Revisions to interest rates on domestic fixed deposits by Standard Chartered Bank

The Standard Chartered Bank, which has been operating in India for more than 160 years, was one of the first foreign banks to do so. The bank operates a nationwide network of 100 branches in 42 different locations. The interest rates on Standard Chartered Bank’s fixed deposits have changed; the new rates are effective for deposits under 2 crore and over 2 crore as of November 18, 2022, respectively. For fixed deposits under 2 crore with maturities ranging from 7 days to 5 years, the bank is now offering an interest rate range of 2.75% to 6.50%.

Standard Chartered Bank FD Interest Rates

On FDs of less than 2 Cr that mature in the next 7 days to 44 days, the bank now gives an interest rate of 2.75%, and Standard Chartered Bank now offers an interest rate of 3.25% on those that mature  45 days to 59 days. Deposits maturing between 60 to 89 days will now earn interest at a rate of 3.50%; those maturing in 90 to 120 days will now earn interest at a rate of 4.50%. Standard Chartered Bank is now offering an interest rate of 5.00% for FDs maturing in 121 days to 180 days, and a rate of 6% for those maturing in 181 days to 364 days.

On its website, Standard Chartered Bank states that, starting on September 1, 2018, “Senior Citizen’ advantage of additional 0.50% p.a. interest rates would be made accessible only to tenors larger than or equivalent to one year and amounts less than 1 crore.” This modification applies to both new reservations and renewed deposits.

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“Non-Resident customers” (NRO & NRE accounts) are not eligible for the senior citizen rate, and deposits worth more than $1 Cr are not eligible for the senior citizen rate’s additional 0.50% annual interest per year.