Fixed deposits are the most reliable, convenient and trusted option for investment. Indian customers prefer fixed deposit as it guarantees assured returns at an attractive rate of interest for a specified fixed period of time. There are many several fixed deposit schemes available in the banking segment. Standard Chartered Bank Fixed deposit is amongst one such offering. However, it also deals with many other facilities such as flexible durations, choices between simple and compound interest, low deposit amounts and even auto-renewal facilities.Fixed deposit continues to be an ideal choice among Indian masses.
Standard Chartered Bank has been in existence in India for over 150 years and in that time it has expanded its branches to over 42 cities through a hundred or more branches. The bank commenced its operations in India in 1858 and has many offerings to its customers such as regular banking service for Indians, special services for NRI’s and even quick and easy solutions for day-to-day banking via online and mobile banking.
Being in this exemplary service has helped the bank to earn accolades like Best Foreign Bank 2012 awarded by Bloomberg Financial Leadership Awards and Financial Advisor of the Year Award 2012 awarded by UTI CNBC.
Features of Standard Chartered Bank Fixed Deposit
- Flexible Tenures: Covering for a period of 7 days to 5 years
- Low Deposits: Minimum Amount for first deposit: ₹ 10,000/
- Minimum Amount for subsequent deposit: ₹10,000 and in multiples of ₹1,000 thereafter
- Tailored Accruals: Decide whether you prefer simple interest or compound interest calculations.
- Auto Renewal Facility: Standard Chartered Term Deposits offer you an auto-renewal facility.
Let’s check out what Standard Chartered Bank has stored for its customers in its FD:
Domestic Fixed Deposit Interest Rates Per Annum
|Term Deposits (All Maturities)||Amount less than 2 Crore||Amount more than 2 crore to less than 7.50 crore|
|Interest Rate||Senior Citizen Rate (only for resident)**|
|45 -47 days||5.50%||5.50%||3.00%|
|90 -104 days||6.25%||6.25%||4.25%|
|121 -149 days||6.45%||6.45%||4.25%|
|227 - 269 days||6.45%||6.45%||4.75%|
|270 days-345 days||6.45%||6.45%||4.50%|
|346 days-364 days||6.45%||6.45%||4.50%|
|1yr - 375 days||6.50%||7.00%||6.40%|
|376 -390 days||6.45%||6.95%||6.35%|
|391 - < 18 Months||6.45%||6.95%||6.35%|
|18M - 2 Yrs||6.60%||7.10%||6.50%|
|2 Yrs- 3 Yrs||6.60%||7.10%||6.50%|
|3 Yrs - 4 Yrs||6.50%||7.00%||5.50%|
|4 Yrs - 5Yrs||6.50%||7.00%||5.50%|
Note: Premature withdrawal of the Term Deposit shall become liable for a penalty of 1% on the interest rate payable for the tenor the deposit has been held with the bank. In the event of the death of the depositor, premature termination of Term Deposits will be permitted based on the completion of documentary formalities as required. Such premature withdrawal would not levy any penal charges. No interest payment will carry in the case of premature withdrawal of the NRE/FCNR Term Deposit before the completion of the minimum tenor (1 year). In the case of premature withdrawal of NRE term deposits for getting it converted into Resident Foreign Currency (RFC) Account, the bank would not apply any penalty for premature withdrawal.
Eligibility Criteria for Standard Chartered Bank Fixed Deposit Schemes
Following are the list of persons entitled to prefer fixed deposit scheme of Standard Chartered Bank of India:
- Partnership and Limited companies Societies
Standard Chartered Bank Fixed Deposit Schemes
- Short Term Deposit
- Reinvestment Deposit
- Simple Fixed Deposit
- Monthly Income Plan
Standard Chartered Bank Fixed Deposit Calculator
Fixed deposits are a great way to invest for those who want safety in their returns. Standard Chartered Bank Fixed Deposit Calculator helps you to find out how much interest can be earned on an FD and the value of your investment(Principal) on Maturity when compounding of interest is calculated on the basis of monthly, quarterly, half-yearly or annually. All you need to enter the details such as principal amount, the rate of interest, time period and frequency(Simple Interest/Compounded Monthly/Compounded Quarterly/Compounded Half Yearly/Compounded Yearly) for getting the calculated amount of your returns generated on FD.