Standard Chartered Bank FD Interest Rate
Standard Chartered Bank Fixed Deposit Interest Rates
Note: All interest rates are updated as of 30 Jan 2024| Tenure | For General Citizen (p.a) | For Senior Citizen (p.a) |
|---|---|---|
| 7-9 days | 2.75 % | 3.25 % |
| 10-14 days | 2.75 % | 3.25 % |
| 15 -17days | 2.75 % | 3.25 % |
| 18-20days | 2.75 % | 3.25 % |
| 21-23days | 2.75 % | 3.25 % |
| 24-26 days | 2.75 % | 3.25 % |
| 27-29days | 2.75 % | 3.25 % |
| 30-32 days | 2.75 % | 3.25 % |
| 33-35 days | 2.75 % | 3.25 % |
| 36-38 days | 2.75 % | 3.25 % |
| 39-41 days | 2.75 % | 3.25 % |
| 42-44 days | 2.75 % | 3.25 % |
| 45 -47 days | 3.25 % | 3.75 % |
| 48-50 days | 3.25 % | 3.75 % |
| 51-53 days | 3.25 % | 3.75 % |
| 54-56 days | 3.25 % | 3.75 % |
| 57-59 days | 3.25 % | 3.75 % |
| 60-74 days | 3.5 % | 4 % |
| 75-89 days | 3.5 % | 4 % |
| 90 -104 days | 5.5 % | 6 % |
| 105-120 days | 5.5 % | 6 % |
| 121 -149 days | 5.5 % | 6 % |
| 150-164 days | 5.5 % | 6 % |
| 165-180 days | 5.5 % | 6 % |
| 181-210 days | 6 % | 6.5 % |
| 211-226 days | 6 % | 6.5 % |
| 227 – 269 days | 6 % | 6.5 % |
| 270 days-345 days | 6 % | 6.5 % |
| 346 days-364 days | 6 % | 6.5 % |
| 1yr – 375days | 7.25 % | 7.75 % |
 376 -390 days* | 7.35 % | 7.85 % |
| 391 days < 18 Months | 7.2 % | 7.7 % |
| 18M < 21M | 7.2 % | 7.7 % |
| 21M < 2 Yrs | 7.2 % | 7.7 % |
| 2 Yrs < 3 Yrs | 7.25 % | 7.75 % |
| 3 Yrs < 4 Yrs | 6.75 % | 7.25 % |
| 4 Yrs < 5Yrs | 6.75 % | 7.25 % |
| 5Yrs | 6.75 % | 7.25 % |
Standard Chartered Fixed Deposit
Term Fixed Deposit
Standard Chartered Bank provides a range of fixed deposit options that cater to both short-term and long-term investments. Apart from services like premature withdrawals and loans against FD, the bank offers competitive interest rates on its fixed deposits.
Here are the key features of Standard Chartered Bank's Fixed Deposit scheme:
- Flexible tenure options ranging from 7 days to 5 years.
- The minimum amount required to book a term deposit is ₹10,000.
- Depositors can choose between compound interest and simple interest. They can also opt for monthly payout options to suit their monetary requirements.
- An additional 0.5% interest is offered to senior citizens.
- Premature withdrawal is available, but attracts a penalty of 1%.
- Depositors can avail of an overdraft facility against their deposit amount.
- The term deposit gets auto-renewed for the same tenure on the maturity date, ensuring no interest loss.
- Depositors can easily open a bank FD online using Online banking or Mobile banking, or offline by visiting the nearest bank branch.
- In the absence of PAN details, TDS at a higher rate of 20% will be applied on resident term deposits
- No-premat deposits greater than ₹7.5 crores can be booked.
Pros of investing in Standard Chartered Fixed Deposit
- Period: The period of the FD with Standard Chartered ranges from 1 week to a maximum of 5 years.
- Convenient: Open hassle free FD using online banking in few minutes
- DICGC insurance: The amount invested with the Bank is covered by DICGC for the total sum of ₹5 lakhs.
- Minimum amount: Fixed deposits with Standard Chartered Bank can be opened with a minimum investment of ₹10,000.
- Preference to senior citizens: Additional 0.5% interest rate for senior citizens on term deposit
- Auto-renewal option: The Standard Chartered Bank offers an auto-renewal option for their FDs. It means at the time of maturity of the FD, it gets renewed automatically. This is helpful for investors as they do not have to take the pressure of renewing their FDs.
- Nomination facility: Depositors can nominate beneficiaries for their investments made in Standard Chartered Bank FDs.
- Overdraft facility: You can avail overdraft facility against your term deposit
Cons of investing in Standard Chartered Fixed Deposit
- Not dynamic: Interest rates on FD are not dynamic. So, it fails to overcome the risk of inflation.
- Fixed rate: Fixed deposits offer a fixed rate on the investment. Hence, no benefit can be availed for higher returns in cases of an increase in market interest rates.
Eligibility Criteria to Open a Fixed Deposit with Standard Chartered
The following are eligible to invest in Standard Chartered Bank fixed deposits:
- Individuals,
- Proprietors,
- Partnership,
- Limited Companies,
- Societies,
- Clubs,
- Associations and
- HUFs
Documents Required to Open a Standard Chartered Fixed Deposit
The following documents are required to invest in Standard Chartered Bank fixed deposits:
Documents accepted as ID and Address Proof
- Passport
- Driving licence
- Aadhaar card
- Voter’s Identity Card issued by the Election Commission of India
- Job card issued by NREGA duly signed by an officer of the State Government
- Letter issued by the National Population Register containing details of name and address
How To Open A FD Account with Standard Chartered?
Fixed deposit accounts can be opened in both online and offline methods:
Online Method:
Step 1: Login to Online Banking
Step 2: Select “Open Term Deposit” from the left hand side menu
Step 3: Follow the online instructions and apply for a term deposit.
Offline Method:
Step 1: Visit the bank branch.
Step 2: Take the FD application form.
Step 3: Fill in the required details and submit the necessary documents.
Step 4: Submit the form to the branch.
Standard Chartered Fixed Deposit Premature Withdrawal
Standard Chartered Bank permits the early withdrawal of fixed deposits but imposes a penalty on the interest earned. The penalty charged for premature withdrawal is 1% of the interest income.
Tax implications on Standard Chartered Bank FD
As per the Income Tax Act of India of 1961, taxpayers can seek deductions under Section 80C if they invest in FDs.
In a given financial year, a taxpayer can avail tax deduction to a maximum of ₹1.5 lakhs from their gross taxable income, provided the following conditions are fulfilled:
- Taxpayers can invest in FD either through public or private sector banks.
- Individuals and HUFs can avail tax deductions by investing in tax savings FDs.
- Bank's five year tax saving FD offers exemptions under Section 80C.
- Investors cannot get loans against these FDs.
- In case of joint holders, only the first holder can get tax benefits.
How to claim tax benefits?
At the time of filing the Income Tax Returns (ITR), the taxpayer can provide supporting documents to avail tax benefits on FDs.
Tax Deducted at Source (TDS)
- TDS will be deducted on the interest accrued on the FDs if the interest is more than ₹40,000 (₹50,000 for senior citizens) in a given financial year.
- For Resident customers, If you have submitted your PAN card details then the deduction will be at 10% per year on the interest. Without a PAN card, the bank will deduct 20% TDS per year.
FAQs
What are Standard Chartered FD rates?
Standard Chartered Bank fixed deposit interest rates range between 2.75-7.5% per annum.
How can depositors check their FD status?
Depositors can check their deposit status online using the Standard Chartered Mobile application.
Is the ₹5 lakhs DICGC insurance cover applicable on Standard Chartered Bank FD?
Yes. ₹5 lakhs Deposit Insurance and Credit Guarantee Corporation (DICGC) insurance cover is applicable on Standard Chartered bank FD
Can a depositor change the tenure of FD once created?
Once invested, one cannot change the tenure of Standard Chartered Bank FD investment
What is the case of termination of FD in case of death?
In the event of the death of the depositor, premature termination of term deposits will be allowed subject to completion of documentary formalities as required. Such premature withdrawal would not attract any penal charges.
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