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Plant, Human, Person

Choose from a range of banking accounts for our Non Resident Customers (NRIs)

Accounts

NRE Savings Account

The Standard Chartered Non Resident External (NRE) account offers a powerful dual advantage. You can freely access your funds in Rupees while you are in India and you can convert the same funds into foreign currency and repatriate it abroad any time you wish.

Feature

Here are some of your exclusive benefits of having an NRE account:

  • Funds held in the account and interest earned on them are fully repatriable
  • Globally valid VISA Platinum Debit Card that offers:
    • Higher limits for ATM withdrawals & purchases.
    • Zero Fuel Surcharge across Petrol Pumps in India.
    • Exciting Discounts & offers on Dining.
  • No tax deduction at source on interest income
  • Free Anywhere Banking facility that allows you to transact in any of our branches1 in India
  • Free Multicity Cheque Books that allow you to issue cheques drawn on any of our branches* across India
  • 24 x 7 account access through Secure Internet Banking2 and Phone banking

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NRO Savings Account

As a Non- Resident Indian you may have income in India from rent, pension, dividends and other sources. We give you the option to conveniently deposit and manage local rupee funds through the Standard Chartered Non Resident Ordinary Account in Indian Rupees.

Feature

Here are some of your exclusive benefits of having an NRO account:

  • Interest earned on funds held in an NRO Savings account is fully repatriable (after tax). The dedicated relationship managers of your account would provide full assistance on repatriation of your NRO funds.
  • Free Anywhere Banking facility that allows you to transact in any of our branches1 in India
  • Free VISA Platinum Debit Card for your spends in India.
  • Free Multicity Cheque Books that allow you to issue cheques drawn on any of our branches* across India
  • Secure Net Banking facility2, to view your account balances as well as conduct transactions
  • Free Phone Banking for 24/7 access to account
  • The facility of receiving your account statements on email absolutely free

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NRE Employee Banking Account

The NRE Employee Banking account is an account offered to employees of Corporates in India who are based in overseas location.

  • No minimum balance requirement
  • Free employee banking platinum cards
  • Free cash withdrawals in any VISA ATM in India
  • Preferential Forex conversion rates
  • Insta account opening facility available
  • 24 x 7 account access through Secure Internet Banking and Phone banking
  • No tax deduction at source on interest income

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Accounts for Returning Indians

The RFC accounts offer the best solution for NRI’s returning to India. These accounts allow you to hold foreign currency even on your return. You have the option of maintaining the RFC accounts in the form of a Savings or a Term Deposit Account.

RFC Savings Account

Standard Chartered Bank’s RFC Savings account is ideal for NRI’s like you, if you have returned to India and need an account to maintain your funds in foreign currency.

  • Currency options: USD, GBP EUR, JPY & AUD.
  • You can remit funds in any convertible currency; the funds will be converted to the above currencies based on your choice.
  • Balances & Interest earned is fully repatriable1

NRI 3 in 1 Account1

NRI 3 in 1 Account is an efficient combination of a Savings Bank Account from Standard Chartered Bank with a Demat and Trading Account with Standard Chartered Securities India (SCSI). The account offers the flexibility to open an NRE Portfolio Investment Scheme (PIS) Account, NRO Portfolio Investment Scheme (PIS) Account, 3 in 1 NRE Savings Account, 3 in 1 NRO Savings Account using a single account opening form.

You can now open either an NRE 3 in 1 Savings Account1 or an NRO 3 in 1 Savings Account1 or both and enjoy the following benefits:

  • Free any where banking facility that allows you to transact from any Standard Chartered Bank branch1 in India
  • Globally3 valid Visa Platinum Debit card that offers:
    • Higher limits for ATM withdrawals & purchases
    • Zero Fuel Surcharge across Petrol pumps in India
    • Exciting Discounts & offers on Dining
  • Free multicity cheque book that allows you to issue cheques drawn on any of our branches1 across India.
  • Secure net banking facility2 to view your account as well as conduct transactions.
  • Free phone banking for 24X7 access to your account.

Please Click to know more about the Demat and Trading Account.

Portfolio Investment Scheme (PIS) Account

You can now open either an NRE PIS Savings Account or an NRO PIS Savings Account or both and enjoy the following benefits:

  • Seamless reporting to RBI and compliance of statutory regulations on customer’s behalf
  • Calculation of capital gains tax liability and issuance of tax deduction certificate based on the information furnished to the bank
  • Standing instruction facility for transfer of funds from linked NRE/NRO Savings Account in case of a shortfall in PIS Account towards share purchase
  • No cheque book/ATM card/Debit card would be issued for PIS Accounts

Please Click to know more about the Demat and Trading Account.

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Term Deposits

NRE Deposit

Standard Chartered NRE Term Deposits helps you earn good returns on your Rupee investment in India which is freely repatriable.

Features

  • NRE Term deposit account is maintained in Indian Rupees
  • Principal and interest are freely repatriable
  • Interest earned on the account is not subject to tax deduction at source
  • The tenure of the Term deposit ranges from 1 to 5 years.
  • A minimum deposit amount of INR 10,000 is required to create an NRE Term Deposit
  • Auto renewal facility
  • Overdraft facility available against deposit

Click here to see Interest Rates

Interest Calculation:

A. For term deposit with tenor below 1 quarter (3 months): Interest is calculated on the basis of actual number of days considering the year as 365 days.
For term deposit with a tenure greater than 1 quarter: a) Interest for the quarter is calculated considering each quarter as 90 days and year as 360 days (90 days x 4 quarters). b) Interest for the last quarter is calculated on the basis of actual number of days considering the year as 365 days.
Reinvestment Term Deposit: a) Interest for each completed quarter is calculated considering each quarter as 90 days and year as 360 days (90 days x 4 quarters). b) Interest for the last quarter is calculated on the basis of actual number of days considering the year as 365 days. c) Interest for each quarter is compounded.

This methodology (A) is applicable for all rupee denominated deposits (Resident / NRO / NRE) opened after
24 February 2009.

B. Interest on Term Deposit will be calculated on the basis of ‘Actual number of days considering the year as 365 days’. For Reinvestment Term Deposit, Interest is compounded on a quarterly basis.

This methodology (B) is applicable for all rupee denominated deposits (Resident / NRO / NRE) opened on and after 2nd January 2018.

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RFC Fixed Deposits

Standard Chartered Bank’s RFC Fixed Deposit helps returning NRI’s like you to earn attractive interest rates on funds held in foreign currency.

  • Currency options: USD, GBP & EUR, CAD & AUD.
  • You can remit funds in any convertible currency; the funds will be converted to the above currencies based on your choice.
  • Tenures ranging from 1 to 3 years depending on the currency of deposit.
  • Principal & Interest earned is fully repatriable*

Interest Calculation:

  • The interest is calculated considering the number of days for the year as 360 days
  • The interest is calculated at intervals of 180 days each and thereafter for the remaining actual number of days. However interest payout to customer takes place at the maturity of the deposit.
  • Interest calculation on Reinvestment RFC Fixed Deposit will also follow the above methodology

RFC Interest Rates w.e.f. 1st April 2021

The interest rates on RFC term deposits are

USD
Apr ’21
1 day to < 6 months 0.01%
6 months 0.01%
6 months to < 1 year 0.01%
12 months 0.10%
1 year to > 2 years 0.01%
2 years 0.01%
GBP
Apr ’21
1 day to < 6 months 0.01%
6 months 0.01%
6 months to < 1 year 0.01%
12 months 0.01%
1 year to > 2 years 0.01%
2 years 0.01%
EUR
Apr ’21
1 day to < 6 months 0.01%
6 months 0.01%
6 months to < 1 year 0.01%
12 months 0.01%
1 year to > 2 years 0.01%
2 years 0.01%
Please note that for RFC Term Deposits, preferential rates are not available for Staff and Senior citizens.

Please note that for RFC Term Deposits, preferential rates are not available for Staff and Senior citizens.

Eligibility Criteria
Contact your nearest branch for more details

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NRO Deposit

Standard Chartered NRO Term Deposits helps you earn a higher rate of interest on your funds generated in India through rents, dividends etc.

Features

  • Tenor ranges from 7 days to 5 years
  • Minimum amount to open an Online Term Deposit is ‘INR 10,000/- and the same can be made in multiples of ‘1/-
  • Options of simple interest and compound interest
  • Auto renewal facility
  • Overdraft facility available against deposit

Click here to see the Interest Rates

Rupee Time deposits held in Domestic, Non-Resident Ordinary (NRO) Accounts:

Interest calculation methodology:

A. For term deposit with tenor below 1 quarter (3 months): Interest is calculated on the basis of actual number of days considering the year as 365 days.
For term deposit with a tenure greater than 1 quarter: a) Interest for the quarter is calculated considering each quarter as 90 days and year as 360 days (90 days x 4 quarters). b) Interest for the last quarter is calculated on the basis of actual number of days considering the year as 365 days.
Reinvestment Term Deposit: a) Interest for each completed quarter is calculated considering each quarter as 90 days and year as 360 days (90 days x 4 quarters). b) Interest for the last quarter is calculated on the basis of actual number of days considering the year as 365 days. c) Interest for each quarter is compounded.

This methodology (A) is applicable for all rupee denominated deposits (Resident / NRO / NRE) opened after
24 February 2009.

B. Interest on Term Deposit will be calculated on the basis of ‘Actual number of days considering the year as 365 days’. For Reinvestment Term Deposit, Interest is compounded on a quarterly basis.

This methodology (B) is applicable for all rupee denominated deposits (Resident / NRO / NRE) opened on and after 2nd January 2018.

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FCNR Deposit

The Standard Chartered FCNR (B) Term Deposits Account is an account designed to protect your investments from exchange rate fluctuations.

Features

  • Maintain a FCNR (B) deposit in the following currencies USD, GBP, EUR, AUD, CAD, JPY
  • Tenure of 1 to 3 years*
  • Tax free income earned on this account
  • Freely repatriable Interest and Principal
  • Auto renewal facility
  • Overdraft facility available against deposit
  • Initial funding: Remittance from abroad and transfer from existing NRE and FCNR Accounts

Interest Calculation:

  • The interest is calculated considering the number of days for the year as 360 days
  • The interest is calculated at intervals of 180 days each and thereafter for the remaining actual number of days. However interest payout to customer takes place at the maturity of the deposit.
  • Interest calculation on Reinvestment FCNR (B) Term Deposit will also follow the above methodology
FCNR Deposits with Forward Cover

You can now hedge your investments in either local or foreign currency deposits with forward cover.
These exclusive fixed deposits for NRIs secure your investments against currency fluctuations.

You may opt for a Forward Contract to protect against currency risks on both existing and new FCNR or NRE deposits.

Features of this deposit:

  • Minimum amount of USD 5,000 per deposit

Click here to see the FCNR rate

Interest calculation for FCNR Deposits with Forward Cover is same as FCNR Deposit

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Note:

In case of USD FCNR B deposits booked for tenure 3 years and above

  • The minimum lock-in period for the deposit will be one year. Premature withdrawal will be allowed after one year.
  • Premature withdrawal of the Term 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.
  • In the event of premature withdrawal of the Deposit, the Bank shall recover penalty from the Depositor for all amounts equal to the total losses or costs incurred by the Bank (including, without limitation, any loss or cost incurred as a result of the Bank terminating, liquidating, obtaining or re-establishing any hedge or related position in connection with this Deposit) that are or would be incurred under then prevailing circumstances. The Bank shall be entitled to set-off such losses and costs incurred by the Bank against the Deposit and interest payable thereon. It is hereby clarified that such recovery and set-off by the Bank may not fully safeguard the principal amount of the Deposit.

Terms and Conditions