- 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?
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?
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?
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