• Standard Chartered Fixed Deposit Rates

    Standard Chartered Fixed Deposit

    Standard Chartered Fixed Deposit

    A high yield investment that offers the benefit of minimal risk and growth stability across all tenures, the Standard Chartered fixed deposit is an excellent investment avenue through which a large number of Malaysians grow their investible funds and idle savings.

    Fixed deposits offer higher interest rates than some of the other investment options available for the medium – to – long – term investor, in addition to a high level of safety and security, and also serves as a tool for better financial management.

    Features and Benefits of Standard Chartered Fixed Deposits in Malaysia

    Standard Chartered Fixed Deposit Interest Rates:

    Tenure Rate of Return (% p.a.)
    1 Month 2.9
    2 Months 2.9
    3 Months 3
    4 Months 3.05
    5 Months 3.04
    6 Months 3.07
    7 Months 3.2
    8 Months 3.2
    9 Months 3.2
    10 Months 3.2
    11 Months 3.2
    12 Months 3.25
    60 months 3.01

    Deposit amounts:

    • For 1 month tenure option, the minimum deposit amount is RM5,000.
    • For 3 months, 6 months, 9 months, 12 months, 15 months, 18 months, 21 months, 2 years, 3 years, 4 years, and 5 years tenure options, the minimum deposit amount is RM1,000.

    Interest payable to the investor:

    Interest on fixed deposits from Standard Chartered Bank, Malaysia, is payable either on maturity of the deposit (end of the deposit tenure) or on a half-yearly basis, depending on the tenure option chosen.

    • For tenures of 1 month, 3 months, 6 months, 9 months, and 12 months the interest will be paid out on maturity.
    • For tenures of 18 months, 21 months, 2 years, 3 years, 4 years, and 5 years the interest will be paid out on a half-yearly basis.

    Currencies in which deposits can be made:

    The Standard Chartered Bank has a separate foreign currency fixed deposit scheme, but accepts deposit investments only in MYR for their regular fixed deposit plan.

    Conditions for Premature Upliftment:

    Interest payable on premature upliftment depends on:

    • the tenure option chosen at the time of investing, and
    • when the fixed deposit has been uplifted, for tenure options that are greater than 3 months.

    So, under premature upliftment, the interest is payable as under:

    • For the 1 month and 3 month fixed deposit tenure options, no interest will be paid.
    • For the 6 months, 9 months, 12 months, 18 months, 21 months, 2 years, 3 years, 4 years, and 5 years fixed deposit tenure options:
      • No interest will be payable if the deposit has been uplifted before the completion of 3 months.
      • Interest will be payable at half (1/2) the contracted rate (for each completed month) if the deposit has been uplifted after the completion of 3 months.

    Partial Upliftment:

    Given below are the conditions and interest payable under different tenure options in cases of partial upliftment:

    • No interest will be payable if the fixed deposit of any tenure has been partially uplifted before the completion of 3 months.
    • Interest will be payable at half (1/2) the contracted rate (for each completed month) on the partially uplifted amount – if the amount has been partially uplifted after the completion of 3 months.
    • Interest will be payable in full as per the original contract on the remaining portion of the fixed deposit.

    Withholding Tax:

    • It is to be noted that withholding tax has been waived off by the Malaysian government.
    • Interest earned on deposits that are larger than RM100,000 will be subjected to withholding tax at the rate of 5% on the interest earned.

    Features and Benefits of Standard Chartered Foreign Currency Deposits in Malaysia

    In order to make investing and reaping the benefits of fixed deposits easier for those who wish to invest foreign currencies, Standard Chartered Bank offers the Foreign Currency Deposit scheme, under which:

    • Currencies accepted for deposits:

      The Standard Chartered Bank accepts deposits in the following currencies:

      • United States Dollar – USD.
      • Australian Dollar – AUD.
      • New Zealand Dollar – NZD.
      • Euro – EUR.
      • Singapore Dollar – SGD.
      • Japanese Yen – JPY.
      • Hong Kong Dollar – HKD.
      • Swiss Franc – CHF.
      • Canadian Dollar – CAD.

    Minimum amount to be deposited:

    In order to open a foreign currency deposit account with Standard Chartered Bank in Malaysia, the investor must be able to invest at least USD10,000 or the equivalent amount in the accepted foreign currency.

    Deposit fees / charges:

    The Standard Chartered Bank charges a fee of USD10.60 or its equivalent amount in the accepted deposit currency, only if the balance in the individual account falls below USD10,000 (or the equivalent amount in the accepted foreign currency) and this is charged / considered on a monthly basis.

    Interest payable on deposits:

    For the interest calculation, it should be noted that:

    • Interest is payable on a monthly basis / or upon account closure.
    • Interest does not accumulate on individual accounts that do not maintain a minimum deposited balance of USD10,000 (or the equivalent amount in the accepted foreign currency).
    • Interest is calculated on a daily basis.

    Tenure options:

    The following tenure options are available for foreign currency fixed deposits:

    • 1 month, 3 months, 6 months, 9 months, 12 months.

    Conditions applicable for Premature Upliftment:

    Before prematurely uplifting any part of the foreign currency fixed deposit, it is important to note that:

    • Penalty charges are applicable on all cases of premature upliftment, and is charged as under:

    Premature Upliftment Penalty = Interest Accrued + Handling Fees + Replacement Cost.

    • The handling fee as mentioned above is charged at the rate of USD50 (or the equivalent amount in the accepted foreign currency).
    • The Replacement Cost as mentioned above is charged at a rate equal to the (Current Market Day Rate – Contact Rate) x Number of days remaining until Maturity.
      • In case the Current Market Day Rate is less than the Deposit Contract Rate, the Replacement Cost will be zero.

    Partial Upliftment:

    The Standard Chartered foreign currency fixed deposit does not allow partial upliftment.

    Withholding Tax:

    • It is to be noted that withholding tax has been waived off by the Malaysian government.
    • Interest earned on deposits that are larger than RM100,000 will be subjected to withholding tax at the rate of 5% on the interest earned.

    FAQs

    1. What are the tenure options available for fixed deposits with Standard Chartered Bank?

      Fixed deposits from Standard Chartered Bank can be taken for the following tenure options.

      • Monthly options
      • 1 month, 3 months, 6 months, 9 months, 12 months, 15 months, 18 months, 21 months.

      • Yearly options
      • 1 year, 2 years, 3 years, 4 years, 5 years.

    2. Can deposits be made in foreign currencies?

      Yes, foreign currency deposits can be made through the foreign currency deposit scheme with Standard Chartered Bank.

    3. Is there any handling fee applicable for partial upliftment of foreign currency fixed deposits?

      Yes, a handling fee of RM50 is payable.

    4. What is the minimum deposit amount for Standard Chartered term deposits?

      The minimum deposit or investment amount is RM1,000.

    Other Products offered Standard Chartered Bank:

    Apart from offering Fixed Deposit,Standard Chartered Bank offers other products and services which include:

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