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Complete Guide Of SCB Deposits

Opening a fixed or term deposit with Standard Chartered Bank is an easy way to secure your hard earned money and also earn higher interest rates on your savings. Standard Chartered Bank provides separate fixed deposit facilities for domestic as well as NRI customers.

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Standard Chartered Bank Fixed Deposits

The different varieties of fixed deposits available with Standard Chartered Bank Account holders are Short Term Deposit, Reinvestment Deposit, Simple Term Deposit, and monthly income plan. The features of the fixed deposits are the customers are given the opportunity to choose the tenure for the deposit. The tenure can be as low as 7 days to 5 years. The minimum amount of deposit that has to be made is Rs.10,000 and it can be multiples of 1000 afterwards. Customers can choose to receive either the simple interest or the compound interest. The deposit will be automatically renewed at the end of the tenure. Customers can enjoy the overdraft feature. The deposit can be opened online. Customers should provide PAN card details to avoid higher rate of TDS. This bank also provides SCB credit Cards & SCb Debit Cards to their valuable customers.

Opening a term deposit is simple and easy. Hover the mouse on the accounts and deposits tab on the home page. Choose the fixed (term) deposit option. Click on the Apply now button to open the term deposit. You can also use Secured Standard Charted Net Banking to check your SCB deposit account.

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A contact me form opens as follows

SC Bank Cash Deposits

Fill the form and click continue. The customer care executive will make a call to authorize the request before initiating the fixed deposit.

The SCB NRE Term deposit is for NRI planning to invest in India. The deposit can be started for a period of one year to five years. The minimum deposit amount has to be Rs.10,000. The deposit is auto-renewed after completion of the tenure. A overdraft facility is provided for the deposit. The interest rates for NRE deposits is 7 percent for all deposit amounts less than one crore and 5.5 percent for deposits between one crore to two crores. If you have any issues with NRE term deposit then you can contact SCB Customer Care for online assistance with out visiting the bank personally.

NRO deposit is for Indians who earned the money through dividends and rents. The tenure for NRO deposits is 7 days to 5 years. This bank also provides safe and secured SCB Mobile App for hassle free banking. The minimum amount for opening the deposit is Rs.10,000. Other features of the deposit are auto-renewal, overdraft facility, and choice of compound interest or simple interest. Compare deposit schemes of SCB with SBI Deposits and HDFC Deposits.

FAQ’s Related to Standard Chartered Bank Deposits

  1. How is the interest rate on a term deposit calculated?

View Answer
For deposits with a tenure below one quarter i.e. three months, the interest is calculated depending on the actual number of days considering the year as 365 days. For term deposits with tenure of more than one quarter, the interest rate per quarter is calculated considering one quarter as 90 days and is then compounded. Interest rate for the last quarter is calculated depending on the actual number of years taking the year as 365 days.

2. Is NRE deposit open for everyone?

View Answer
NRE deposit is available only for Non-Resident Indians who wish to save or invest money in India.

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