1. If the balance in the account for the day is INR 40 Lakhs, 2.75% interest will be applicable on the entire INR 40 Lakhs.
2. If the balance is INR 1 Crore, then:
   • 2.75% interest will be applicable for balances up to INR 50 Lakhs
   • 3.25% interest will be applicable for balances above INR 50 Lakhs and INR 1 Crore

Staff rates not applicable on NRE Term Deposits. No interest is payable if NRE Fixed Deposit is withdrawn before completion of 12 months. The interest rates are updated on a daily basis. In case of non-updation of today’s interest rate, please revisit later to check the updated rates. MIPI deposits will have discounted interest rates. For more details, please contact the branch Customers who have registered for e statements can access their Deposit confirmation advise by logging in to online banking account

Interest calculation methodology

A. For term deposit with tenor below 1 quarter (3 months): Interest is calculated on the basis of actual number of days considering the year as 365 days. For term deposit with a tenure greater than 1 quarter: a) Interest for the quarter is calculated considering each quarter as 90 days and year as 360 days (90 days x 4 quarters). b) Interest for the last quarter is calculated on the basis of actual number of days considering the year as 365 days. Reinvestment Term Deposit: a) Interest for each completed quarter is calculated considering each quarter as 90 days and year as 360 days (90 days x 4 quarters). b) Interest for the last quarter is calculated on the basis of actual number of days considering the year as 365 days. c) Interest for each quarter is compounded.
This methodology (A) is applicable for all rupee denominated deposits (Resident / NRO / NRE) opened after 24 February 2009.

B. Interest on Term Deposit will be calculated on the basis of ‘Actual number of days considering the year as 365 days’. For Reinvestment Term Deposit, Interest is compounded on a quarterly basis.
This methodology (B) is applicable for all rupee denominated deposits (Resident / NRO / NRE) opened on and after 2nd January 2018.
Premature withdrawal of the Term Deposit shall be subject to penalty of 1% on the interest rate payable for the tenor the deposit has been held with the bank. If premature penalty rate fall below the applicable interest rate for reduced tenure then penalty rate will also be reduced to the extent of applicable interest rate. On the remaining amount, the interest rate applicable as on the deal set up date, for the residual value band and residual tenor will be applied.
In the event of the death of the depositor, premature termination of Term Deposits will be allowed subject to completion of documentary formalities as required. Such premature withdrawal would not attract any penal charges. There is no interest payment in case of premature withdrawal of the NRE/FCNR Term Deposit before the completion of the minimum tenor (1 year). In the case of premature withdrawal of NRE term deposits for conversion into Resident Foreign Currency (RFC) Account, the bank would not levy any penalty for premature withdrawal.

• Interest rates are subject to change from time to time and the interest rate prevailing on the date of booking the Term Deposit will be applicable.
• Premature withdrawal of the Term Deposit shall be subject to penalty of 1% on the interest rate payable for the tenure the deposit has been held with the bank.
• If premature penalty rate falls below the applicable interest rate for reduced tenure, then penalty rate will also be reduced to the extent of applicable interest rate.
• In case of a premature partial break of a term deposit/s the Deposit will be broken for the exact amount required, in multiples of Rupee 1, the remaining/ residual balance in Term Deposit will not continue to earn interest as per the initial contracted rate of interest but shall be revised to a new rate applicable of residual balance. The “Interest rate” applicable shall be as per deposit effective rate. The revised rate shall be applicable on remaining/residual balance for the entire term of the deposit and not from the date of partial premature break. In such a case, no new Term Deposit shall be created. Hence deposit effective date maturity shall remain the same and will not change at the time of premature partial break.
• In the event of the death of the depositor, premature termination of Term Deposits will be allowed subject to completion of documentary formalities as required. Such premature withdrawal would not attract any penal charges.
• In the event, the Term Deposit proceeds are not claimed on the date of maturity, the Term Deposit is treated as an Overdue. The amount left unclaimed with the bank shall attract rate of interest as applicable to savings account or the contracted rate of interest on the matured TD, whichever is lower.
• There is no interest payment in case of premature withdrawal of the NRE / FCNR Term Deposit before the completion of the minimum tenure (1 year).
• In the case of premature withdrawal of NRE term deposits for conversion into Resident Foreign Currency (RFC) Account, the bank would not levy any penalty for premature withdrawal.
• A “Non-Premature Deposit” shall not be permitted for premature withdrawal, either in parts or full.
• Terms appliable to Corporate Sustainable Deposit:
  The deposit will be referenced on a net positive basis against the assets. Whether existing as the date hereof or in the future, that the Bank deems as sustainable in accordance with the Bank’s externally verified Green and Sustainable Product Framework, a copy of which is available at https://av.sc.com/corp-en/others/green-sustainable-product-framework.pdf
• Tax at source is deducted as per the Income Tax regulations prevalent from time to time.
• Senior citizen rate is applicable for deposits of less than INR 1 Crore only. Senior citizen rate is not applicable for Non-Resident Clients (NRO & NRE accounts). Deposits held by senior citizens enjoying the senior citizen rates will not be eligible for staff rate
• Term Deposits of value less than INR 1 Crore can be booked through Online Banking. For Deposits of value INR 1 Crore and above, please visit your nearest branch or contact Phone Banking.
• *Staff rate not applicable
• Staff interest rate not applicable for Term Deposit bookings done through Online Banking. Please contact our nearest branch or Phone Banking unit.
• Please note the interest rate will be discounted for interest payout on monthly basis.

Interest calculation methodology

A. For term deposit with tenor below 1 quarter (3 months): Interest is calculated on the basis of actual number of days considering the year as 365 days. For term deposit with a tenure greater than 1 quarter: a) Interest for the quarter is calculated considering each quarter as 90 days and year as 360 days (90 days x 4 quarters). b) Interest for the last quarter is calculated on the basis of actual number of days considering the year as 365 days. Reinvestment Term Deposit: a) Interest for each completed quarter is calculated considering each quarter as 90 days and year as 360 days (90 days x 4 quarters). b) Interest for the last quarter is calculated on the basis of actual number of days considering the year as 365 days. c) Interest for each quarter is compounded.
This methodology (A) is applicable for all rupee denominated deposits (Resident / NRO / NRE) opened after 24 February 2009.

B. Interest on Term Deposit will be calculated on the basis of ‘Actual number of days considering the year as 365 days’. For Reinvestment Term Deposit, Interest is compounded on a quarterly basis.
This methodology (B) is applicable for all rupee denominated deposits (Resident / NRO / NRE) opened on and after 2nd January 2018.
Premature withdrawal of the Term Deposit shall be subject to penalty of 1% on the interest rate payable for the tenor the deposit has been held with the bank. If premature penalty rate fall below the applicable interest rate for reduced tenure then penalty rate will also be reduced to the extent of applicable interest rate. On the remaining amount, the interest rate applicable as on the deal set up date, for the residual value band and residual tenor will be applied.
In the event of the death of the depositor, premature termination of Term Deposits will be allowed subject to completion of documentary formalities as required. Such premature withdrawal would not attract any penal charges. There is no interest payment in case of premature withdrawal of the NRE/FCNR Term Deposit before the completion of the minimum tenor (1 year). In the case of premature withdrawal of NRE term deposits for conversion into Resident Foreign Currency (RFC) Account, the bank would not levy any penalty for premature withdrawal.

• Recurring Deposit tenure ranges between 12 months (minimum) to 24 months (maximum). Interest rate mentioned in rate table for 3 m / 6 m / 9 m are applicable for premature withdrawal of deposits with additional 1% penalty.
• Minimum holding period for NRE RD is 12 months. No interest will be paid for premature withdrawals before 12 months.
• Staff rate benefit is not offered on Recurring Deposit
• In case of Joint account, senior citizen interest rate will be offered basis the age of the Primary account holder
• An individual who attains 60 year of age is considered as ‘senior citizen’ client
• Additional 0.50% benefit applicable to resident senior citizens for 12 m/15 m/18 m/21 m/24 m tenures.

These terms and conditions (the “Terms”) apply to and regulate the Recurring Deposit product provided by Standard Chartered Bank and are in addition to and not in derogation of the Client Terms and the terms and conditions of fixed deposit (the “Primary Terms and Conditions”) as available on www.sc.com/in. To the extent of any inconsistency between these Terms and Primary Terms and Conditions, these Terms shall prevail. All capitalized terms used herein but not defined shall have the same meaning as specified under Primary Terms and Conditions.

Definition:

1. “Recurring Deposit” or ‘Recurring Deposit Account” or “Account” means the account opened in the name of the Depositor/s with Standard Chartered Bank in connection with the Deposit/s.
2. “Account Opening Form” or “AOF“ means the relationship form for Recurring Deposits Account. An Account may be opened by one Depositor or two or more Depositors jointly.
3. “Depositor/s” means any person holding an Account with Standard Chartered Bank.
4. “Deposit/s” means the amount accumulated in the Account by monthly payment of the instalment by the Depositor/s.
5. 24-Hour Customer Care Centre” refers to the Standard Chartered Bank – phone banking service, which shall be available to all Depositor/s. All Depositor/s availing of the 24-Hour Customer Care Centre shall be bound by the terms and conditions stipulated by Standard Chartered Bank in this regard.
6. “Primary Applicant” means the person referred to as the Primary Applicant in the AOF.
7. “Instalment” means the amount specified as instalment in the AOF, which shall be deposited every month by the Depositor/s into the RD account on the specified date as agreed between the Depositor/s and Standard Chartered Bank.
8. “Standing Instruction/s” means any instruction given by a Depositor/s to Standard Chartered Bank to transfer the instalment from any CASA account of the Depositor/s held with Standard Chartered Bank to his/her Recurring Deposit Account.
9. “Deposit confirmation/Statement/s” shall mean the communication provided to the Depositor/s basis stating inter alia the value of the Deposit on Maturity date, the value of the Deposit as on date of the communication and the rate of interest payable by the Bank on the RD deposit. Deposit confirmation will be sent only post the successful set up of the  Recurring Deposit Account.
10. “Tenure” means the period for which the Deposit is to be maintained with Bank, commencing from the date of the deposit of first Instalment till the period as specified in the AOF.
11. “RBI” means Reserve Bank of India.

1. The effective date of the Deposit/s shall be the date on which Standard Chartered Bank gets clear funds of the first Instalment into the Recurring Deposit Account of the Depositor/s. Recurring Deposit cannot be open for future date.
2. The minimum Instalment to be deposited by the Depositor/s shall be INR 1000/- (Rupees One Thousand only), which can be increased in multiples of INR 100/-. The Depositor/s shall, at the time of opening the Account, stipulate the Instalment amount and the tenor. The Instalment amount and tenor cannot be altered subsequently. Maximum instalment is restricted to INR 1,00,000/- (Rupees One Lacs only).
3. Instalment to be deposited in Recurring Deposit Account should be by way of Standing Instructions (SI) from the Depositor/s Standard Chartered Bank’s savings account only. Instalment for any calendar month must be paid on or before the last working day of that particular calendar month. Instalment must be paid / cleared on the agreed instalment date of each month. It cannot be preponed. If Depositor fails to pay the monthly instalment on the agreed date then it will be treated as “Missed” instalment.In case monthly instalment is missed by three times during the tenure of the Recurring Deposit, then the Bank reserves rights to close the Recurring Deposit Account before the maturity. In such case, accumulated principle and accrued interest, if applicable, will be credited to savings account mentioned in the AOF.
4. Deposit must be maintained for a minimum Tenure of 12 months and further in multiples of 3 months subject to a maximum of 2 years only. No interest shall be paid incase deposit is closed within 3 months period.
5. Interest on the Deposits is calculated as per the applicable rates communicated to the Depositor/s at the time of Account opening / published on website / displayed in the branch. Such interest rates shall be in accordance with RBI directives from time to time. The interest amount shall be paid to the Depositor/s on the Maturity date. Interest will be compounded / applied into Recurring Deposit Account on quarterly basis.
6. Tax is deducted at source (TDS) on interest on Recurring Deposit held by the resident if the interest paid or payable by the Bank for the financial year exceeds the threshold limit specified by Income Tax Act, 1961. Currently, the threshold limit for this purpose is Rs.10,000/- p.a (Rupees Ten Thousand only), (for senior citizen, limit is Rs.50,000/-).
7. The TDS amount calculated on the accrued interest is remitted to the tax authorities on behalf of the customer by the Bank.
8. The Deposit shall be due for repayment on the date falling on completion of one calendar month from the date of payment of the last instalment or on completion of the Tenure, whichever is later.
9. Penalty for premature upliftment: On pre-mature withdrawal of the deposit, interest will be calculated at the rate applicable for the period of the deposit, less 1% penalty on it.
10. Recurring Deposit Account will be closed upon payment of all the stipulated number of instalments. The Deposit together with interest shall be paid to the Depositor(s) by crediting the sum to the Depositor/s Standard Chartered Bank savings bank account as specified in the AOF.
11. Deposits and their payments are governed by the law in effect from time to time in India and the Deposits will be payable only at the branch in India where the deposits are placed. Bank shall have the sole discretion to allow the withdrawal of the deposits at any other branch in India. Bank shall not be liable to pay the proceeds of the Deposits at any branch or office (including the head office) outside India. In the event of any failure on the Depositor/s part to comply with all or any of the guidelines/rules/law laid down by RBI, the Bank, Government of India or any other duly constituted regulatory body or authority, the Depositor/s shall indemnify the Bank of any loss or damage that may be caused to the Bank. Bank may adopt such action, as it deems fit on the happening of such event.
12. Standard Chartered Bank reserves the right to revise the terms and conditions contained herein and shall notify the Depositor/s of such revised terms and conditions. Such revised terms and conditions shall then be binding on the Depositor/s.

• The minimum lock-in period for the deposit will be one year. There is no interest payment in case of premature withdrawal of the FCNR Term Deposit before the completion of the minimum tenor (1 year).
• Premature withdrawal of the FCNR deposit shall be subject to penalty of 1% on the interest rate payable for the tenor the deposit has been held with the bank. If premature penalty rate falls below the applicable interest rate for reduced tenure then penalty rate will also be reduced to the extent of applicable interest rate. In the event of the death of the depositor, premature termination of FCNR will be allowed subject to completion of documentary formalities as required. Such premature withdrawal would not attract any penal charges.