Standard Chartered FD Rates 2023
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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Standard Chartered Fixed Deposit Rates 2023
| Year | Rate of Interest % |
| 1 | 6.85 |
| 2 | 7.25 |
| 3 | 7.00 |
| 4 | 7.00 |
| 5 | 7.00 |
The aforementioned rates were updated by latest on 30 Jan 2023.
Characteristics of Standard Chartered Fixed Deposit
Listed below are some key features of Standard Chartered Bank FD rates.
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Tenure
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.
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Depository Amount
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.
Standard Chartered Bank FD Rate of Interest 2023
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.
Eligibility Criteria
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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Documents
One needs to possess the following documents to open an account in order to gain substantial Standard Chartered FD rates.
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Identity Proof
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.
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Passport Size Photograph
The investor must produce a recent password-size photograph. The picture should be in color, which discloses the identity of the individual.
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Proof of Address
Aadhaar Card, Passport, or Utility or electricity bills are sufficient to determine the address or residence of the individual.
Standard Chartered Bank FD Rates Formula
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
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'A' refers to the maturity amount or value a depositor will likely receive upon the FD period's expiry.
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'P' refers to the amount an investor has deposited in his fixed deposit account.
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'R' refers to the rate of interest or return an individual is entitled to receive from his bank.
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'N' refers to the number of times the rate of returns is compounded.
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'T' refers to the tenure or the total period of investment.
Conclusion
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.
FAQ's
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Am I allowed to obtain a premature withdrawal of my deposits?
A depositor receives significant Standard Chartered Bank FD rates. However, if necessary, he may consider withdrawing his deposits. Nevertheless, the bank has a provision to levy a penalty on the interest the individual is entitled to receive. Accordingly, he is required to incur 1% penalty charges from the Standard Chartered fixed deposit rates he receives. -
Whether PAN Card is imperative to open a fixed deposit account?
An individual is not bound to submit his PAN Card details in order to open an account in the Standard Chartered Bank. However, it might lead to inevitable repercussions. Moreover, the non-submission of PAN Cards has a drawback. The bank is entitled to deduct 20% of TDS in the absence of a PAN Card. However, the bank can only deduct 10% of TDS if the depositor produces the PAN Card details. Further, the bank will not issue the TDS certificate to the individual. Hence, it is advisable for the investor to furnish the PAN Card details to the bank in order to receive actual Standard Chartered FD rates. -
What is Standard Chartered FD interest rate?
The Standard Chartered FD interest rate refers to the rate of returns the bank offers its customers on the lump sum amounts an individual invested for the predetermined time period. -
Can I make an additional payment in the existing FD?
No, the additional payment is not authorized. However, an individual may open a fresh FD. -
Who can open an FD account in Standard Chartered Bank?
An individual, business people, partnership firm, and HUF are entitled to open an FD account in the Standard Chartered Bank.
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