Standard Chartered Bank (SCB) offers two main high-yield time deposit accounts to its customers. These accounts come with a range of tenures. There is no risk involved in these deposits. Moreover, these accounts also offer features such as consolidated statements, online banking, and phone banking.
Besides, your accounts will be automatically renewed upon maturity. The SGD term deposit accounts are covered under the Deposit Insurance Scheme provided by SDIC. The foreign currency fixed deposit accounts are available in a range of currencies which include US dollar, Australian dollar, New Zealand dollar, Canadian dollar, Hong Kong dollar, Great British Pound, Chinese Yuan – offshore (CNH).
Types of Fixed Deposits Offered by Standard Chartered
There are two types of term deposit accounts offered by SCB:
- Singapore Dollar Fixed Deposits: These time deposits allow you to deposit funds in Singapore dollars and you can earn attractive rates of interest on your deposits.
- Foreign Currency Fixed Deposit: The currencies available for this account include US dollar, Australian dollar, New Zealand dollar, Canadian dollar, Hong Kong dollar, Great British Pound, Chinese Yuan – offshore (CNH), Swiss Franc, Euro,
Features and Benefits
The primary features and benefits of these term deposit accounts include:
- Enjoy significant rates of interest when you deposit with Standard Chartered Bank. The rates depend on the type of currency your account is in. You can earn up to 1.15% p.a. on SGD term deposits and up to 3.7% p.a. on foreign currency deposits.
- Choose from a wide array of tenures. The tenures available for the Singapore dollar deposits are: 1 month, 3 months, 6 months, 9 months, 1 year, 15 months, 18 months, 2 years, 3 years, 4 years, and 5 years. Under foreign currency deposits, you can enjoy tenures of 1 week, 2 weeks, 1 month, 2 months, 3 months, 6 months, and 1 year.
- The minimum initial deposit starts from S$5,000 (or 5,000 units of the foreign currency). This may increase or decrease depending on the currency and the tenure. For tenures below 1 month, the deposits will start at a higher amount.
- SCB fixed deposit accounts come with automatic renewal feature. You don’t have to worry about renewing them upon maturity, if you don’t intend to withdraw the money.
- Enjoy consolidated statements with these term deposit accounts, through which you can get all your time deposit account details in one statement.
- Use internet banking or phone banking service not only to make payments but also to manage your funds, at any time and from any place.
|Check For Standard Chartered Fixed Deposit Promotions|
Fees & Charges
The primary fees and charges applicable on these accounts include:
- Premature withdrawal penalty: This applicable if you withdraw the amount in your deposit account before the end of the tenure. This charge starts at a minimum of US$25. Read the next section to find a more detailed explanation of this.
- Interest rates: The interest rates on SGD Time Deposits range between 0.05% p.a. and 1.15% p.a. Those on Foreign Currency Time Deposits go up to 3.7% p.a.
What Happens if You Withdraw the FD Before Maturity
If you withdraw your time deposits before they mature, you will have to pay penalty charges. The penalty levied will be a sum of the interest accrued, a handling fee of US$25, and any replacement cost involved. Replacement cost = (Current market day rate – Rate of contract) X the number of days remaining before maturity.
The replacement cost will be ignored if contract rate is more than the current market rate on the premature withdrawal date. The market rate will be the prevalent interest rate. The rate of contract is essentially the interest rate that you would have received if you held your time deposit until maturity. Besides, if you withdraw before the account matures, the bank can forfeit all the interest, or only some part of the interest will be awarded, on a pro-rated basis.
Insurance on Standard Chartered Fixed Deposits
The Singapore Deposit Insurance Corporation provides a Deposit Insurance Scheme for all term deposits in the country. This protects Singapore dollar deposits of up to S$50,000 for each individual depositor. This policy doesn’t extend coverage for foreign currency deposits, though.
Q. What is the age requirement criterion I must meet to open a Standard Chartered fixed deposit account?
A. You must be at least 18 years old to open a term deposit account with this bank.
Q. Can foreigners open a fixed deposit account with the Standard Chartered Bank?
A. Yes, foreigners are eligible to open a term deposit account with SCB.
Q. Is submitting a copy of the NRIC compulsory for Singapore citizens and permanent residents while applying for a time deposit account?
A. Yes, it’s mandatory for a Singapore citizen or a permanent resident to submit a copy of the NRIC while they apply to open a fixed deposit account.
Q. Do I have to submit a copy of the passport while applying if I’m a foreigner?
A. Yes, you will have to submit a copy of the Passport if you’re a foreigner.
News About Standard Chartered Bank Fixed Deposit
Standard Chartered Time Deposit Promotion
Runtime: This promotion is currently ongoing and is valid until January 31, 2017.
• If you invest fresh funds of S$25,000, you will get up to 1.28% p.a. interest on your SGD Time Deposit.
• If you are not a customer of the bank, you will receive up to S$1,800 account credit when you start with a Priority Banking relationship.
• If you invest S$25,000 for 7 months, you can enjoy a promotional rate of 1.15% p.a and Priority Banking preferential rate of 1.18% p.a.
• If you invest S$25,000 for 10 months, you can enjoy a promotional rate of 1.25% p.a and Priority Banking preferential rate of 1.28% p.a.
Terms and conditions:
• A fresh fund is a fund that is not associated with any existing account with the bank.
• If you need the cash credit Priority Banking Sign-Up Promotion, you have to register for a Priority Banking Relationship and deposit a minimum of S$200,000 before March 31, 2017.
Earn KrisFlyer Miles With An SGD Miles Time Deposit
Standard Chartered Bank is offering up to 60,000 KrisFlyer miles on the SGD Miles Time Deposit if you invest amounts ranging from S$27,000 to S$162,000. This offer is valid till 31 December, 2016. You can also get up to $1,000 if you opt for a Priority Banking relationship. The tenor for this scheme is 6 months. The KrisFlyer Miles rewards are available only if the deposit is retained until maturity.
You should make a KrisFlyer account with Singapore Airlines Limited within 2 weeks after you create a Time Deposit account with the bank. Each customer is rewarded with portions of 10,000 KrisFlyer Miles up to 60,000 miles. You can get 10,000 Miles for every S$27,000 invested. SGD Time Deposits provide higher rates of interest and allow for automatic renewals once the deposits get matured. KrisFlyer Miles cannot be exchanged for cash and cannot be transferred.
11th November 2016