Standard Chartered Bank is a prominent global banking group with a strong presence in 59 major markets worldwide. They offer attractive interest rates ranging from 2.75% to 7.35% on their deposits. They also have a flexible tenure policy that ranges between 7 days to a wide timespan of more than 5 years.
Along with the benefits of competitive interest rates and a flexible tenure policy, this bank also offers perks to senior citizens. A senior citizen opening a smart fixed deposit account in the bank gets an additional increase in the interest rate by the standard chartered bank of 0.50%
The table below consists of the rate of interest the Standard Charter bank issued for a deposit of less than Rs. 2 crores with a varied Maturity range. This interest rate of FD is solely decided by the bank itself but in the limits of guidelines set by the higher authorities.
Standard Chartered Fixed Deposit Interest Rates
Fixed Deposit Rates on Domestic/NRO deposits of less than Rs 2 crore w.e.f. 19th August 2023
| 19 August ’23 | INR < 2 Cr (Regular Citizens) | INR < 1 Cr (Senior citizens) |
| 7-9 days | 2.75% | 2.75% |
| 10-14 days | 2.75% | 2.75% |
| 15 -17days | 2.75% | 2.75% |
| 18-20days | 2.75% | 2.75% |
| 21-23days | 2.75% | 2.75% |
| 24-26 days | 2.75% | 2.75% |
| 27-29days | 2.75% | 2.75% |
| 30-32 days | 2.75% | 2.75% |
| 33-35 days | 2.75% | 2.75% |
| 36-38 days | 2.75% | 2.75% |
| 39-41 days | 2.75% | 2.75% |
| 42-44 days | 2.75% | 2.75% |
| 45 -47 days | 3.25% | 3.25% |
| 48-50 days | 3.25% | 3.25% |
| 51-53 days | 3.25% | 3.25% |
| 54-56 days | 3.25% | 3.25% |
| 57-59 days | 3.25% | 3.25% |
| 60-74 days | 3.50% | 3.50% |
| 75-89 days | 3.50% | 3.50% |
| 90 -104 days | 5.50% | 5.50% |
| 105-120 days | 5.50% | 5.50% |
| 121 -149 days | 5.50% | 5.50% |
| 150-164 days | 5.50% | 5.50% |
| 165-180 days | 5.50% | 5.50% |
| 181-210 days | 6.00% | 6.00% |
| 211-226 days | 6.00% | 6.00% |
| 227 – 269 days | 6.00% | 6.00% |
| 270 days-345 days | 6.00% | 6.00% |
| 346 days-364 days | 6.00% | 6.00% |
| 1yr – 375days | 7.25% | 7.75% |
| 376 -390 days* | 7.35% | 7.85% |
| 391 days < 18 Months | 7.20% | 7.70% |
| 18M < 21M | 7.20% | 7.70% |
| 21M < 2 Yrs | 7.20% | 7.70% |
| 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% |
Fixed Deposit Interest Rates on NRE deposits of less than Rs 2 crore w.e.f. 19th August 2023
| Tenor band | INR < 2 Cr | INR 2cr -<3cr | INR 3cr – < 4 cr | INR 4 cr – < 5 cr | INR 5cr – < 6 cr | INR 6 cr – < 7.50 cr |
| 1yr – 375days | 7.25% | 5.00% | 5.00% | 5.00% | 3.50% | 5.00% |
| 376 -390 days | 7.35% | 5.00% | 5.00% | 5.00% | 3.50% | 5.00% |
| 391 days < 18 Months | 7.20% | 5.00% | 5.00% | 5.00% | 5.00% | 5.00% |
| 18M < 21 M | 7.20% | 5.00% | 5.00% | 5.00% | 3.50% | 5.00% |
| 21M < 2 Yrs | 7.20% | 5.00% | 5.00% | 5.00% | 3.50% | 5.00% |
| 2 Yrs < 3 Yrs | 7.25% | 5.00% | 5.00% | 5.00% | 3.50% | 5.00% |
| 3 Yrs < 4 Yrs | 6.75% | 5.00% | 5.00% | 5.00% | 3.50% | 5.00% |
| 4 Yrs < 5 Yrs | 6.75% | 5.00% | 5.00% | 5.00% | 3.50% | 5.00% |
| 5 Yrs | 6.75% | 5.00% | 5.00% | 5.00% | 3.50% | 5.00% |
FCNR Fixed Deposit Interest Rates w.e.f. 1st August 2023
| DEPOSIT PERIOD | RATE W.E.F | RATE W.E.F |
| 1st August 2023 | 1st August 2023 | |
| Currency: USD | < USD 100,000 | >= USD 100,000 |
| 1 year – < 375 days | 0.10 | 0.10 |
| 375 D | 0.10 | 0.10 |
| 376 D – < 1.5 years | 0.01 | 0.01 |
| 1.5 years – < 2 years | 0.01 | 0.01 |
| 2 years – < 740 D | 0.01 | 0.01 |
| 740 D | 0.01 | 0.01 |
| 741 D – < 3 years | 0.01 | 0.01 |
| 36 – <39 Months | 0.01 | 0.01 |
| Currency : GBP | ||
| 1 year < 375 days | 0.01 | 0.01 |
| 375 D | 0.01 | 0.01 |
| 376 D < 1.5 years | 0.01 | 0.01 |
| 1.5 years < 2 years | 0.01 | 0.01 |
| 2 years | 0.01 | 0.01 |
| Currency: EUR | ||
| 1 year – < 375 days | 0.01 | 0.01 |
| 375 D | 0.01 | 0.01 |
| 376 days – < 1.5 years | 0.01 | 0.01 |
| 1.5 years < 2 years | 0.01 | 0.01 |
| 2 years | 0.01 | 0.01 |
| Currency: CAD | ||
| 1 year | 0.01 | 0.01 |
| 366D < 390D | 0.01 | 0.01 |
| 391D < 1.5 years | 0.01 | 0.01 |
| Currency: AUD | ||
| 1 year | 0.01 | 0.01 |
| 366D < 390D | 0.01 | 0.01 |
| 391D < 1.5 years | 0.01 | 0.01 |
| Currency: JPY | ||
| 1 year | 0.01 | 0.01 |
The interest rate can be easily calculated using the Standard Chartered Bank FD Calculator, making it easier for the depositor to make a quick decision.It also allows the depositor to be informed about the prevailing interest rate and any updates on the same.
What is the eligibility for Standard Chartered Bank’s FD Account?
- The minimum balance for the deposition must be ₹10,000
- Applicant should be above the age limit of 18 years
- Minors can also open an account knowing the FD interest rate under the guidance of the guardian.
- The depositor may or may not already have an existing account in the bank.
What documentation is required for a Standard Chartered Bank FD Account?
- The application form complete with all the necessary and relevant details.
- Proof of birthdate that is a birth certificate is a mandate in the case of minors and senior citizens.
- Proof of identification (PAN Card/Passport/Aadhaar card)
- The bank specified essential KYC documents.
What happens on premature withdrawal of funds?
In case of premature withdrawal, the bank will have full authority to decide on its own penal interest rate if a depositor decides to go back on the agreement. The penalty is 1% or higher, depending upon the bank. This rate of interest is only payable for the amount of time the deposition has been made and not the total tenure.
Who is eligible to avail the nomination facilities?
A nominee is the decision maker that is accountable after the depositor. He has the power to decide whether the account has to be continued or discontinued when the actual depositor fails to do so. Under unavoidable circumstances, the nominee will be answerable to the bank under any such situation. The nominee must be able to present the following to be appointed as a nominee.
- Proof of birthdate that is a birth certificate is a mandate in the case of minors and senior citizens.
- Identity proof (PAN Card/Passport/Aadhaar card)
- Nomination form is filled in with relevant details
- KYC updation of the required documents
- If the depositor dies, the biological heir will be allowed to access the deposits after producing proof for the same.
What are the schemes available for Corporate societies?
Standard Charter Bank provides various schemes and plans that aim to benefit the depositor. Corporate societies also benefit extensively from the help of the same.
The following are the schemes that the bank has put to use:
- NRE/ NRO Deposits
- FCNR Deposits
- Smart Fixed Deposits
How to avail a credit card against the fixed deposit?
Banks provide credit cards against Fixed deposits at a competitive interest rate as it is mutually beneficial for both equally. To get a credit card against an existing FD in the Standard Charter bank, the bank demands a set of paperwork to be completed.
It includes the deposition form, monthly income details, proof of income and also KYC documents for the procedures.
What are the tax saving schemes available under fixed deposits?
The bank provides various tax saving schemes under fixed deposits, but the best choice Is the Equity Linked Savings Scheme (ELSS) which depends on the investment in the equity market and comes with a lock-in period of 3 years.
Standard Chartered Bank FD Rates FAQ’s :-
The depositor can avail of the nomination facilities by providing the necessary details of the person who is allotted the power to decide the fate of the money.
To open an FD Account, the minimum deposit should be a sum of at least 10000 rupees. According to the FD interest rates, the amount deposited will double on the basis of the tenure and plan chosen.
Yes, Standard Chartered Bank provides loans and credit cards against the FD if the other prerequisites of documentation are met.
The bank is solely responsible and not accountable to its beneficiaries when it comes to deciding the interest rates accumulated. One should be aware of the prevailing interest rates before the deposition of money.
One can choose from long-term or short-term deposits, which come under the schemes of NRE/ NRO Deposits, FCNR Deposits, Smart Fixed Deposits and a lot more.
