Standard Chartered Fixed Term Deposit Account

Standard Chartered Bank, one of the top financial institutions in the UAE and around the world, offers multiple accounts catering to the requirements of different market segments. One definitive account of this bank that can help you earn high returns on savings is the Standard Chartered fixed deposit account.

With attractive interest rates and a range of other benefits, this account allows you to grow your capital in a secure and efficient manner. That’s not all, as the bank offers convenience and safety with its overdraft facility, flexible repayment tenure, and no hidden charges as well. This account is available in currencies like GBD and USD and comes with online banking facilities to make banking convenient for you.

In this article, we will discuss the Standard Chartered fixed deposit account features, benefits, eligibility criteria, documentation required to open an account, fees & charges schedule, and more.

Features and Benefits of Standard Chartered Fixed Deposit Account

With attractive interest rates and flexible terms and conditions, the Standard Chartered fixed-term deposit account offers a secure and reliable way to grow your money. Some of the major features and benefits of the Standard Chartered fixed deposit account are listed below – 

  • The two types of fixed deposits available with this bank are regular and upfront fixed deposits
  • Fresh and existing funds are the two types of funds available in fixed deposit accounts. Fresh funds are the funds deposited in the last 30 days of the fixed deposit account, while the latter funds are those deposited in the account for more than 30 days.
  • Standard Chartered fixed deposit account is available in multiple currencies such as AED, USD, GBD, and more
  • The minimum balance to be maintained in the fixed deposit account is AED 25,000 or equivalent in foreign currency
  • This account offers flexible deposit tenure ranging from 1 to 12 months on regular fixed deposits. For an upfront fixed deposit, on the other hand, you can select a tenure between 6 and 12 months. 
  • Upon maturity, the fixed deposits can be renewed automatically
  • You can take advantage of instant cash or an overdraft facility in the upfront fixed deposit. Simply put, you can withdraw the interest amount as you set up the upfront fixed deposit.
  • Enjoy complimentary 24-hour online and mobile banking service to perform transactions at any time and from anywhere
  • Standard Chartered fixed deposit account offers competitive interest rates on the deposits in the account starting from 0.10% per annum
  • Standard Chartered fixed deposit account helps you earn interest on existing and new funds
  • The latest automated banking services introduced by the Standard Chartered Bank include online banking, phone banking, SC mobile banking, cash & cheque deposit machines at all branches in UAE, and ATMs at various locations

SC Debit Card

Interest Rates on Standard Chartered Fixed Deposit Account

Given below are the prevailing interest rates on Standard Chartered fixed deposit accounts on new and existing funds – 

Interest Rates on Regular Fixed Deposits on Fresh Funds

Deposit Tenure Annual Interest Rate (AED and USD) 
1 month 0.10 %
3 months 0.15 %
6 months 0.25 %
12 months 0.50 %

Interest Rates on Regular Fixed Deposits on Existing Funds

Deposit Tenure Annual Interest Rate (AED and USD) 
1 month 0.10 %
3 months 0.15 %
6 months 0.25 %
12 months 0.50 %

Take note of the following points while referring to the interest rates applicable to fixed deposit accounts – 

  • The interest rates on regular fixed deposits are subject to change at the bank's discretion. However, once the bank states the interest rates applicable to the account, they would remain the same throughout the deposit tenure.
  • With respect to the interest rates on upfront fixed deposits, the account holder has to approach the bank to clarify the applicable interest rates
  • To have a Standard Chartered fixed deposit account in a currency other than AED at preferential interest rates, you would require approval
  • As an account holder, you can enhance your returns by choosing to reinvest the principal and interest amount at the time of maturity
  • If you withdraw the amount before the maturity period, the interest payable would be as follows - 
  • Original fixed deposit rate/Interest rate on fixed deposit confirmation minus 2 percent points 
  • If the interest payable is more than 0%, the bank will pay the principal amount along with the interest. However, the bank will deduct 2% from the principal amount as a penalty in these cases.
  • In case, the interest payable is equal to or less than 0% after the deduction, no interest amount would be paid. The bank will only pay the principal amount to the fixed deposit account holder in such scenarios. 
  • If you hold the upfront fixed deposit and plan to withdraw the amount early, i.e., before 1 month, the bank wouldn’t be liable to pay any interest

Eligibility Criteria for Standard Chartered Fixed Deposit Account

You must fulfil the following eligibility criteria to open a Standard Chartered fixed deposit account – 

  • Nationality: UAE nationals, residents, and non-residents can apply for this Standard Chartered fixed deposit account
  • Age: Individuals above 18 years are eligible for the fixed deposit account

Documentation Required for Standard Chartered Fixed Deposit Account

Keep the following documents handy while applying for a Standard Chartered fixed deposit account – 

For Residents

  • Residents Visa
  • Emirates ID
  • Passport

For Non-Residents

  • Passport
  • Bank Statements
  • Address Proof

Open SC Bank Account

Charges and Fees Schedule for Standard Chartered Fixed Deposit Account

Listed below are some of the charges associated with Standard Chartered fixed deposit account – 

Type of Service Applicable Charges
Failing to maintain the minimum balance in the account AED 26.25
Early withdrawal penalty 2% on the fixed deposit interest rate

How to Apply for a Standard Chartered Fixed Deposit Account?

You can apply for a Standard Chartered fixed deposit account online as well as offline by following any of the methods discussed below -  

Online Mode

Policybazaar UAE

Applying for a Standard Chartered fixed deposit account via policybazaar.ae is a streamlined process with many advantages. Firstly, applying online is much more convenient than going to a physical bank., as you can apply at your preferred time without travelling anywhere or taking time off from work. Moreover, with Policybazaar UAE, you can compare different banks and accounts easily without switching tabs of different providers, which allows you to find the best option that aligns with your requirements and budget. 

Simply follow the steps given below to apply for a Standard Chartered fixed deposit account via policybazaar.ae – 

  • Visit policybazaar.ae and locate the 'banking products’
  • Click on the 'bank account' option to be redirected to the lead form 
  • Enter the required details like account type, your name, mobile number, monthly income, and city of residence
  • Tap on the 'view quotes' button to have the bank quotes page displayed on your screen
  • Compare the available options and select the account you want to apply for
  • Click on the ‘apply’ button to have our customer support team contact you and guide you to open your Standard Chartered fixed deposit account

Official Website

You can also visit the official website of Standard Chartered Bank and apply for the Standard Chartered fixed deposit account. Listed below are the steps to be followed to apply for the account – 

  • Head to the official website of the bank
  • Tap on the ‘accounts & deposits’ tab and click on ‘fixed deposit’ under the ‘fixed account’ option
  • The fixed deposits profile page will appear - search for the 'apply now’ button on the page and hit it
  • The lead form will appear on the screen in which you are required to enter the details
  • After submission of the form, one of the bank representatives will get in touch with you and help you in opening an account

Mobile Application

Similar to the mode of applying via the official bank website, you can download the Standard Chartered Bank mobile application. After that, login with your credentials and follow the prompted instructions to apply for a Standard Chartered fixed deposit account.

Offline Mode

As an alternative to the online methods discussed above, you can visit a branch of the bank and connect with a bank representative there to apply for the account. Compared to this option, however, the online mode of application is considerably more convenient. 

How to Close the Standard Chartered Fixed Deposit Account?

If you want to close your Standard Chartered fixed deposit account, you can visit one of the bank's branches and submit the application regarding the same. As an alternative, you can call on the toll-free number 600 5222 88 and follow the specified instructions.

Let’s go through the final section of the article to check out some of the most frequently asked questions concerning Standard Chartered fixed deposit accounts.

Frequently Asked Questions (FAQs)

When do I need to pay account maintenance fees for the Standard Chartered fixed deposit account?

If you fail to maintain the specified average monthly balance in your Standard Chartered fixed deposit account, you would be required to pay the account maintenance fees.​​​​​​

How does the Standard Chartered bank compute the average monthly balance on a fixed deposit account?

Standard Chartered Bank computes the average monthly balance by adding the end-of-day available balance of your fixed deposit account held under each Master Number divided by the total number of days in the month.

Can a non-resident apply for the Standard Chartered fixed deposit account?

Yes, non-residents are eligible to apply for this Standard Chartered fixed deposit account.

What is the deposit tenure of a Standard Chartered fixed deposit account?

Standard Chartered fixed deposit accounts come with flexible deposit tenure ranging from 1 to 12 months on regular fixed deposits and 5 to 12 months for upfront regular deposits.

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