rates Senior Citizen FD interest rates
7 days to 14 days 4.25% 4.25%
15 days to 29 days 4.50% 4.50%
30 days to 44 days 5.00% 5.00%
45 days to 59 days 5.50% 5.50%
60 days to 89 days 5.50% 5.50%

Standard Chartered Fixed Deposit (FD)

Standard Chartered Bank FDs are one the best investment option available for depositors who are looking to invest in a fixed income instrument and earn higher returns than savings account. Key Features of Standard Chartered Bank FD are:

  • Deposit Amount: Standard Chartered Bank FD can be opened with an amount as a low to up to .
  • FD Tenure: Ranges between 7 days to 375 days.
  • Interest Rate Range: 4.25% p.a. to 6.30% p.a.
  • Senior Citizens FD Rate: 4.25% to 6.30% p.a.
  • Highest Interest Rate: As per today’s rate, Standard Chartered Bank’s highest interest rate on FD is 6.30% offered for a tenure of 375 days.
  • Safety of Standard Chartered Bank Deposits: Standard Chartered Bank deposits are covered under the Deposit Insurance Scheme of RBI in which up to ₹ 5 lakh of all deposits of a depositor are insured by DICGC.
  • Loan against FD: Standard Chartered Bank provides loan against FD to help its depositor meet their liquidity requirements without breaking the FD.
  • Auto Renewal Facility: Available
  • Nomination Facility: Available
  • Popular FD Schemes:

Standard Chartered Bank Best FD Plan

We need to compare tenure wise latest FD rate of Standard Chartered Bank to choose the tenure at which it provides the highest interest rate. Standard Chartered Bank FD rates are best for the deposits with a tenure of 1 year to 1 year 10 days, wherein the current FD rate of interest is 6.30% p.a

If one is looking to invest in short term deposits with Standard Chartered Bank, FD interest rates range from 4.25% p.a. to 6.10% p.a for deposits with a tenure of 7 days to less than 365 days. These deposits are known as short term deposits as they have a tenure of less than 1 year. Short term Standard Chartered Bank FD rates for senior citizens range from 4.25% to 6.10% p.a.

If one is looking to invest in long term deposits, Standard Chartered Bank FD interest rates with tenure of 5 years to 5 years are a good choice with interest rates on deposits with a tenure of 5 years at 6.00%. Senior citizens are offered special rates from bank with highest deposit rates of 6.00% p.a. on long term FDs.

Fixed Deposits of Standard Chartered Bank have a higher interest rate compared to their saving deposits. Benefits of opening a FD account in Standard Chartered Bank are:

  • Interest on deposit is paid only at the time of the maturity
  • Nomination facility available
  • Extra interest of 0.25% to 0.50% payable to the senior citizens
  • Availability of auto renewal facility on the deposit
  • Earn higher returns on the money deposited

FD in Standard Chartered Bank – Premature Withdrawal

Premature closure of Term Deposit with Standard Chartered Bank is along with the lower interest rate of 1% than the contracted rate. The penal provisions for premature closure on Standard Chartered Bank FD are subject to change from time to time and may also vary with deposit schemes.

Loan against Fixed Deposit Standard Chartered Bank

Standard Chartered Bank offers loan up to 85% against its own deposit. Note that Standard Chartered Bank will not give you loan against FD of any other bank. Standard Chartered Bank offers Loan against FD at the rate of 5.25% to 7.3%

Illustration - Mr. Rahul has opened a fixed deposit of ₹ 1,00,000 for 2 years in Standard Chartered Bank. The borrower later decided to take loan against his FD. The bank has approved a credit limit of 85% against his FD at 10% 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

To open a Fixed Deposit account in Standard Chartered Bank, you can visit the official website and login to your account. Choose Fixed Deposit option from the menu and select the Type of FD you want to open and proceed. After this, you have to fill the deposit amount and select ‘Senior Citizen’ option if you are above 60. You have to choose the tenure of deposit and interest payout frequency. Click on Submit to open the Standard Chartered Bank FD after reading the terms and conditions.

Nomination Facility on Standard Chartered Bank FD

Standard Chartered Bank offers nomination facility on Fixed Deposit to claim the amount in case of the death of the depositor. An individual, single or joint account holders can appoint a nominee. Only one person can be appointed as nominee. You can fill nominee details while opening a Standard Chartered Bank fixed deposit. Nominee has to submit his/her identification proof at the time of claim.

FAQs

What is the highest FD rate for Standard Chartered Bank?

You can earn a maximum interest of 6.30% 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 4.25% to 6.30%. Compared to this, the rate of senior citizens FD are in the range of 4.25% to 6.30%.

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.

Who is eligible for opening an FD account in Standard Chartered Bank?

All resident individuals, HUFs, NRIs, Firms including minors are eligible to open a fixed deposit account.

Is it possible to change the tenure of my existing fixed deposit account with Standard Chartered Bank?

No, it is not possible to alter the tenure selected for the fixed deposit account once the account is opened. However, you may close your existing fixed deposit account and can open a new account with a desired tenure of your choice.

What are the implications of opening an FD bank account without having PAN?

Following are the implications for the customers opening an FD account with Standard Chartered Bank without their PAN card

  • TDS will be deducted at the rate of 20% as against 10% under section 206AA
  • NO TDS credit from the Income Tax department
  • NO TDS certificate will be issued
  • Form 15G/H and other exemption certificates will be invalid and penal TDS will apply

What is the current interest rate on FD in Standard Chartered Bank?

Current interest for FD in Standard Chartered Bank ranges between 4.25% - 6.30%.

Can a customer open a FD account online in Standard Chartered Bank?

Yes, you can submit your application for opening a FD account on the website of Standard Chartered Bank. After submitting the application, you will be contacted by the bank’s representative for further process which includes filling an application process and submitting KYC documents.

In how many years FD will double in Standard Chartered Bank?

The interest rate on FD depends upon the tenure you choose. To know the time period in which your FD amount will get doubled, you need to divide 72 with the 6.30%. For Standard Chartered Bank FD the number of years in which your FD will get doubled is; 72/6.30 = 11


Standard Chartered News - Sep 2020
  • 2020-04-21 : Standard Chartered Bank revised FD rates
    Standard Chartered Bank revised its fixed deposits rate with effect from 21 April 2020. The revised rate of interest for a period of 7 to 14 days is 4.25%, for 15 to 29 days the rate is 4.50% and the rate for 30 to 44 days it is 5.00%. The FD rates for 45-89 days is 5.50%, for 90-120 days it is 6.25%, for 121- 364 days the rate is 6.45% and for one year to 375 days it is 6.50%. Further, fixed deposit rate for 376 days to less than 18 months is 6.40%, for 18 months to less than 4 years is 6.50% and for 4 years to 5 years it is 6.15%.
  • 2019-09-27 : Revised FD rates by Standard Chartered Bank
    Standard Chartered Bank has revised its interest rates on fixed deposits with effect from September 26, 2019. The revised rate of interest for a period of 7-14 days is 4.25%; for 15-29 days the rate is 4.50%; the rate for 30-44 days is 5.00%; for 45-59 days the rate is 5.50%; the rate for 60-89 days is 5.75%; for 90-120 days it is 6.50%; for 121-180 days the rate is 6.75%; and the rate for 181-210 days the rate is 6.80%. For longer tenure of 211 days to 3 years the rate is 6.90%, and for 3-5 years it is 6.50%.
  • 2019-09-06 : Revised FD rates for Standard Chartered Bank
    Standard Chartered Bank has revised its FD rate for certain tenure. For a tenure of 1 year to 375 days, the revised rate of interest is 7.10 percent which earlier was 7.20 percent. For senior citizens have been revised to 7.60 percent from 7.70 percent.
  • 2019-01-04 : Standard Chartered Bank revises interest rate on fixed deposits
    Standard Chartered Bank has revised the interest rate of fixed deposits on January 4, 2019. The interest rates have been hiked for fixed deposits less than Rs. 1 crore only. Interest rate of fixed deposit with 7 to 14 days period has been hiked to 4.25%. While the rates for 15 to 29 days have been hiked to 4.50% and for 30 to 45 days deposits have been hiked to 5.00% as well.
  • 2018-07-20 : Standard Chartered Bank revises interest rate on FD
    Standard Chartered Bank has revised its interest rate on retail fixed deposits or FDs below Rs. 1 crore, by up to 50 basis points in select maturities. The Interest rate on Standard Chartered Bank FD with a maturity of ninety days to one hundred twenty days has been increased to 6.50% and senior citizens will get an interest rate of 7.00%. One hundred twenty one days to one hundred eighty days will fetch an interest rate of 6.75%. Senior citizens will get an interest rate of 7.25%.
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