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One of the first international banks to operate in India is Standard Chartered Bank, which has been doing so for more than 160 years. The bank has a network of 100 branches in 42 different cities around the nation. Standard Chartered Bank has modified the interest rates on its fixed deposits; the new rates are effective as of November 18, 2022, for deposits under 2 crore, and as of November 25, 2022, for deposits above 2 crore. The bank is now giving an interest rate range of 2.75% to 6.50% for fixed deposits of less than 2 Cr maturing in 7 days to 5 years.

Standard Chartered Bank FD Rates

The bank now offers an interest rate of 2.75% on FDs of less than 2 Cr that mature in 7 days to 44 days, and Standard Chartered Bank now offers an interest rate of 3.25% on those that mature in 45 days to 59 days. Deposits with maturities between 60 and 89 days will now earn interest at a rate of 3.50%, while deposits with maturities between 90 and 120 days will now earn interest at a rate of 4.50%. For FDs maturing in 121 days to 180 days, Standard Chartered Bank is currently offering an interest rate of 5.00%, and for those maturing in 181 days to 364 days, it is giving an interest rate of 6%. 

On FDs maturing in 1 year – 375 days, the bank is offering an interest rate of 6.35% and on those maturing in 376 -390 days, Standard Chartered Bank is now offering an interest rate of 6.10%. A 6.40% interest rate is being offered on deposits that mature in 391 days to 18 months, while a 6.60% interest rate is now being offered on deposits that mature in 18 months to 21 months. For FDs maturing in 21 months to 2 years, Standard Chartered Bank is giving an interest rate of 6.50%, and for those maturing in 2 years to 3 years, 6.60%. The bank is giving an interest rate of 6.50% on FDs that mature in 3 to 5 years.

Standard Chartered Bank has mentioned on its website that “Senior Citizen’ benefit of additional 0.50% p.a. interest will be made available only to tenors greater than or equal to one year and amounts less than 1 crore with effect from 1st September 2018. This change is applicable to fresh booking as well as renewal of deposits."

Senior Citizen rate is not available to "Non-Resident customers" (NRO & NRE accounts) and the additional 0.50% annual interest per year for senior citizens is not applicable to deposits worth more than 1 Cr.

ABOUT THE AUTHOR

Vipul Das

Vipul Das is a Digital Business Content Producer at Livemint. He previously worked for Goodreturns.in (OneIndia News) and has over 5 years of expertise in the finance and business sector. Stocks, mutual funds, personal finance, tax, and banking are among his specialties, and he is a professional in industry research and business reporting. He received his bachelor's degree from Dr. CV Raman University and also have completed Diploma in Journalism and Mass Communication (DJMC).
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