Standard Chartered Bank FD Rates

The Standard Chartered Bank FD (Fixed Deposit) is a popular investment instrument among investors to park their investments. They provide a diverse assortment of fixed deposit schemes to their investors. The interest rates on the deposits range from 2.5% to 5.4%. The Standard Chartered Bank FD is a lucrative investment option offered by the largest international bank in India. The bank has been in the country for over 160 years and boasts about 100 operational branches across 43 cities. 

Standard Chartered Bank FD Rates 2022

The Standard Chartered Bank FD rates are lucrative as the investors can get interest rates up to 5.4% per annum. The investment tenure of the deposit ranges from 7 days to 5 years. The minimum deposit that an investor is required to make is Rs 10,000. The bank offers online services concerning the Standard Chartered Bank FD.  

Standard Chartered Bank FD Interest Rates 

The Standard Chartered Bank FD provides handsome returns to its investors:

• The highest awarded interest rate on the investment scheme for the general citizens is 5.40% per annum. The tenure for investment should range from 2 years to less than three years.
  
• The highest interest rate for senior citizens who have parked their investment in the scheme is 5.9% per annum. The tenure is set from 2 years to less than three years.
  
• In general, the interest rate for the general citizens ranges from 1.75% per annum to 5.40% per annum.
  
• The interest rate for the senior citizens who have deposited in the scheme ranges from 1.75% to 5.90% per annum.

Classification of Standard Chartered Bank Fix Deposit 

The Standard Chartered Bank offers a wide range of fix deposits to its investors. Find the following types of deposits:

Fixed Term Deposit 

The scheme caters to long-term and short-term investors. The scheme also provides the provision for premature withdrawals and loans against FD. Find the following features of the Fix term deposits.

• The tenure of the deposit ranges from 7 days to five years. 
• The minimum amount required to open a Standard Chartered FD is Rs 10,000. 
• The fixed deposit scheme offers guaranteed returns. 
• This investment instrument is risk-free with a guarantee from a sovereign state. 
• The investor in the scheme can select from the payout options offered. They can either choose from the compound or simple interest options. The investor can also collect their interest monthly. 
• Senior citizens can avail of the additional interest of 0.5% in the Standard Chartered FD scheme. 
• The depositor can choose to withdraw the amount prematurely. But a 1% penalty would be levied for the same. 
• The depositor can avail of a bank overdraft against their deposited amount. 
• The auto-renewal provision facilitates the renewal of the term deposit after the maturity date. This ensures that no interest would be lost on the investment. 
• The investor can conveniently open their Standard Chartered Band FD  account in both online and offline modes. 

Standard Chartered Bank Fixed Deposit – Schemes

The Standard Chartered Bank FD offers a variety of schemes to its customers to cater to their varying requirements. The investors can open the following fixed deposits with the Standard Chartered Bank.

• Short-Term Deposit: Short-term deposits enables the user to earn lucrative returns for a shorter period ranging from 7 to 15 years. 
• Reinvestment Deposit: Provides an avenue for the investors to reinvest the interest earned on the fixed deposit. 
• Simple Fixed Deposit: The investor can allocate a substantial amount of money in the deposit at a predetermined interest rate. 
• Monthly Interest Payout: The investor will receive the interest income every month after opting for this scheme.  

Features and Benefits of Standard Chartered Bank FDs

The Standard Chartered Bank FD is a popular tax-saving investment instrument that offers its depositors the following benefits and features.

• The scheme allows Indian Citizens and NRIs to open a fixed deposit account and earn handsome returns on their investment. 
• The bank provides excellent online services to cater to the depositor’s requirements concerning the deposits. 
• The mobile application of the Standard Chartered bank provides accessibility to the account holder anytime, anywhere. 
• The renewal after the maturity period is automated to ensure no interest gains are missed. 
• The depositor can take a loan against the deposited amount. 
• The option to choose a simple or compound interest is at the account holder’s discretion. 
• The depositor does not need to submit a significant amount to commence their investment in the scheme. 
• The investment tenures offer flexibility to the investors. 
• The Standard chartered bank offers 24*7 helpline services to cater to the queries of their customers. 
• Additional interest rates are offered to the senior citizens. 
• The returns on the investment are guaranteed and backed by a sovereign state. 

Eligibility Criteria for Standard Chartered Bank FD

The Standard Chartered Bank offers guaranteed returns to its investors. Find the following eligibility criteria a depositor must tick off before investing in the scheme.

• Individuals
• Limited Companies 
• Partnership Companies 
• Proprietors 
• Clubs 
• Societies 
• Associations 
• Hindu Undivided Family (HUFs)

How is the Interest Rate Calculated on Standard Chartered Bank Fixed Deposit?

The interest rate earned is with respect to the tenure of the investment. Investing in the scheme for an extended period of time is advised to get the maximum returns on the investment.

Tenure of the Investment	Interest Rate (Per Annum)
7 to 29 Days	2.5%
30 to 89 Days	3%
90 to 180 Days	3.5%
181 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%

Tax Rates on Standard Chartered Bank FD

The tax rates on the Standard Chartered Bank FD are as follows:

• The Bank deducts 10% TDS if the interest income exceeds Rs 10,000 in a financial year. 
• However, if the depositor does not submit PAN Card details when opening the fixed deposit account with the bank. 20% TDS will be deducted from their interest. 
• Although not mandatory, it is advisable for the applicant to submit their PAN details while opening the account to avoid avoidable charges. 

Standard Chartered Bank FD Minimum/ Maximum Deposit Amount

The fixed deposit offers the depositor a diverse range of investments to envelope the maximum number of people in this lucrative investment scheme.

• The minimum amount to be deposited in the fixed deposit is Rs 10,000 with a premature withdrawal facility.
• The investor can invest up to 7.5 crores in the Standard Chartered FD scheme with a premature withdrawal facility. 

Comparison of Standard Chartered Bank Fixed Deposit Returns with Top Banks

Find below the comparison of Standard Chartered Bank FD rates with the FD rates of the other top banks of India.

BANK NAME	Interest Rate offered on FD
Standard Chartered Bank	5.4%
HDFC Bank FD	5.5% – 6%
ICICI Bank FD	5.5% – 6%
Bank of Baroda FD	5.5% – 6%
Bharat Bank FD	5.9% – 6.4%
Aryavart Bank FD	5.5% – 6%
Utkal Grameen Bank FD	5.45% – 5.95%
Punjab and Sindh Bank	5.55% – 6.05%
ESAF Small Finance Bank	5.75% – 6.25%

How to Open a Standard Chartered Bank FD Account

The customer can open their Standard Chartered Bank FD hassle-free as the bank provides online and offline avenues to the customers. So that they can conveniently open an account in this tax-saving investment instrument.   

Procedure to Open a Fixed Deposit Account Online

STEP 1: Log onto the official website of the Standard Chartered Bank. Navigate to the menu section and select the ‘Product’ section. Click on ‘Accounts and Deposits’ and select the ‘Term (Fixed) Deposit.

STEP 2: The user will be redirected to the concerned Fixed Deposit opening page

STEP 3: Click on the ‘Apply Now button.

STEP 4: Mention username and password. Enter the valid captcha on the screen and click on ‘login.’

STEP 5: Navigate to the menu section and select ‘Deposits’. And click on the ‘Term deposit’ option.

STEP 6: Meticulously follow the steps to open a Standard Chartered FD.

A bank’s new customers must register before commencing the application process. 

Procedure to Open, a Fixed Deposit FD Account Offline

• The applicant must visit the nearest Standard Chartered Bank branch with all the relevant documents. 
• Find the concerned bank representative to begin the application process. 
• Fill in the application form along with all the required documents. 
• The submitted application and documents would have to go through a verification process. 
• After verifying all the documents, the applicant would be able to open an FD with the Standard Chartered Bank.