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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 2021

The following are the Standard Chartered fixed deposit rates for regular citizens for different tenures.

TenureRegular FD Interest Rates
7 days to 14 days2.50%
15 days to 29 days2.50%
30 days to 44 days3.00%
45 days to 59 days3.00%
60 days to 89 days3.00%
90 days to 120 days3.50%
121 days to 180 days3.50%
181 days to 210 days4.40%
211 days to 364 days4.60%
376 days to 390 days5.20%
391 days to 17 months 29 days5.20%
18 months to 21 months5.40%
1 year to 375 days5.30%
2 years to 2 years 364 days5.40%
3 years to 3 years 364 days5.35%
4 years to 5 years5.35%
Note: The interest rates of Standard Chartered Bank fixed deposits are subject to change from time to time
The following are the Standard Chartered deposit rates for senior citizens for different tenures.
TenureSenior Citizen FD Interest Rates
7 days to 14 days2.50%
15 days to 29 days2.50%
30 days to 44 days3.00%
45 days to 59 days3.00%
60 days to 89 days3.00%
90 days to 120 days3.50%
121 days to 180 days3.50%
181 days to 210 days4.40%
211 days to 364 days4.60%
376 days to 390 days5.70%
391 days to 17 months 29 days5.70%
18 months to 21 months5.90%
1 year to 375 days5.80%
2 years to 2 years 364 days5.90%
3 years to 3 years 364 days5.85%
4 years to 5 years5.85%
Note: The interest rates of Standard Chartered Bank fixed deposits are subject to change from time to time

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.

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.

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.

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