Standard Chartered’s Term Deposits help you earn a higher rate of interest through our Short-Term Deposit, Reinvestment Deposit, Simple Fixed Deposit and Monthly Income Plans
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Details

With a wide variety of options to suit different needs, including Short Term Deposit, Reinvestment Deposit, Simple Fixed Deposit and Monthly Income Plan, they can be opened by individuals, proprietors, partnership and limited companies, societies, clubs, associations and HUFs.
In case you need to withdraw amounts in excess of what is available in your transaction account, we will break your deposit for the exact amount you require. The rest of the deposit continues earning the original high interest.

  • 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
  • No-Premat Deposits greater than INR 7.5 Cr can be booked.
  • Staff rates not applicable.

In the absence of PAN details, TDS at a higher rate of 20% will be applied on resident Time Deposits with interest income of INR 10,000 or above during the financial year.

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Interest Rates

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Rupee Time Deposits held in domestic, Non-Resident Ordinary (NRO) Accounts:
Traditional Term Deposit:

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 :

  • Interest for the quarter is calculated considering each quarter as 90 days and year as 360 days (90 days x 4 quarters)
  • Interest for the last quarter is calculated on the basis of actual number of days considering the year as 365 days
Reinvestment Term Deposit
  • Interest for each completed quarter is calculated considering each quarter as 90 days and year as 360 days (90 days x 4 quarters).
  • Interest for the last quarter is calculated on the basis of actual number of days considering the year as 365 days.
  • Interest for each quarter is compounded.

This methodology is applicable for all resident and NRO deposits opened after 24 February 2009.

Important Information: 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. In the event of the death of the depositor, premature termination of Term Deposits will be allowed subject to completion of documentary formalities as required. Such premature withdrawal would not attract any penal charges. There is no interest payment in case of premature withdrawal of the NRE/FCNR Term Deposit before the completion of the minimum tenor (1 year). In the case of premature withdrawal of NRE term deposits for conversion into Resident Foreign Currency (RFC) Account, the bank would not levy any penalty for premature withdrawal.

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Speaking Up

Standard Chartered Bank (the “Bank”) is committed to maintaining a culture of the highest ethics and integrity, and in compliance with all applicable law, regulation and internal policy. As part of this commitment, the Bank has a ‘Speaking Up’ programme through which genuine concerns in this regard can be raised. Members of the public can securely raise Speaking Up concerns through this hyperlink, which is hosted on behalf of the Bank by a third party ‘InTouch’. Examples of concerns that can be raised through this website are concerns that relate to accounting, internal accounting controls or auditing matters and concerns relating to bribery or banking and financial crime. Concerns received will be forwarded to the Bank’s investigations team for review. Complaints relating to SCB banking services should not be raised through this site in the first instance, but through the SCB branch network, contact centres, Relationship Managers or the ‘Contact Us’ webpage.

Disclaimer

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