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Recurring deposit account
Recurring deposit account
  1. Accounts and Deposits
  2. Recurring Deposit Account

Take a step towards your goals with hassle-free investments every month

Build a habit of regular savings by opening Recurring Deposits and earn a higher interest rate on your savings.

Recurring Deposit Benefits
  • With locked interest rate

  • interest on your Recurring Deposit

  • every month

Benefits

Goal based savings

Do hassle free investments every month and take a step towards your goal

Open Recurring Deposit online

Open a Recurring Deposit through the SC Mobile app or Online Banking in just a few clicks

Assured returns

Avail assured returns with locked interest rate till last instalment

Flexible tenures

Choose tenures ranging from 12 months to 24 months
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Features

CLICK HERE TO VIEW MORE INTEREST RATES AND INTEREST CALCULATION METHODOLOGY

Any individual can open Recurring Deposit. Product is available for Resident and Non Resident clients

  • Type of offering – Resident Recurring Deposit, Non-Resident Recurring Deposit, Senior Citizen Recurring Deposit.
  • Currency – Indian Rupee only
  • Minimum instalment amount- INR 1,000 / per month
  • Maximum instalment amount – INR 100,000 / per month
  • Instalment amount can be in multiples of INR 100/-
  • Tenure – 12 months, 15 months, 18 months, 21 months, 24 months
  • Minimum holding period – a) Resident/Senior citizen – 3 months, b) NR RD – 1 year
  • Premat upliftment penalty – 1% on prevailing interest rate (for more details refer below)
  • Instalment dates – Instalment dates should be between 1st and 28th of the month

Interest earned on RD will be credited to underline CASA account on maturity date along with principal amount.

Following is mandatory for RD account set up:

  • PAN.
  • FATCA & CRS declaration.
  • KYC completion.
  • There should not any transaction hold on the funding account.
  • Joint savings account holders can open Recurring Deposits online.
  • Senior citizens can open Recurring Deposits online.
  • Applicable for ‘either or survivor’ joint account holders only, subject to FATCA & CRS information being updated on the bank’s system for both the account holders.

Joint savings account holders can open Recurring Deposits online.

Senior citizens can open Recurring Deposits online.

Recurring Deposit (RD) is a special kind of Term Deposit that allows customer to deposit a fix amount every month in RD account and earn interest at a fix rate. RD is a systematic savings plan that offers guaranteed returns.

Any individual can open RD account. Product is available for Resident and Non Resident clients and applicable for Personal, Premium, Priority, Non Resident, Employee banking and Private banking segments.

Clients can book an RD via:

  • Online banking
  • Mobile banking
  • Contact centre
  • Any branch operating in India
  • Type of offering – Resident RD, Non-Resident RD, Senior Citizen RD
  • Currency – Indian Rupee only
  • Instalment option – Monthly
  • Minimum instalment amount- INR 1,000 / per month
  • Maximum instalment amount – INR 100,000 / per month
  • Instalment amount can be in multiples of INR 100/-
  • Tenure – 12 months, 15 months, 18 months, 21 months, 24 months
  • Minimum holding period – a) Resident/Senior citizen– 3 months, b) NR RD – 1 year
  • Premat upliftment penalty – 1% on prevailing interest rate (for more details refer below)
  • Instalment dates – Instalment dates should be between 1st and 28th of the month

Following is mandatory for RD account set up:

  • PAN.
  • FATCA & CRS declaration.
  • KYC completion.
  • There should not be any transaction hold on the funding account.

RD account will get set up post recovery of first instalment from underline CASA account.

Yes. But joint account with operating mandate ‘both to sign’ must place RD account opening request at branch only.

Yes. Additional Senior Citizen rate is applicable for RD. To know details of tenure eligible for Senior Citizen Rate, click here.

No. Staff Rate is not applicable for RDs booked by staff

No. You need to have a Standard Chartered Savings Account, to open a Recurring Deposit.

There is no limitation for setting up RD accounts. Customer can open any number of RD accounts per day / month / year.

No. Your RD installments need to be funded from your Standard Chartered Savings Account.

By default 28th would be instalment date for deposits booked on 29 / 30 / 31st of the month. However customer can choose any date between 1st to 28th for monthly instalment.

Only one installment per month is permitted in RD account.

You can pay the missed instalment by paying before next instalment date. You just need to maintain sufficient balance in underline CASA account, based in your ‘Standing Instruction’ (SI) bank will recover missed instalment by debiting underline CASA account.
However if customer miss three consecutive instalments then bank reserve rights to close the RD account. It will be treated as premature upliftment of RD and all clauses of premat upliftment will be applied in this closure.

No. Monthly interest payout option is not available for RD. Interest earned on RD will be credited to the underline CASA account on maturity along with the principal amount.

No, roll over option not available for RD. On maturity, both Principal and Interest will be credited to underline CASA account and RD will be closed.

Yes, it’s possible but both the accounts must be owned by the same person. For example, Mr. X holds two accounts with SCB, one is an individual account owned by him and other one is joint account with his spouse. In this case he can choose monthly installment funding to come from first account and on maturity P+I to be credited into joint account.

Yes, premature upliftment is allowed in RD.

Premature withdrawal of the Recurring Deposit shall be subject to penalty of 1% on the interest rate payable for the tenor the deposit has been held with the bank. If premature penalty rate falls below the applicable interest rate for reduced tenure then penalty rate will also be reduced to the extent of applicable interest rate.

There is no interest payment incase of premature withdrawals of RD before the completion of minimum 3 months tenure of Resident RD and 1 year for NR RD.

No, in the event of the death of the depositor, premature termination of RD will be allowed subject to completion of documentary formalities as required. Such premature withdrawal would not attract any penal charges.

No, partial upliftment not allowed in RD.

No, this functionality is not available for RD.

Yes, customer can give nomination at the time of opening an RD or anytime during the tenure of the RD.

Yes, it does.

No. monthly installment date has will be fixed at the start of RD and remains fix till the account maturity.