Standard Chartered Bank Fixed Deposit Account

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Standard Chartered Bank is one of the oldest international banks in the UAE and Middle East, offering services and products at par with international standards. The bank offers lucrative benefits on fixed deposits and provides a higher return with complete security. Standard Chartered Bank fixed deposits come with a flexible tenure ranging from 1 month to 12 months and also provides the auto-renewal facility.

Standard Chartered Bank Fixed Deposits can be an efficient tool for safe and risk-free savings. A fixed deposit fetches a higher interest in comparison to a savings bank account. The bank offers numerous kinds of deposit schemes like regular FD and upfront FD as per the customer’s suitability.

Features and Benefits of Fixed Deposit in Standard Chartered Bank UAE

Standard Chartered Bank offers attractive benefits on fixed deposits with a flexible tenure of investment and competitive interest rate. Given below are the key features and benefits of Standard Chartered Fixed Deposits.

  • Instant Cash - An account holder can withdraw interest as soon as he/she sets up an upfront Standard Chartered fixed deposit. 
  • Low Minimum Deposit - A low minimum deposit amount of AED 25,000 or equivalent in foreign currencies is required for opening a fixed deposit in Standard Chartered Bank. 
  • Handsome Returns - A fixed deposit in Standard Chartered Bank is completely secure and provides decent returns with a competitive interest rate, making it a better option as compared to a savings account. 
  • Flexible Tenure - Standard Chartered Bank offers flexible tenure ranging from 1 month to 12 months for regular FDs and 6 to 12 months on upfront fixed deposits. 
  • Multiple Currencies Accepted - Standard Chartered bank accepts a wide range of currencies like GBP and USD apart from AED for a fixed deposit account.
  • Auto-renewal Facility - Regular fixed deposits in Standard Chartered Bank come with an auto-renewal facility where the funds get reinvested for the next tenure in case the account holder doesn’t wish to withdraw the amount.
  • Overdraft Facility - To provide easy and instant access to the funds, Standard Chartered Bank provides customers with an overdraft facility.
  • Easy and Convenient Banking - Standard Chartered Bank offers online and mobile banking facilities to access the funds. It’s free of cost and the account holder can manage his/her funds and deposits from anywhere and at any time.

Interest Rates offered by Standard Chartered Bank UAE on Fixed Deposits

Standard Chartered Bank UAE offers an enticing rate of interest on both new and existing fixed deposit accounts. The interest rates are higher for a longer duration and it deviates depending on the currency. Following are the interest rates provided on fixed deposits.

Rate of Interest on Fresh Regular Fixed Deposits in Standard Chartered Bank in UAE

Currency 1 MONTH 3 MONTHS 6 MONTHS 12 MONTHS
AED 0.10% p.a. 0.15% p.a. 0.20% p.a. 0.25% p.a.
USD 0.05% p.a. 0.12% p.a. 0.15% p.a. 0.20% p.a.

Rate of Interest on Existing Regular Fixed Deposits in Standard Chartered Bank in UAE

Currency 1 MONTHS 3 MONTHS 6 MONTHS 12 MONTHS
AED 0.10% p.a. 0.15% p.a. 0.20% p.a. 0.25% p.a.
USD 0.05% p.a. 0.12% p.a. 0.15% p.a. 0.20% p.a.

*Interest rates on Standard Chartered Upfront Fixed Deposit are available on request at bank branches.

Eligibility Criteria to Open a Fixed Deposit Account in Standard Chartered Bank UAE

Following are the eligibility criteria required to open a fixed deposit account in Standard Chartered Bank.

  • Nationality - A UAE national/resident and expatriate are eligible to open a fixed deposit account.
  • Age - An individual must be 18 years of age or above to be eligible for opening a fixed deposit account.

Documents Required to Open a Standard Chartered Bank Fixed Deposit Account

Given below is the list of minimum documents required to open a Standard Chartered Fixed Deposit Account in UAE.

  • Residents of UAE - Passport, Emirates ID and Resident visa are mandatory for opening an FD in Standard Chartered Bank.
  • Non-Residents of UAE - Passport, bank statements and resident proof are required to open a fixed deposit account.

How to Open a Standard Chartered Bank Fixed Deposit Account in UAE?

Standard Chartered Bank offers a convenient account opening process in both online and offline modes. Given below are the ways to open a fixed deposit account.

  • Through Online Mode - An individual can apply for the fixed deposit account by visiting the official website of Standard Chartered Bank and filling up the application form.
  • Through Offline Mode - To open a fixed deposit account, an individual can visit the nearest branch of Standard Chartered Bank and fill the account opening form along with submitting the required documents. 

Important Terms and Conditions for Fixed Deposit in Standard Chartered Bank UAE

Below are the important terms and conditions related to Standard Chartered Fixed Deposit Account.

  • A fixed deposit account opened in the last 30 days will be treated as ‘Fresh Funds’ and interest rates will be applicable accordingly.
  • In case of early withdrawals, the interest rate will be paid with a negative 2% interest per annum on the original interest rate. On reducing, if the interest rate comes to 0%, then only the principal amount will be paid.
  • Partial withdrawals are not available for Regular and Upfront Fixed Deposits.
  • In case any interest is paid before premature withdrawal, the additional interest paid will be penalised with a negative 2% rate and will be reduced from the principal amount.

Frequently Asked Questions 

Q1: What is the tenure of investment in Standard Chartered fixed deposits?

Ans: Standard Chartered Bank offers a flexible tenure ranging from 1 month to 12 months for regular fixed deposits and 6 to 12 months for upfront fixed deposits.

Q2: Can I use currencies other than AED in the Standard Chartered fixed deposit account?

Ans: Yes, Standard Chartered Bank fixed deposit accounts can be opened in major currencies like GBP, USD apart from AED. 

Q3: What is the minimum investment required in the Standard Chartered fixed deposit account?

Ans: To open a fixed deposit account, an investment of AED 25,000 or its equivalent in other currencies is required.

Q4: Can a non-resident of UAE apply for the Standard Chartered fixed deposit account?

Ans: Yes, a non-resident of UAE can also apply for a fixed deposit. In such cases, a passport with address proof and bank statement are required before opening an account.