Standard Bank Fixed Deposit

• Standard Bank Fixed Deposit For Seniors
• Standard Bank Fixed Deposit Penalty
• Standard Bank Fixed Deposit Contact Details
• Standard Bank Fixed Deposit Calculator

In this article, I will enlighten you on best-fixed deposit rates in Kenya. A fixed deposit is the most popular way of saving money. It is a sure investment as well as offers good returns.

While opening a fixed deposit account, you will need to put a fixed tenure at an agreed rate of interest. At the end of this tenure, you will receive the amount you have invested plus compound interest.

With a fixed deposit account, you are guaranteed of positive returns. These returns do not fluctuate over time as opposed to market-led investments.

Standard Bank 1 Year Fixed Deposit - Rate is 'Ordinary Fixed Deposits' for 12 months and for balances from R10 000 to R99 999 with interest at maturity The rate of 6.70% is 0.7% lower than the average. You can have more than one fixed deposit if you want to save for different goals Minimum Account opening amount; Minimum investment amount is TZS 5 000 000. Have an existing operating current or savings account.

Even though the fixed deposit rate falls, you will continue to receive the interest decided when you opened the account.

The return on investment on fixed deposit accounts depends on the fixed deposit interest rate and the type of deposit you are investing.

You can opt for a monthly or quarterly pay-out of interest or the reinvestment option, which will give you the benefit of compounding.

While fixed deposit accounts are fixed for an agreed tenure/period, you can take out a loan against it in the form of an overdraft.

The benefit of this kind of loan is that your investment continues to earn interest and you do not have to withdraw your money prematurely.

Best Fixed Deposit Rates in Kenya

Here are the best Fixed Deposit Rates in Kenya in 2020

1. KCB Bank

KCB offers a competitive fixed deposit rate for local and foreign currencies.

The bank, however, has a condition, money must remain in the fixed deposit rate account for the agreed period.

They offer an interest rate of up to 6% p.a. on your savings

2. I&M Bank

Fixed deposit accounts in I&M Bank are opened for fixed contracted periods, which range from one month to one year.

The bank boasts of having attractive rates, thus providing customers with long term savings growth opportunities.

Fixed deposit accounts can be opened in the following currencies,

• Kenya Shillings
• US Dollars
• Euro
• GB Pounds
• South African Rand

In I&M Bank, the minimum you are allowed to deposit for your fixed deposit account is Ksh. 50,000

3. CBA Bank

CBA bank fixed deposit account offers flexible investment periods with interest that is paid upon maturity or at predetermined times of the year.

In CBA, you have the luxury of investing in both local or foreign currency.

You require the minimum of Ksh 100,000 / USD 10,000 as the deposit amount in CBA.

4. Stanbic Bank

Interest rates at Stanbic bank are fixed during the investment period and funds available on maturity.

There is no monthly fee charged to this account, and interest is also calculated upon maturity.

5. Standard Chartered Bank

The fixed deposit account is available to clients of this bank in Kenya Shillings, US Dollar, Pound Sterling, Euro, Japanese Yen, Australian Dollar and South Africa Rand.

What is attractive about this bank is that you can negotiate for a fixed deposit rate that suits you.

You can access personal loans and overdrafts equivalent to 80% of the balance in the Fixed Deposit Account.

You require a minimum of deposit of Ksh 100,000

5. Equity Bank

Equity Bank fixed deposit account provides you with a medium for investment opportunities for individual savers, businesses and organisations.

The minimum amount you can invest in this bank is Ksh 20,000 with a minimum investment period of one month.

The bank allows you to negotiate the fixed deposit interest rate that best suits you.

One of the benefits of the fixed deposit rate accounts in this bank is that you can withdraw prematurely.

It also allows direct borrowing of up to 80%.

6. Cooperative Bank

The investment period offered by Coop Bank is one to twelve months.

The clients are then paid a competitive rate for the period the money is held in the account.

7. DTB Bank

The minimum deposit allowed at this bank is Ksh 100,000, and it offers a competitive fixed deposit rate.

You can also deposit using foreign currency–> USD 10,000 or GBP 10,000

8. Consolidated Bank

This facility is available to both individuals and business clients.

You require a minimum account opening balance of Ksh 50,000.

You can invest at this bank for a period one month, 2, 3, 6, 9 or 12 months or on call.

The account holder can get a loan and overdraft using the deposit account.

More about the fixed deposit rates in Kenya

• The interest rate is fixed and guaranteed for the term of the investment, so you don`t have to worry about declining interest rates.
• Depending on what bank you settle on, interest payment options are flexible, allowing interest to be paid monthly, quarterly, half-yearly, annually or upon maturity.
• Some banks will enable you to the fixed deposit accounts as security against a loan or overdraft.
• You have the choice of changing your investment period, inform the bank before the date of maturity.
• Some banks offer a free advice slip in the mail upon maturity or on request, also enquire about this from your respective bank.

As you know that a Fixed Deposit (FD) is an investment option offered by banks that gives you higher rate of interest than a regular savings account. By investing in an FD, you can achieve your financial goals comfortably due to higher returns offered by it.

Standard Chartered Bank FD provides an option to deposit lump sum amount for a specific period, ranging from 7 days to 10 years. You can choose any of the tenures offered by Standard Chartered Bank FD according to your convenience and financial objective. As soon as you select the tenure and deposit the amount in Standard Chartered Bank_ FD, it will start earning an interest based on the tenure of the deposit. Customer is allowed to deposit lump sum money into a fixed deposit only once into his FD account at the time of opening the account with the bank and afterwards he cannot deposit additional money in the same FD account.

You can also get tax benefits under section 80C of the Income Tax Act on an amount between Rs. 100 to 1.5 lakh by investing in Standard Chartered Bank FD for a tenure of 5 years or more.

Following table provides you Standard Chartered Bank FD Rates of various tenors. Also, given below is the facility/ option, through which you can calculate the interest rate and the maturity value of your Standard Chartered Bank FD for different tenures by clicking on the 'calculate' button provided in the table.

Standard Chartered Bank Fixed Deposit Interest Rates (as on 06 Mar 2021)

Features & Benefits: Standard Chartered Bank Fixed Deposit

• Competitive interest rates are offered with flexible FD tenures to suit your investment plan.
• FD account can be opened online or by visiting your nearest Standard Chartered Bank branch.
• No cap on the Maximum Amount of FD
• FD Tenures: 7 days to 10 years
• Different interest payout options such as monthly, quarterly, etc.
• Loan/ Overdraft against FD facility is available upto 85% of the FD amount.
• Easy and fast liquidity options are available.
• Nomination facility is available.
• Tax benefit of amount up to Rs 1,50,000, through tax saving term deposit scheme
• Part withdrawal facility and auto-renewal facilities are also available
• Senior citizens can enjoy higher interest rate as compared to regular citizens
• NRE, NRO and FCNR deposit facility is offered by the bank

Who is Eligible for Standard Chartered Bank Fixed Deposit

Any of the following persons is eligible to invest in fixed deposits (FD):

• Individual
• Minor
• HUF
• Proprietary Firm
• Partnership Firm
• Limited Liability Partnership (LLP)
• Company
• Association of Persons (AOP)
• Body of Individuals (BOI)
• Local Authority
• Trust
• Non-Resident Indian (NRI)
• Registered Society

Important Things to Know Before Investing in Fixed Deposits

• Always compare tenure-wise FD interest rates of different banks before finalizing the bank for opening an FD account, in order to get maximum interest rate on selected tenure.
• The tenure for most bank fixed deposits varies from 7 days to 10 years. You should choose the FD Tenure according to your convenience and objective behind investment.
• Opt for interest payout options such as monthly or quarterly, if required. Otherwise, choose cumulative option so that you can receive lump sum amount when FD gets matured.
• You can also avail loan or overdraft against FD, if you have immediate requirement of funds.
• If your annual income is non-taxable, you can submit Form 15G or Form 15H in order to avoid TDS.
• Don't forget to make nomination in your FD account.
• If you are a senior citizen then open your FD in a bank which offers extra interest of 0.25% to 0.75% to senior citizens.
• When you open fixed deposit online or offline, do not forget to give instructions on what to do on maturity of your FD. If you do not give any instruction, your fixed deposit will be renewed automatically on maturity.

Calculation of Interest on FD of Standard Chartered Bank

Interest on FD for different tenures is calculated in following manner:

1. Simple interest is paid at maturity for fixed deposit tenure of less than 6 months.
2. Interest is calculated on a quarterly basis for fixed deposit tenure of 6 months & above.
3. Cumulative Interest/ re-investment interest is calculated every quarter, and is added to the Principal such that Interest is paid on the Interest earned in the previous quarter as well.
4. In case of monthly deposit scheme, the interest shall be calculated for the quarter and paid monthly at discounted rate over the Standard FD Rate

Standard Chartered Bank FD Interest Calculator

Standard Chartered Bank FD Interest Calculator is an online financial tool that allows you to calculate the maturity value of your fixed deposit at the interest rate offered by bank. The amount of FD, interest rate, deposit tenure and compounding frequency of interest together determine the maturity amount of the FD at the end of the tenure.

Automatic Renewal of Bank FD

Bank FD matures on specific date. On maturity, if you have not given any specific instructions such as payout or renewal of FD, most of the banks automatically renew the FD for the same period for which it was initially made at the interest rate prevailing on the date of maturity of FD. This is called Automatic Renewal of Bank FD.

You should choose the option on the account opening form, if you do not want the bank to auto renew your FD. You have 2 options on the account opening form while depositing money in FD, first one is auto renew and second one is deposit of amount to your account after maturity. In case you have not mentioned any option on the account opening form then you will need to visit the bank branch on maturity day of your bank FD and opt for credit of the final proceeds of your bank FD into your savings account if you do not want an auto renewal of your FD.

Bank FD News Mar 2021

13-01-2020: SBI revised FD interest rate

SBI has announced a cut in retail fixed deposits of FD rates. The latest FD rates on SBI deposits is effective from 10th January 2020. The bank has cut the FD rates by 15 bps on long-term deposits maturing in 1 year to 10 years. Now FD interest rate for 7 to 45 days is 4.50%, for 46 to 179 days is 5.50%, for 180 days to 1 year is 5.80% and for 1 year to 10 years is 6.10%.

09-01-2020: Axis Bank reduced FD interest rate

Axis Bank reduced interest rates by up to 20 bps from January 9. FDs for less than Rs 2 crore and with the tenor of less than 1 year will earn 6.40%, for the tenor of 5 years to up to 10 years, FD rates is 6.50%.

07-01-2020: HDFC Bank deposits up by 25% (YoY) in 2019

Standard Bank Fixed Deposit For Seniors

The largest private sector lender HDFC Bank's deposits up by 25% (YoY) in 2019. Its deposits are at Rs 10.67 trillion as of December 31, 2019 growing by 25% as compared to Rs 8.52 trillion as of December 31, 2018..

24-12-2019: HDFC Bank revised FD interest rate

The revised rate for FDs maturing in 9 months 1 day to less than 1 year will be 6.05%. Term deposits maturing in 1 year to 2 years will fetch an interest rate of 6.3%, 2-3 years 6.40%, and 3 years to 10 years 6.3%.

Standard Bank Fixed Deposit Penalty

01-12-2019: PNB cuts off FD rates

With effect from December 1, 2019, FDs for less than Rs 2 crore and the tenor of 271 days to below 1 year will be 6% for general customers and 6.5% for senior citizens. For the tenor of 5 years to up to 10 years, PNB has FD rates of 6.3% for general customers and 6.8% for senior citizens.

12-11-2019: ICICI Bank reduces FD interest rate

The interest rates on ICICI Bank FD for less than Rs 2 crore and the tenor of 185 days to 289 days will be 5.75%, for 5 years to up to 10 years will be 6.40% and 6.9% for senior citizens. Its interest rates will be effective from December 7, 2019.

Public Sector Banks FD Interest Rates

Standard Bank Fixed Deposit Contact Details

Private Sector Banks FD Interest Rates

Standard Bank Fixed Deposit Calculator