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Standard Chartered FD - Scheme, Eligibility, Documents

Standard Chartered Bank Fixed Deposit Highlights

Last Updated 12th Jul 2021

Standard Chartered Bank fixed deposit is a reliable, secure and beneficial investment option that offers various benefits such as guaranteed returns, Government insurance, loan borrowing facility and flexible fixed deposit tenure.

Interest Rate 1.75% to 5.40%
Minimum Tenure 7 days
Maximum Tenure 5 Years
Deposit Amount Rs 10,000
Maximum Deposit No Limit
    Earn upto 6.95% on FD APPLY NOW

    Standard Chartered Bank FD

    Standard Chartered Bank is one of the leading fixed deposit providers in the country. The Bank offers FD with flexible tenures ranging between 7 days to 5 Years. Apart from that, Standard Chartered Bank FD offers regular returns on fixed deposits ranging between 1.75% to 5.40%. For senior citizens, the interest rates on fixed deposits range between 1.75% to 5.90%. In addition to that, Standard Chartered Bank fixed deposit plans offer tailor-made fixed deposit products for different kinds of fixed deposit investors.

    Types of Standard Chartered Bank Fixed Deposit Schemes

    Different type of Standard Chartered Bank term deposit products offered to the investors are listed as follows:

    Standard Fixed Deposit

    Description:

    Benefits of Standard Chartered Bank FD

    Standard Chartered Bank fixed deposit is a popular investment option due to a number of benefits it provides to the FD investors. Some of these are mentioned below:

    • Guaranteed returns: The best thing about Standard Chartered Bank FD is that it offers guaranteed and assured returns to the investors. The return offered on a fixed deposits is regulated by the Bank on a monthly, or quarterly basis, as per the Bank’s choice. Currently, Standard Chartered Bank offers FD rates up to 5.40%. The interest rates offered on Standard Chartered Bank FD is not only assured but also way higher than a savings account.
    • Insured by the Government: The Deposit Insurance and Credit Guarantee Corporation offers deposit insurance of ₹ 5 Lakh to fixed deposits across all banks. Investing in a fixed deposits with the highest rating of AAA, rated by ICRA and CRISIL, is a reliable investment option.Thus, Standard Chartered Bank term deposit is safe and secure, as the funds are backed by the government no matter what the current situation of the Bank is.
    • Loan against FD: The investment made in an FD scheme is not only a reliable investment option but can also act as an asset. This is because Standard Chartered Bank fixed deposit allows one to borrow a secured loan against Standard Chartered Bank FD. Benefits of Loan Against FD of Standard Chartered Bank are as follow:
      • Loan against FD of Standard Chartered Bank offers the loan amount upto 90%-95% of the FD amount.
      • The interest charged on the loan against FDs are generally low and are 2% to 3% higher than the FD interest rate.
      • Loan against FD of the Standard Chartered Banks flexible repayment options.
      • The processing fee of Loan Against FD in the Standard Chartered Bank is nil.
      • It is a hassle-free loan and does not require the depositor to break the FD.
    • Flexible tenures: Standard Chartered Bank FD offers the investors the flexibility to choose the investment tenure as per their convenience. Standard Chartered Bank offers fixed deposit for a minimum tenure of 7 days up to a maximum tenure of 5 Years. Standard Chartered Bank offers different interest rates across FD tenures.
    • Flexible investment: Apart from the flexibility of tenure, Standard Chartered Bank fixed deposit offers the flexibility of funds to FD investors as funds can be invested with a minimum amount of Rs 10,000. Apart from that, one can invest in the Standard Chartered Bank FD up to a maximum of No Limit.

    Premature Withdrawal Terms and Conditions

    Though a fixed deposit with Standard Chartered Bank means depositing funds for a fixed period of time in expectation of a regular return. However, keeping in view the instability in the markets, the Bank allows premature withdrawals of funds from a fixed deposit. This means that investors can withdraw their funds before the date of maturity to fulfil their urgent financial conditions.

    Withdrawing funds prematurely from Standard Chartered Bank will attract an interest rate lowered by Allowed below the effective rate on the date of booking the FD. The penalty charged on fixed deposits is valid only on fixed deposits with a tenure greater than seven days. In case of premature withdrawal of Standard Chartered Bank fixed deposits with tenure less than seven days, the bank does not pay any interest.

    Eligibility Criteria for Standard Chartered Bank FD

    Standard Chartered Bank FD facility can be availed by the following type of investors:

    • Indian Citizens
    • Members of HUFs or the Hindu Undivided Family
    • Business firms
    • Local governing bodies
    • Government departments
    • Employees of private limited companies
    • Trust accounts

    Documents for Standard Chartered Bank FD

    Standard Chartered Bank fixed deposit requires one to submit the following documents:

    • Passport size photographs
    • Identity proofs such as Aadhar card, passport, PAN card, and driving license.
    • Address proofs such as passport, ration card, utility bills such as water, gas or electricity bill.
    • Age proof such as birth certificate, matriculation passing certificate, and Voter ID card.
    • Bank account details such as passbook and account number.

    Credit Card Against Standard Chartered Bank FD

    Credit Cards againstStandard Chartered Bank FD are secured credit cards. They are availed against the amount deposited in the term deposits. They are an ideal option for individuals with low CIBIL score and salary. Below mentioned are the important features of Credit Cards against Standard Chartered Bank FD:

    • The limit offered on the credit card depends upon the amount deposited in the fixed deposits. Generally, banks offer around 80% of the deposit amount as the total credit limit on the card.
    • Credit Cards against the fixed deposits require minimum documentation.
    • The minimum tenure of the term deposits should be 6 months to avail credit card against it.
    • Secured Credit cards also offer discounts, cashback and rewards.
    • The cardholder continues to earn the same applicable interest rate on FD.

    FAQs

    What is the loan against FD repayment tenure in Standard Chartered Bank?

    Loan against FD is the  facility which allows the investor to avail the loan against the amount deposited in the term deposit. Standard Chartered Bank offers the loan against FD facility to the FD investors with a repayment tenure of up to 5 Years.

    What is the minimum investment for FDs under Standard Chartered Bank?

    Standard Chartered Bank Fixed Deposit is one of the safest investment avenues and it can be availed with a minimum deposit of Rs 10,000.

    What is the minimum amount for a fixed deposit in Standard Chartered Bank?

    The minimum amount required for a fixed deposit investment in Standard Chartered Bank fixed deposit is Rs 10,000.

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

    Currently, Standard Chartered Bank offers an interest rate ranging between 1.75% to 5.40% on its fixed deposits.

    What is the penalty for early withdrawal in Standard Chartered Bank?

    Bank charges penalty on premature withdrawal of fixed deposits. The penalty for early withdrawal ranges between 0.5% to 1% in most cases, based on the loan amount and tenure.

    What is the minimum FD tenure for which a fixed Deposit account can be opened in Standard Chartered Bank?

    Standard Chartered Bank fixed deposit can be opened with a minimum tenure of 7 days. The tenure of the Standard Chartered Bank fixed deposits ranges from 7 days to 5 Years.

    Can I deposit additional amount in my Standard Chartered Bank 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.

    What documents are required to open an FD account in Standard Chartered Bank?

    The documents required to open an FD account in Standard Chartered Bank includes KYC documents and Passport size photos.

    In how many years FD doubled in the Standard Chartered Bank?

    The time Standard Chartered Bank fixed deposits will take to double the initial amount will depend upon the rate of interest offered on the FD. You can calculate the maturity amount of the Standard Chartered Bank FD at MyLoanCare by entering the amount you want to deposit and the interest offered on FD.

    Can an NRI open a Standard Chartered Bank fixed deposit account?

    No, Non-Resident Individuals are not allowed to invest in Standard Chartered Bank schemes. It means that they are not eligible to invest in fixed deposits.

    Is the Standard Chartered Bank safe for FD?

    Yes, the Standard Chartered Bank is one of the safest avenues for any investments. Standard Chartered Bank is backed by the Government of India and the returns on any investment including fixed deposits are guaranteed.

    Is it wise to take a loan against FD from the Standard Chartered Bank?

    Yes, opting for a Loan Against FD is an excellent decision. The reasons to take loan from Standard Chartered Bank are:

    • It offers the loan upto 90%-95% of the FD amount.
    • The interest levied on the loan against FDs are generally low and are 2% to 3% higher than the FD interest rate.
    • Loan against FD offers flexible repayment options.
    • The processing fee of Loan Against FD is Nil.
    • It is a hassle-free loan and requires minimum documentation.
    • Loan against FD helps the depositors to avoid the option of premature withdrawal.

    However, there might be a chance that the alternative credit option is offering lower rates with better facilities. In that case, individuals must compare and decide on the credit option.


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    Standard Chartered News - Jul 2021
    • 2021-02-22 : Standard Chartered digital initiatives bolstered bank loan and deposits portfolio
      Digital initiatives like Video KYC and Virtual credit card aided Standard Chartered Bank to increase its loan and deposits portfolio. The digital initiatives have helped Bank in providing efficient and seamless banking services to all its clients especially the new-age ones.
    • 2021-01-29 : FD rates revised for Standard Chartered Bank
      Standard Chartered Bank revised its FD rates with effect from 15 January 2021. The revised rate for a period of 7 to 29 days is 2.50% and the rate 30 days to 89 days is 3%, for 90 to 180 days the rate is 3.50%, for 181 days to 210 days the rate is 4.40% and for 211 to 364 days it is 4.60%. Further, fixed deposit rate for 365 days to less than 17 months 29 days is 5.20%, FD rate for 18 to 21 months is 5.40%, for 1 year to 375 days it is 5.30% and it stands at 5.40% for 2 years to 2 years 364 days. Fixed deposit rate for the tenure of 3 years to 5 years is 5.35%.
    • 2021-01-18 : Standard Chartered Bank revised its FD rates
      Standard Chartered Bank revised its FD rates with effect from 15 January 2021. The revised rate for a period of 7 to 29 days is 2.50% and the rate 30 days to 89 days is 3%, for 90 to 180 days the rate is 3.50%, for 181 days to 210 days the rate is 4.40% and for 211 to 364 days it is 4.60%. Further, fixed deposit rate for 365 days to less than 17 months 29 days is 5.20%, FD rate for 18 to 21 months is 5.40%, for 1 year to 375 days it is 5.30% and it stands at 5.40% for 2 years to 2 years 364 days. Fixed deposit rate for the tenure of 3 years to 5 years is 5.35%.
    • 2020-10-19 : Revised FD rates for Standard Chartered Bank
      Standard Chartered Bank revised its FD rates with effect from 16 October 2020. The revised rate 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 90-210 days it is 6%, for 211- 364 days the rate is 6.10% and for one year to 375 days it is 6.30%. Further, fixed deposit rate for 376 days to less than 21 months is 6.20%, for 21 months to less than 4 years is 6.20% and for 4 years to 5 years it is 6%.
    • 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%.
    *Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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