The fixed deposit service offered by Standard Chartered offers customers competitive rates to earn better returns. The deposits are insured by PIDM. Let’s have a look at the interest rates involved in the scheme:
Standard Chartered Fixed Deposit Interest Rates (Updated on 24 Jan 2019)
|Standard Chartered FD Tenure||Interest Rates|
|1 month||2.95% p.a.|
|2 months||2.95% p.a.|
|3 months||3.10% p.a.|
|4 months||3.10% p.a.|
|5 months||3.10% p.a.|
|6 months||3.15% p.a.|
|7 months||3.15% p.a.|
|8 months||3.15% p.a.|
|9 months||3.15% p.a.|
|10 months||3.15% p.a.|
|11 months||3.15% p.a.|
|12 months||3.25% p.a.|
Standard Chartered FD Benefits
Given below are the features and benefits that are provided through the Standard Chartered Fixed deposit scheme:
- The fixed deposit scheme comes with flexible tenures of 1 month to up to 60 months.
- Customers who maintain a fixed deposit can also get access to a free phone banking facility.
- Customers can earn high interest rates on a fixed basis for the tenure of their choice.
- Customer can access the Total Money Management facility through which they can review their fixed deposit portfolio.
- A customer can also get his/her hand on a consolidated statement aka Money Master Statement, which allows easy monitoring of the account.
- The fixed deposit scheme is eligible for PIDM (Perbadanan Insurans Deposit Malaysia) insurance cover facility.
- Age criteria: An applicant should be at least 18 years of age
- Minimum deposit: RM5,000 (for 1 month tenure) and RM1,000 (for any tenure above 1 month)
- Currencies accepted: Malaysian Ringgit only
Fees and Charges
|Standard Chartered Fixed Deposit||Fees and Charges|
|Withholding Tax||Currently waived by the Malaysian government (Otherwise, interest earned on the deposits more than RM100,000 are subjected to 5% of withholding tax on the interest earned)|
|Premature Upliftment Charges||For fixed deposits of 1 to 3 months old = No interest will be paid on the partially uplifted amount Fixed deposits of more than 3 months’ tenure = interest at half the contracted rate will be paid for each completed month (if uplifted after completion of 3 months)|
The bank requires you to open a Term Deposit-i Account and place a minimum sum of RM200,000 for months. Simultaneously, a minimum fresh-fund deposit of RM10,000 must be made in CASA/CASA-i for an allocation period of 3 months to earn 4.50% p.a. on the TD-i account.
If you place a sum from RM500,000 to RM1 million in the TD-i account, you are required to deposit a minimum of RM20,000 in the CASA/CASA-i. The promotion is valid from 1 November 2018 until 31 December 2018.
|TD-i Deposit Amount||CASA/CASA-i Deposit Amount in Fresh Funds||Promotional Rate||TD-i Tenure|
|From RM200,000 to RM500,000.||Minimum of RM10,000.||4.50% p.a.||12 months.|
|From RM500,000 to RM1 million.||Minimum of RM20,000.|
You must be a new-to-bank Priority Banking customer or an existing Priority Banking customer to be eligible for the promotion. You have to fill a Client Investment Profile (CIP) to be eligible for the promotion.
How to open a Standard Chartered Fixed Deposit account
Offline application: The customer can visit the nearest branch of Standard Chartered and apply for the fixed deposit account directly. The branch locator tool is available on the official website.
Online application: Customers can use the apply for the deposit online through the bank website. Customers can also apply for the fixed deposit using their internet banking facility.
Standard Chartered Contact Number for FD
For any service-related queries or information, the customer can speak to the service representatives directly on the hotline at 1300 888 888.
Q. How can I manage money through my Standard Chartered fixed deposit account?
A. You will receive your fixed deposit portfolio from the bank which will give you a complete review of your investment. This feature will help you in managing your finances more effectively.
Q. Are foreign currencies accepted for my fixed deposit scheme?
A. No, the deposits are available only in MYR and not in any foreign currency.
Q. Do I need to pay any service fees while obtaining the fixed deposit account?
A. The services charges are assigned as per the bank’s discretion. Extra fees and charges may be applicable if any other supplementary services are provided along with you facility.
Q. Which tenures are available that exceed 12 months?
A. If you are looking for longer tenures, you can choose from tenures of 15, 18 and 21 months or 2, 3, 4, or 5 years.
Q. Do I need to apply for the deposit insurance protection (PDIM) separately?
A. You do not need to apply for it separately. Once you have opted for a fixed deposit plan, you can get the cover automatically. PIDM will insure your deposit for up to RM250,000.