Fixed Deposit Terms and conditions

Interest:
  • Interest on a fixed deposit is paid at a rate determined for the term of the fixed deposit at the sole discretion on the Bank.
  • All renewals of Fixed Deposits will be at rates of interest in force at the time of the renewal.
Maturity
  • If the deposit matures on a day which is not a banking day, then the date is extended to the next banking day
  • Customer must instruct the Bank in writing (or any other way the Customer has agreed to provide instructions) before the maturity date (and in the case of foreign currency

    deposits, at least two banking days before the maturity date) whether you want:
      • To renew the fixed deposit; or
      • To pay the principal and interest on the maturity date.
  • If the deposit is in joint names, in the event of death of any of the joint depositors, the proceeds of the deposit and accrued interest if any, shall be payable to the survivor or

    survivors subject to the legislation in force.
Withdrawals before maturity
  • In the event of an early settlement of a deposit partly or fully prior to the original maturity date, irrespective of the term for which the deposit has been with the Bank, there

    will be an applicable interest rate on the interest payment at the sole discretion of the Bank.
  • The Bank will not be under obligation to release the proceeds of the Fixed Deposit before the maturity of the deposit.
General
  • Standard Chartered Bank reserves the right to amend/alter/withdraw these terms at anytime without prior notice to the Customer.
  • Bank will not be liable for any loss the Customer may incur which arise in relation to early withdrawals.
  • The Customer undertakes to indemnify and keep indemnified the Bank in full and hold it harmless from and against all losses, actions, suits, proceedings, costs,

    (including, without limitation, interest, legal fees and expenses) claims, demands, charges expenses, losses obligation damages liabilities and any detriment of

    whatever nature (whether actual or contingent) suffered or incurred sustained by or threatened against the Bank whatsoever and howsoever arising in consequence of the

    Bank (a) accepting and acting on any of the Customer’s instructions or (b) in relation to early withdrawals and the Customer authorises the Bank to debit to any account of

    the Customer’s all sums, and sum of money payable by the Customer to the Bank in that regard or in the alternate treat a s a claim due and owned from the Customer to

    the Bank.