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Business News/ Industry / Banking/  Standard Chartered Bank revises interest rates on domestic fixed deposits: Check new rates here
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Standard Chartered Bank revises interest rates on domestic fixed deposits: Check new rates here

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 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. (iStock)Premium
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. (iStock)

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.

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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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Published: 26 Nov 2022, 04:48 PM IST
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