Earn high returns through Standard Chartered RD Interest Rates with a fixed monthly amount under a fixed rate of interest over a range of 3-24 months. You can achieve your short and long-term goals by investing in a minimal amount of ₹1000 deposit per month in Standard Chartered Bank RD.
With Standard Chartered RD interest rates ranging between 3.50% to 7.50%, you can choose a tenure and monthly deposit amount that suits your financial goals. Senior citizens can enjoy special benefits with a higher interest rate, giving them higher returns for retirement.
Standard Chartered Bank recurring deposits offer different interest rates for Resident/NRO accounts at 3.50% to 7.50%, Senior Citizens at 3.50% to 8.00% and NRIs at 7.15% to 7.50%. Helping them maximize their returns and grow their savings faster.
Standard Chartered Bank RD Interest Rate
Standard Chartered recurring deposit offers different interest rates for resident individuals, Non-resident individuals, and senior citizens. These attractive interest rates offer them the opportunity to earn higher returns on their recurring deposits.
With flexible maturity periods to choose from, here are the Standard Chartered RD interest rates:
| Maturity Period | Resident & NRO | Senior Citizen | NRI |
|---|---|---|---|
| 3 Months | 3.50% | 3.50% | - |
| 6 months | 3.50% | 3.50% | - |
| 9 months | 3.50% | 3.50% | - |
| 12 months | 7.15% | 7.65% | 7.15% |
| 15 months | 7.20% | 7.70% | 7.20% |
| 18 months | 7.20% | 7.70% | 7.20% |
| 21 months | 7.20% | 7.70% | 7.20% |
| 24 months | 7.50% | 8.00% | 7.50% |
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*Note- The interest rates are subject to market rates and may change. Please check Standard Chartered Bank's official website for the latest information.Not sure of your credit score? Check it out for free now!
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Standard Chartered Bank RD Calculator
The Standard Chartered RD calculator simplifies the process of achieving your financial goals by helping you plan your recurring deposits. The calculator offers a user-friendly way to estimate your potential returns. With customisable inputs for deposit amount, interest rate and tenure, you can quickly get an accurate estimate of your investment returns.
The calculator is a valuable resource for planning your RD, providing realistic estimates of maturity amounts and total interest earned. Whether you're saving for short-term or long-term goals, the online RD Calculator helps you make informed investment decisions and achieve your financial targets. To use the calculator, simply enter your monthly deposit amount, tenure and interest rate.
| RD Maturity Date | : |
| Total Invested Amount | : ₹1,000 |
| Total Interest Earned | : ₹532 |
| Total Maturity Amount | : ₹12,532 |
Comparing RD Rates from Top Banks
Several top banks of India offers RD accounts at attractive interest rates, these are given in the table below:
| Bank | RD Interest Rates (p.a) General Public |
RD Interest Rates (p.a) Senior Citizens |
|---|---|---|
| SBI RD Interest Rates | 6.50% to 7.00% | 7.25% to 7.50% |
| ICICI Bank RD | 4.75% to 7.20% | 5.25% to 7.75% |
| HDFC Bank RD | 4.50% to 7.25% | 5.00% to 7.75% |
| Kotak Mahindra Bank RD | 6.00% to 7.40% | 6.50% to 7.90% |
| Axis Bank RD | 5.75% to 7.20% | 6.25% to 7.85% |
| Bank of Baroda RD | 5.75% to 7.25% | 6.25% to 7.75% |
| Punjab National Bank RD | 6.00% to 7.25% | 6.50% to 7.75% |
| IDBI Bank RD | 6.25% to 7.00% | 6.75% to 7.50% |
| Canara Bank RD | 6.15% to 7.25% | 6.65% to 7.75% |
| Indian Bank RD | 4.50% to 7.25% | 5.00% to 7.75% |
| Indian Overseas Bank RD | 5.75% to 7.30% | 6.25% to 7.80% |
| Union Bank of India RD | 5.75% to 6.50% | 6.25% to 7.00% |
| Yes Bank RD | 6.10% to 7.75% | 6.60% to 8.25% |
| Bandhan Bank RD | 4.50% to 7.85% | 5.25% to 8.35% |
| Bank of India RD | 4.50% to 6.00% | 5.00% to 6.50% |
| Bank of Maharashtra RD | 5.50% to 6.25% | 6.00% to 6.75% |
| City Union Bank RD | 6.25% to 7.00% | 6.50% to 7.50% |
| DBS Bank RD | 6.00% to 7.50% | 6.50% to 8.00% |
| Dhanalakshmi Bank RD | 6.50% to 7.25% | 6.50% to 7.75% |
| Federal Bank RD | 5.75% to 7.50% | 6.25% to 8.00% |
| IndusInd Bank RD | 7.00% to 7.75% | 7.50% to 8.25% |
| Jammu and Kashmir Bank RD | 5.75% to 7.10% | 6.25% to 7.60% |
| Karnataka Bank RD | 5.80% to 7.40% | 6.20% to 7.90% |
| Karur Vysya Bank RD | 6.25% to 7.50% | 6.25% to 8.00% |
| Post Office RD | 6.50% | 6.50% |
| Saraswat Bank RD | 7.00% to 7.50% | 7.50% to 8.00% |
| South Indian Bank RD | 5.00% to 7.40% | 5.50% to 7.90% |
| TMB RD | 6.75% to 7.75% | 7.00% to 8.25% |
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Note: The interest rates are subject to change. Do visit the official website for updated rates.Did you know that besides banks, you can also invest in Post Office RD and calculate the return with a post office RD calculator.
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Standard Chartered RD Maturity calculation
Calculating your Standard Chartered RD maturity amount can help you plan your future finances. Given below is an example of a maturity amount if the deposit is ₹5000, interest rate is 7.15% for a period of 1 year.
Calculating your Standard Chartered RD maturity amount can help you plan your future finances. Given below is an example of a maturity amount if the deposit is ₹5000, interest rate is 7.15% for a period of 1 year.
Maturity Value = Deposit × [((1 +r/100)^n - 1 / (r/100)] × (1 + r/100)
Inputting the values to the formula:
Maturity Value = 5000 × [((1 +0.0715)^12 - 1 / (0.0715)] × (1 + 0.0715)
Maturity Value = 5000 × [((1 .0715)^12 - 1 / (0.0715)] × (1.0715)
Maturity Value = ₹62,361
Based on the calculations above, the maturity amount for your RD with a monthly deposit of ₹5,000 for a tenure of 1 year at 7.15% interest rate is estimated at ₹62,361 approximately.
Standard Chartered RD Eligibility
Standard Chartered offers recurring deposit accounts to the following eligible investors:
- Resident Indians
- Senior Citizens
- Non-resident Indians (NRIs)
Standard Chartered RD Documents
To open a recurring deposit account with Standard Chartered, you will need to provide the following documents:
- PAN Card: You'll need to provide a valid Permanent Account Number (PAN).
- FATCA & CRS Declaration: For NRIs, you need to have the complete Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standard (CRS) declarations.
- KYC Completed: You must ensure your KYC (Know Your Customer) documentation with the bank is up-to-date.
- Active Funding Account: You must have an active account to fund your RD, it should not have any restrictions or holds that prevent money transfers.
Features & Benefits of Standard Chartered RD
Standard Chartered recurring deposit offers you the following features and benefits:
- Account Types: There are three options available for investors; Resident RD, Non-Resident RD, and Senior Citizen RD.
- Currency: All deposits must be made in Indian Rupees (INR) only.
- Minimum & Maximum Instalments: The minimum monthly deposit for Standard Chartered recurring deposit is ₹1,000 and the maximum monthly deposit is ₹100,000.
- Tenure Options: The bank offers flexible tenure options to choose from starting from 3, 6, 9, 12, 15, 18, 21, to 24 months.
- Minimum Holding Period: The minimum holding period for resident/senior citizen accounts is 3 months, while the minimum holding period for non-resident RD accounts is 1 year.
- Premature Withdrawal Penalty: You can prematurely withdraw your RD account at 1% of the prevailing interest rate.
- Instalment Dates: You can make deposits to the account between the 1st and 28th of each month.
- Goal-Based Saving: Set your sights on a dream vacation, a child's education, or a secure retirement with regular, automated deposits through the mobile app or online banking. Making saving towards your goals effortless.
- Open an RD Account in Minutes: You can skip the branch visit by conveniently opening your RD account through the Mobile app or online banking platform.
- Assured Returns with Locked-in Rates: Standard Chartered RDs offer peace of mind as your interest rate is locked in for the entire tenure, guaranteeing predictable returns on your investment.
- Senior Citizen Benefits: Standard Chartered offers higher interest rates for senior citizens on their RD accounts.
- 24/7 Customer Support: You can also get in touch with the Standard Chartered customer support team that is always available to assist you.
Standard Chartered RD Premature Withdrawals
Standard Chartered offers you the ability to prematurely withdraw your recurring deposit account. However, here are a few things to keep in mind if you need to access your funds before your RD matures:
- Early Withdrawal Penalty: A 1% penalty might be applied to the interest rate you earned if the RD remained active for its full term.
- Minimum Interest: If the penalty rate is lower than the interest rate you would have earned for the actual deposit period, the penalty will be adjusted to match that rate.
- Minimum Term Requirement: To earn interest, your RD needs to remain active for a minimum period of 3 months for resident Indians and 1 year for non-residents. You will not earn any interest if you withdraw before this timeframe.
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Frequently Asked Questions On Standard Chartered RD Rates
Yes, a customer can open an RD account online in Standard Chartered Bank through online banking and through the bank application.
The minimum deposit amount in Standard Chartered Bank RD is ₹1000 while the maximum deposit amount is ₹1,00,000.
Yes, a premature withdrawal facility is available for Standard Chartered Bank recurring deposit at applicable penalty charges.
RD calculators use formulas to estimate maturity value based on deposit amount, interest rate, and tenure.
The interest rate offered by Standard Chartered RD is 3.50% to 7.50% for Indian residents and NRO accounts, 3.50% to 8.00% for senior citizens and 7.15% to 7.50% for NRIs.
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