Standard Chartered Bank Fixed Deposit

About Standard Chartered Bank

Standard Chartered Malaysia is proud to be the first and oldest bank in this country. It’s hard to believe that they’ve been around since 1875, when their first branch opened up at Beach Street Penang! Standard Chartered Bank offers a range of financial services to suit the needs and requirements of individuals, small businesses, and large enterprises. They provide retail banking products such as corporate and institutional loans alongside other essential services.

What is a fixed deposit?

A fixed deposit (FD) is the best option for people who want to keep their money safe and earn some interest from it. The returns are higher than other saving accounts, and you are guaranteed by the government!

What should I know before applying for fixed deposits?

• Interest rates

  You should know the interest rates upon maturity to ensure you gain a great amount of return. Interest rates differ from bank to bank and tenure to tenure.

• Tenure

  Different banks offer different tenures, ranging from 1 month to a few years. Choose the one that suits your needs and financial goals.

• Hidden fees

  It is crucial to identify all costs incurred to avoid spending more than expected.

• Penalty

  You should be informed of the penalty amount to know what to expect if you need to withdraw the money before maturity.

• Banks

  Being aware of the customer service and the reputation of the bank you are planning to apply your fixed deposit account is an important step! Do thorough research before deciding on a bank.

What are the types of fixed deposits offered by Standard Chartered Bank?

Standard Chartered Bank offers 1 type of fixed deposit, which is Term Deposit-i.

Who can apply for Term Deposit-i?

You are eligible to apply for Term Deposit-i if you are:

• 18 years and above
• A Muslim or non-Muslim
• Planning to get an individual account or joint account
• A part of sole proprietorship or partnership
• A part of a corporate or non-profit organisation (club or society or association or cooperative)
• A part of private limited companies

Why should I choose Term Deposit-i?

Among other reasons, you should choose Term Deposit-i because:

• Wide range of tenures options (1 to 60 months)
• More secure payment method with pin pay debit
• Choose to get an e-statement
• Shariah-compliant

What are the documents required to apply for Term Deposit-i?

The documents needed to apply for Term Deposit-i are as follows:

• If it is an individual account or joint account:
  • Copy of NRIC
  • Sole proprietor or partnership
  • Business registration (Form A)
  • Company license (Form D)
  • Copy of NRIC of all partners as an individual customer

• If it is for a corporation or non-profit organisation:
  • Copy of NRIC
  • Certified copy of rules and regulations
  • Certified copy of a Resolution to open the account signed by the chairman and secretary
  • Certified copy of the certificate of registration

• If it is for private limited companies:
  • Identity documents of all directors and signatories
  • Certified copy of the certificate of incorporation (Form 49)
  • Certified copy of the return of allotment of shares (Form 24)
  • Certified copy of memorandum and articles of association
  • Certified copy of a board resolution regulating the conduct of the account
  • Certificate by the registrar of the company that the company is entitled to commence business
  • Certified copy of a resolution to open the account signed by the chairman and secretary

What is the tenure of Term Deposit-i?

Flexible tenures of 1, 3, 6, 9, 12, 15, 18 & 21 months and 2, 3, 4 & 5 years.

What is the minimum amount to deposit into Term Deposit-i?

• Individual account or joint account
  • 1 month: RM5,000
  • 2 months and above: RM1,000

• Corporate or non-profit organisation
  • 1-2 months: RM5,000
  • 3 months and above: RM1,000

• Private limited companies
  • 1-2 months: RM5,000
  • 3 months and above: RM1,000 for placements over 3 months

What are the fees for Term Deposit-i?

N/A.

What happens if I withdraw my money before maturity?

There is a chance you might only get half of the contracted interest as an early termination penalty. No interest will be paid to you if you close your account before an initial 3 months.

How do I contact Standard Chartered Bank for further information about Term Deposit-i?

For more information or assistance with Term Deposit-i, please contact 1-300-88-8888 or visit the nearest Standard Chartered Bank branches.

What are the common terms of fixed deposit?

• “p.a.”

  It stands for per annum or each year.

• “Interest rate”

  The amount of return earned by depositors.

• “Tenure”

  The amount of time the money is locked in a fixed deposit account.

• “Deposit”

  The amount of money locked in a fixed deposit account to earn interest.

• “Penalty”

  The additional charge from the bank for withdrawals before maturity (or premature withdrawal).

• “Maturity”

  The end of a set time when an investment becomes due, and the principal and interest are repaid.

• “Premature withdrawal”

  The money withdrawal in a fixed deposit account before maturity.

• “Partial withdrawal”

  The withdrawal of part of the amount in a fixed deposit account before maturity.