• Fixed Deposit
  • SCB Bank
  • Standard Chartered Fixed Deposit
Standard Chartered Fixed Deposit

Standard Chartered Fixed Deposit

PrivateA1/P-1 
Shield CheckDICGC

7.1%

Interest for 3 years

SCB Bank FD Interest Rates 2024

TenureNormal Citizen FD RateSenior Citizen FD Rate
7 days - 1 month 13 days2.75%2.75%
1 month 14 days - 1 month 28 days3.25%3.25%
1 month 29 days - 2 months 28 days3.5%3.5%
2 months 29 days - 5 months 27 days5.5%5.5%
5 months 28 days - 11 months 10 days6.5%6.5%
11 months 11 days - 11 months 29 days7%7%
1 year - 1 year 10 days7.15%7.65%
1 year 11 days - 1 year 25 days7.25%7.75%
1 year 26 days - 1 year 11 months 29 days7.2%7.7%
2 years - 2 years 11 months 29 days7.5%8%
3 years - 3 years 11 months 28 days7.1%7.6%
3 years 11 months 29 days - 4 years 11 months 29 days6.75%7.25%

Note: All interest rates shown above are as on 7th May 2024

About SCB FD

SCCL, which is a wholly owned subsidiary of SCB, UK, was established in 2003 to utilize the significant financial services operations of the Standard Chartered group in India. Registered with the Reserve Bank of India as a non-deposit-taking, systemically-important, non-banking financial company, SCCL mainly concentrates on areas like promoter financing, lease rental discounting, and secured corporate loans. The bank has its head office in Mumbai. The total deposits as of March 2022 stood at INR 1,12,852.64 crores. Standard Chartered Bank’s Fixed Deposits have an A1/P-1 Credit Rating.

SCB FD

2.75% - 7.5%

FD Rate

2.75% - 8%

FD Rate for Seniors

₹ 10000

Minimum Deposit

₹ 2 Crores

Maximum Deposit

-

Lock-in

-

FD Tenure

-

Loan against FD

A1/P-1

CRISIL Rating

SCB FD Returns Based on Investment Amount

Investment AmountFor 3 years with interest of 7.1%For 5 years with interest of 6.75%
₹ 50,000 ₹ 61,830₹ 70,006
₹ 1 lakh ₹ 1,23,661₹ 1,40,011
₹ 2 lakh ₹ 2,47,322₹ 2,80,023
₹ 5 lakh ₹ 6,18,304₹ 7,00,057
₹ 10 lakh ₹ 12,36,608₹ 14,00,115

Compare SCB Bank Fixed Deposit Returns with Top Banks

Use FD calculator to change values and compare your returns from top banks.

vs
Uttarbanga Kshetriya Gramin Bank FD
down-arrow
SCB FD
SCB FD
Maturity Amount 1,07,389 1,05,326
Total Investment Amount₹ 1,00,000₹ 1,00,000
Total Interest Gained7,389 5,326

Compare SCB Bank Fixed Deposit Rates with Top Banks

Bank NameFD Interest Rates
Uttarbanga Kshetriya Gramin Bank FD
5.2% - 5.2%
Kotak Mahindra Bank FD
7% - 7.6%
Paschim Banga Gramin Bank FD
5.3% - 5.8%
Indian Overseas Bank FD
6.5% - 7%
HDFC Ltd FD
7.35% - 7.6%
Jharkhand Rajya Gramin Bank FD
6.5% - 6.75%
Andhra Pragathi Grameena Bank FD
7% - 7.6%
Rajasthan Marudhara Gramin Bank FD
7.1% - 7.6%
Arunachal Pradesh Rural Bank FD
6.25% - 6.75%
State Bank of India FD
6.75% - 7.25%

Calculate SCB FD Returns

1,00,000

Total Investment

7,389

Wealth Gained

1,07,389

Maturity Amount

Explore Debt Funds, instead!

The flexible & tax efficient alternative to FDs.

Standard Chartered Bank is India’s largest international bank. It has over 100 branches in 43 cities. The bank has been in India for over 160 years. They offer an array of deposit schemes (fixed and recurring deposits) to its clients. The Standard Chartered Bank FD interest rates range between 2.5% and 5.4%. In this article, we have covered about Standard Chartered Bank FD and its interest rates in detail.

Standard Chartered FD Rates 2024

Standard Chartered Bank fixed deposit interest rates range between 2.5%-5.4% for regular citizens for a tenure of 7 days to 5 years. For the same tenure, the senior citizen’s rate of interest ranges between 2.5% -5.9%.

The SCB FD interest rates are higher than their saving account rates. Moreover, the rate of interest for senior citizens FDs is higher than the regular citizen’s rate by 0.5%. The investor receives interest every quarter.

The highest FD rate for Standard Chartered Bank is 5.40% for a regular investor for the tenure of 2-3years. For the same tenure, the highest senior citizen FD rate is 5.90%.  

Returns from Standard Chartered Bank fixed deposits can be calculated using the Standard Chartered Bank fixed deposit calculator. Also, the interest income from Standard Chartered Bank fixed deposits is taxable as per the individuals respective income tax slab rates. Moreover, the bank will deduct TDS of 10% if the income exceeds the TDS threshold limit.

Compare the latest fd interest rates.

Type of Fixed Deposit Schemes: In Detail

Term (Fixed) Deposit

Standard Chartered Bank offers its customers a variety of options in the fixed deposit vertical. The scheme is suitable for short term and also long term investments. In addition to the services like premature withdrawals and loans against FD, the interest rates of Standard Chartered Bank fixed deposits are quite competitive. Following are more details about the Standard Chartered Bank Fixed Deposit:

  • Tenure: The bank offers flexible tenure options ranging between 7 days to five years.
  • Minimum Deposit Amount: To book a term deposit at Standard Chartered Bank, the minimum amount is INR 10,000.
  • Returns: The scheme offers assured returns without taking high risks.
  • Payouts: The depositors can choose between compound interest and simple interest. Furthermore, they can opt for monthly payout options to suit their monetary requirements.
  • Senior Citizens: The bank offers an additional 0.5% interest to senior citizens.
  • Premature Withdrawal: Available, however, attracts 1% penalty for premature withdrawal.                
  • Overdraft Facility: Deposits can avail overdraft facility against their deposit amount.
  • Auto-renewal facility: The Term Deposit gets auto-renewed for the same tenure on the maturity date. This ensures no interest loss.
  • Account opening: The depositors can easily open the bank FD through online mode using Online banking or Mobile banking. Or offline by visiting the nearest bank branch.
  • Eligibility: Individuals, Proprietors, HUFs, Partnership and Limited Companies, Societies, Associations and Clubs can open a Term Deposit scheme at Standard Chartered Bank.
Additional points:

In case the depositor required funds, they can opt to break the FD only for the amount required. While they can keep the remaining amount intact and earn interest on it.

Depositors can check their deposit status online using the Standard Chartered Mobile application.

For interest income above INR 10,000, the bank deducts 20% TDS in case the PAN card details are not updated with the bank.

Key Features of Standard Chartered Bank Fixed Deposit

Following are the key features of Standard Chartered Bank fixed deposits:

Tenure

The Standard Chartered Bank fixed deposit tenure ranges between 7 days to 5 years. Once invested, one cannot change the tenure of Standard Chartered Bank FD investment. However, one can opt for premature withdrawal. And investors can close the existing Standard Chartered Bank FD and start a new FD with the desired tenure.

Minimum and Maximum Deposit Amount

The minimum amount of deposit for Standard Chartered Bank fixed deposit schemes is INR 10,000. There is no limit on the maximum investment amount.

Standard Chartered FD Interest Rates

Standard Chartered Bank fixed deposit interest rates range between 2.5%-5.4% per annum. The Standard Chartered Bank FD rates are subject to change from time to time.

Preferential Standard Chartered FD Rates

For senior citizens, SCB FD rates are higher. Senior citizens get an additional 0.5% on their fixed deposits. The rate of interest for senior citizens ranges between 2.5% -5.9%.

Eligibility

To open a Standard Chartered Bank Fixed Deposit account, one has to be eligible. Following is the eligibility criteria.

  • Individuals
  • Sole proprietors
  • Partnerships firms
  • Limited companies, societies, clubs, associations
  • HUFs

Documents required

To open a Fixed Deposit account with Standard Chartered, one needs to have the following documents.

  • Proof of identity (PAN Card, Passport, Aadhar Card, Voter ID, Driving License)
  • Passport size photographs
  • Proof of address (Utility bills, Aadhar Card, Passport)
  • Any other documents as required by the bank

Additional Payments

It is not possible to deposit any additional amount in an existing Standard Chartered Bank fixed deposit. However, one can always invest in a fresh Standard Chartered Bank fixed deposit with the additional amount.

Tax and TDS

Standard Chartered Bank fixed deposit investment is not eligible for tax deductions under Section 80C of the Income Tax Act, 1961. The interest income is taxable as per the income tax slab rates of the individuals. Moreover, the bank will deduct a TDS of 10%, if the interest income exceeds INR 40,000. For senior citizens, the TDS threshold limit is INR 50,000 per annum. Moreover, the TDS rate of 10% is applicable only when the investors discloses the PAN Card details. If the investor doesn’t disclose the PAN Card details, then the bank will cut TDS at 20%, instead of the regular 10%.

Safety

Under the Deposit Insurance Scheme of RBI, DICGC insures all Standard Chartered bank deposits up to INR 5,00,000.

Premature withdrawal

Standard Chartered Bank allows premature withdrawal of fixed deposits. However, it will charge a penalty on the interest. The penalty that it charges is 1% on the interest income.

Nomination Facility

Depositors can nominate beneficiaries for their Standard Chartered Bank fixed deposits.

Auto Renewal Facility 

Standard Chartered Bank offers auto renewal facility to depositors for their fixed deposits.

Convenience

Opening and managing Standard Chartered Bank fixed deposit investments is easy and convenient through their online portal.

Loan against FD and Overdraft

Standard Chartered Bank allows investors to take a loan against their FDs. The bank decides the terms of the loan, the credit limit and the tenure to grant a loan. A loan will help investors to meet their liquidity requirements without breaking the FD investment. Moreover, investors need not go through the hassle of applying for a loan and the entire process.

Investors can take loans such as loan against property (home loan), business loans, education loans, etc., against Standard Chartered Bank FD. Also, one can calculate their loan EMI using the loan EMI calculator. The loan EMI calculator can be used as a personal loan EMI calculator. Moreover, it also works as a home loan calculator and car loan calculator. The investor can also use the EMI calculator in multiple scenarios by changing the variables like personal loan interest rate. They can also tweak the home loan interest rate and car loan interest rate.

Pan Card

Submitting details of the PAN Card isn’t mandatory to open a fixed deposit account with Standard Chartered Bank. However, it has a few drawbacks. The bank will deduct TDS at 20% instead of the usual 10%. Moreover, Standard Chartered Bank will not issue a TDS certificate. Also, all the exemption certificates will be invalid.

Requirement of savings account

Individuals need not have a Standard Chartered Bank account to open a fixed deposit account.

Does Standard Chartered Bank offer Recurring Deposits?

Yes, Standard Chartered Bank offers recurring deposit schemes. Depositors can make a goal-based hassle-free investment every month. The scheme offers assured returns with fixed interest rate till the last instalment.

  • Tenure: 12 months to 24 months
  • Minimum Deposit Amount: INR 1,000 per month

Following are Standard Chartered Bank recurring deposit rates:

TenureGeneral RatesSenior Citizen Rates
3 months3.50%3.50%
6 months3.50%3.50%
9 months3.50%3.50%
12 months5.30%5.80%
15 months5.20%5.70%
18 months5.40%5.90%
21 months5.25%5.75%
24 months5.40%5.90%
Note: The interest rates of Standard Chartered Bank RDs are subject to change

How to invest Standard Chartered Bank fixed deposits?

An FD account in SCB can be opened through online or offline mode. For online mode, one can visit the SCB website. For offline mode, one can visit the nearest branch. 

A Standard Chartered Bank Fixed Deposit account can be opened by the ones who are eligible. Following is the eligibility criteria.

  • Individuals
  • Sole proprietors
  • Partnerships firms
  • Limited companies, societies, clubs, associations
  • HUFs

Standard Chartered Bank FD account can be opened by submitting the following documents.

  • Proof of identity (PAN Card, Passport, Aadhar Card, Voter ID, Driving License)
  • Passport size photographs
  • Proof of address (Utility bills, Aadhar Card, Passport)
  • Any other documents as required by the bank

How does an FD Calculator work?

The Scripbox’s FD calculator is available online and is free to use. One has to just enter a few basic details like investment amount and interest rate to find out the wealth created from an fixed deposit investment. The calculator works on the future value formula, it determines the value of an investment at a later date. Let’s understand the calculator with an example.

Mr Paritosh wants to invest an amount of INR 2,00,000 in an FD for five years. The bank FD rate is 5%. He wants to receive the interest annually. The maturity value of the investment for Mr Paritosh can be calculated using the Scripbox FD calculator.

The inputs in the calculator would be:

Investment amount: INR 2,00,000, Interest Rate: 5%, FD period: 5 years, Compounded: Yearly

Once the above inputs are entered in the calculator, the outputs will be displayed. The outputs of the calculator are:

Total Investment: INR 2,00,000, Wealth Gained: INR 55,256, Total Corpus Created: INR: 2,55,256

The investment of INR 2,00,000 made today at 5% interest per annum would be INR 2,55,256 in 5 years. The interest income for Mr Paritosh will be INR 55,256.

Formula to calculate fixed deposit maturity value

The formula for calculation of the fixed deposit maturity value is

A = P (1 + r/n) ^ n*t

Where,

A – Maturity Amount

P – Investment amount

r – Interest rate or rate of return

n – Number of times the interest is compounded

t – Tenure of the investment

Explore Fixed Deposits By Banks

Frequently Asked Questions

What is the highest SCB Bank FD rate today?

The highest SCB Bank FD rates for general citizens is 7.5% p.a. and 8% p.a. for senior citizens.

What is the highest interest rate on SCB Bank 1 year FD scheme?

The highest interest rate on SCB Bank 1 year FD scheme is 7.15% p.a.

What is SCB Bank FD scheme interest rate for 5 years?

6.75% p.a is the interest rate for 5 years on SCB Bank FD scheme.

How many years FD will double in SCB Bank?

To know in how many years SCB Bank Bank FD will double, we can follow the 72 rule. We have to divide 72 by the interest rate, and the result will be the number of years SCB Bank Bank FD will double. The current highest SCB Bank FD interest rate is 7.5% so investors will double the investment in 9.60 years. Similarly, senior citizen depositors will double their FD investment in 9.00 years, where the highest FD rate for senior citizens is 8%.

What is SCB Bank FD minimum deposit amount?

The minimum investment in SCB Bank FD is INR 10,000. However, there is no limit on the maximum amount of investment in SCB Bank FD.

What is senior citizen fixed deposit interest rates in SCB Bank?

The senior citizen fixed deposit interest rates in SCB Bank range between 2.75% to 8% p.a. for an available minimum and maximum investment duration.

What are the available FD tenures in SCB Bank?

SCB Bank FD tenure ranges from 7 days to 4 years 11 months 29 days

What is SCB Bank FD ROI for 10 lakh deposit for 1 year?

The interest from the SCB Bank FD calculator for 10 lakh deposit for 1 year will be INR 73,890. The maturity value will be INR 10,73,890. You can use Scripbox’s FD Calculator to determine the maturity value of your investment.

How to check the fixed deposit balance in SCB Bank?

You can check SCB Bank FD balance either online or offline mode. For online mode, log in to the SCB Bank internet banking portal. Alternatively, you can visit the nearest SCB Bank bank to update your passbook for FD balance enquiry.

How many FDs can be opened in SCB Bank?

There is no restriction on the number of FDs you can open with SCB Bank.