Some rewards are best enjoyed early

Standard chartered Upfront Interest Fixed Deposit brings Instant Returns and Instant Smiles with no excuses.

Earn your interest upfront when you book your fixed deposit with us. Start your investment with as little as N200K and get immediate access to your full interest to use as you wish

Put your earnings to immediate use and maximise your returns today!

Features:

  • Interest will be paid upfront for the whole term
  • Attractive interest rate on offer
  • Currency: Naira
  • Available in multiple tenors
  • Minimum amount of N200,000
  • Pre-Liquidation penalty charge of 20% or more will apply based on tenor utilized

Rates

Daily TD Rates (Including Upfront Interest on TD) will be published or you can contact your Relationship Manager or Visit any Standard Chartered Bank’s Branches.

FAQ

What is Upfront Interest on Fixed/Term Deposit account?

These accounts offer customers a fixed rate of return for a specified duration, wherein customer receives the value of the interest on the Term Deposit a day after applying.

What is my minimum limit on Fixed/Term Deposit

N200K or FCY equivalent

What happens if a customer breaks the Fixed/Term Deposit (Deal)?

If a customer breaks the deposit before maturity, the customer will be charged a fee of 20% or more of the paid interest. In the event that interest has been paid before maturity, the Bank will deduct the fee from the principal.

What are the interest rate/Payments on Upfront Interest on Term/Fixed Deposits?

Daily TD Rates (Including Upfront Interest on TD) will be published or you can contact your Relationship Manager or Visit any Standard Chartered Bank’s Branches.

How long does it take to process a Fixed/Term Deposit (Deal)?

One (1) day.

Fixed Deposit instructions must be processed on the same day to avoid rate fluctuations.

What are the available currencies?

NGN (Naira) ONLY

What source of funds should be used for Upfront Interest on TD/FD?

An FD(Fixed/Term Deposit) must be sourced from customer’s current or savings account.

If customer is New to Bank (NTB), then customer must complete account opening procedures and fund account.

What are the available tenors?

30 days, 60days, 90days, 180days, 365 days

2 years are available on special requests

Will the Upfront Interest on my Fixed/Term Deposit automatically roll-over?

No.

An upfront interest TD will not roll over. Upon maturity, the principle will move to the Current or Savings account.

Will WHT (Withholding Tax) and VAT apply?

Yes.

Withholding tax of 10% is applied to the customer’s interest account immediately interest is paid to customer and is available to remission to the tax regulator. VAT of 5% is also applied.

Will I get an advice once the FD deal is booked?

Yes.

An advice in the form of a Deal Confirmation is generated automatically when a Term Deposit is initially set up. This is mailed to the customer’s email address on record.

What happens to my credit card if I terminate my Upfront Interest of Term/Fixed Deposit

The outstanding balance on credit card will be paid from the Term/Fixed Deposit.

The outstanding balance on credit card will be paid from the Term/Fixed Deposit.

Credit card is issued at zero joining fees. Kindly check our Tariff guide on this link https://www.sc.com/global/av/ng-tarrif-guide-april-2016.pdf

Terms and Conditions

Terms and Conditions

**Withholding tax is applied to the customer’s interest account immediately interest is paid to customer and is available to remission to the tax regulator.

  1. Interest earned on your fixed deposit/high yield, will be paid to your current or savings account with the Bank depending on the interest payment option you have selected in the application form.
  2. The interest amount will accrue based on your average daily balance. Interest is calculated based on 365 days for NGN
  3. The upfront fixed deposit will NOT automatically be rolled over for a similar period on maturity at the prevailing counter rate.
  4. Top-ups and partial upliftment are NOT permitted on an Upfront Fixed Deposits
  5. You understand that terminating or cancelling of the fixed deposit/high yield account before maturity is not advisable. If you do break the deposit before maturity, you will be charged a fee of 20% or more of your paid interest. In the event that interest has been paid before maturity, the Bank will deduct the fee from the principal. Any tax paid on this interest by the Bank, on your behalf, will need to be recovered by you from the relevant tax authority. The Client and Product Terms and Conditions and tariff guide are available on our website www.sc.com/ng

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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

Please note that this hyperlink will bring to you to another website on the Internet, which is operated by InTouch, an independent company appointed by the Bank to support its Speaking Up programme. Please be mindful that when you click on the link and open a new window in your browser, you will be subject to the additional terms of use of the website that you are going to visit.

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