Standard Chartered has 1700 branches across 70 different countries all over the world and is headquartered in London. It offers several products which provide flexibility and caters to the changing needs of its customers.
Fixed Deposit or Time Deposit allows you to opt for a secure investment plan wherein you can not only save a particular amount of money, but also, enjoy the interest earned on it. It is designed to handle your savings and helps you to get higher returns on maturity of the deposited amount.
Overview of Standard Chartered Bank Time Deposits in Singapore
Currently Standard Chartered Bank offers considerable returns with 1.40 percent interest per annum on a seven month SGD Time Deposit. The minimum initial placement deposit required is SGD 25,000.
Why choose Standard Chartered Bank Fixed Deposit?
Standard Chartered Bank is one of the leading banks in the world which is ever-ready to provide assistance and services to its customers. With unique benefits and lucrative features on fixed deposit schemes, Standard Chartered Bank offers you the best plans that you deserve.
|Check For Standard Chartered Fixed Deposit Promotions|
Unique Features of SCB Time Deposits:
- Competitive Interest Rates
- The SGD Time Deposits provides more rates of interest than regular accounts.
- You can opt from a choice of tenures to suit your requirements and affordability.
- SCB also provides automated renewal of time deposits as the term ends.
- You can check and access your account details via phone or net banking account.
- You can avail combined statements and reports for easy and quick account balancing.
- You can get cash in dire situations via an overdraft that is pledged against your time deposit.
|Tenure of Deposit/ Deposit Amount||Below SGD 20,000||SGD 20,000 to SGD 49,999|
|Interest rate||Interest rate|
|1 Month||.0500 percent||.0500 percent|
|3 Months||.1000 percent||.1000 percent|
|6 Months||.2000 percent||.2000 percent|
|9 Months||.3000 percent||.3000 percent|
|12 Months||.3500 percent||.3500 percent|
|15 Months||.3500 percent||.3500 percent|
|18 Months||.3500 percent||.3500 percent|
|24 Months||.4000 percent||.4000 percent|
|36 Months||.4200 percent||.4200 percent|
|48 Months||.5000 percent||.5000 percent|
|60 Months||.7500 percent||.7500 percent|
Standard Chartered Foreign Currency Fixed Deposit
The tenure of the foreign currency fixed deposit with Standard Chartered Bank is extremely flexible. You can enjoy attractive rates of interest with this particular scheme. The account renews itself automatically on maturity. For knowing your balance, you can easily avail the consolidated statement.
|Click here to know the foreign currency fixed deposit rates of interest offered by Standard Chartered Bank.|
Deposit Insurance Scheme
Singapore dollar time deposits of non-bank investors are indemnified by the Singapore Deposit Insurance Corporation, for up to SGD 50,000 in total per deposit holder per Scheme participant by law. But overseas currency deposits, dual currency deals, organized deposits and other investment products are not covered under this.
Who are eligible to open Standard Chartered Bank Fixed Deposits?
- You should be of at least age 18.
- You may start an FD if you are Singapore citizen or foreigners with permanent resident visa or employment contracts.
- The least expected initial placement is SGD 5,000
What are the documents and statements that should be submitted at the time of opening an FD account?
- Duplicate copy of any photo and signature bearing national identity card
- Duplicate copy of your passport if you are not a native
- Duplicate copy of your Employment Pass
- Utility bills (water, electricity, land phone etc) for the past three months at the time of account opening.
- Bank statement for the last three months.
- A validation letter from the human resource section of your current organization or a letter from the employer in which address is stated.
- Govt-approved documents such as IRAS, CPF, ICA etc that states your address
- Duplicate copy of tenancy agreement
- Income papers such as most recent computerized pay slips from your current boss, Income Tax Return Papers and letters/ payment acknowledgement slip from your client if you are self-employed.
Other Products Offered by SCB
- Standard Chartered Personal Loan
- Standard Chartered Home Loan
- Standard Chartered Car Loan
- Standard Chartered Credit Cards
Standard Chartered Bank Fixed Deposit FAQs
- Do non-bank investors get insurance cover on the time deposits?
- What is the minimum age to have a Fixed Deposit account in Standard Chartered Bank?
- Can a foreigner have an FD account with Standard Chartered Bank?
- What is minimum initial placement deposit that is required?
- Will be time deposit be renewed automatically after the term ends?
Yes, non-bank investors are covered up to an amount of SGD 50,000 by Singapore Deposit Insurance Corporation.
The applicant must be above the age of 18 years to have an FD account with Standard Chartered Bank.
Yes, a foreigner can have a fixed deposit account with SCB by providing documents like employment contracts and permanent resident visa.
The minimum initial placement deposit should be SGD 25,000
Yes, Standard Chartered Bank provides automated renewal of time deposits after the term ends.
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