Standard Chartered Bank (SCB) is a British bank that provides banking and financial services to its customers. The bank is primarily based in London, United Kingdom, and comprises more than 86,000 employees globally. Standard Chartered Bank is considered one of the best financial institutions to open a fixed deposit account. This is because the Standard Chartered FD rates are significant and deviate from month to year. Hence, the longer an investor wishes to stay invested, the more he is likely to receive the SCB FD interest rates.
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|Year||Rate of Interest %|
The aforementioned rates were updated by latest on 30 Jan 2023.
Listed below are some key features of Standard Chartered Bank FD rates.
The tenure of Standard Chartered Bank deviated from 7 days to 5 years. The investor is not authorized to change the term once he has invested a lump sum corpus. Nonetheless, premature withdrawal is allowed with a certain fee. The investor is also permitted to close the current SCB FD account and shift to a new FD with the desired fixed tenure.
One may consider investing INR 10,000 in Standard Chartered FD. INR 10,000 is the minimum amount one should deposit in the bank. However, there is no limit to the maximum amount. It is at the discretion of the depositor to determine the maximum amount he wishes to invest in order to receive significant Standard Chartered FD interest rates.
Like other FDs, the Standard Chartered Bank FD rates are also subject to change from time to time. However, the rates generally vary from 2.5% to 5.4% per annum. The SCB FD interest rates can even be higher if the depositor is a senior citizen. Senior citizens may obtain an additional 0.5% to 1% SCB FD interest rates. Hence, the annual Standard Charted Bank FD rates may range between 2.5% to 6.0%. Also, FD calculator 2023 online tool can be used to further analyze the your standard chartered FD returns.
An individual is applicable to open a fixed deposit account in Standard Chartered Bank if he meets the following eligibility criteria.
Individual: The depositor must be an individual. An individual is a unit of assessment who comes under the definition of a person under section 2(31) of the Income Tax Act of 1961. The individual refers to a natural person who can be male, female, minor, or major.
Sole Proprietors: Sole proprietor is an exclusive business owner who may enjoy the entire profit and be liable to suffer loss as the whole of a business.
A partnership firm, societies, clubs, associations of individuals or groups, and HUFs (Hindu Undivided Family) are also eligible to open FD accounts and obtain significant Standard Chartered fixed deposit rates.
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One needs to possess the following documents to open an account in order to gain substantial Standard Chartered FD rates.
An individual must possess his identity proof which substantiates that he is a citizen of India and is eligible to attain certain government and private bank services that only an Indian citizen is entitled thereof. Identity proof helps the bank determine if the investor is bonafide and capable enough to meet the requirement for the FD account. In order to furnish the identity proof, the individual may possess PAN Card, Voter ID, Aadhaar Card, Passport, and Driving License.
The investor must produce a recent password-size photograph. The picture should be in color, which discloses the identity of the individual.
Aadhaar Card, Passport, or Utility or electricity bills are sufficient to determine the address or residence of the individual.
A depositor may use a prescribed formula to calculate Standard Chartered Bank FD rates.
The formula to calculate the maturity value or amount is
A= P (1+r/n) ^n*t
'A' refers to the maturity amount or value a depositor will likely receive upon the FD period's expiry.
'P' refers to the amount an investor has deposited in his fixed deposit account.
'R' refers to the rate of interest or return an individual is entitled to receive from his bank.
'N' refers to the number of times the rate of returns is compounded.
'T' refers to the tenure or the total period of investment.
Standard Chartered Bank is one of the largest international banks in India. It provides a considerable FD interest rate. An individual may open an FD account in order to fetch substantial Standard Chartered fixed deposit rates. The revised Standard Chartered fixed deposit rates are 2.5% to 5.4 % for regular citizens. However, the senior citizen may fetch 6% as Standard Chartered fixed deposit rates.
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