StanChart offers 8% for 188-day deposits

Standard Chartered Bank, the largest foreign bank in India, today said it is offering 8 per cent interest on 188-day fixed deposits, which are linked to savings accounts.

The offer, open till December 31, provides customers to get the returns of a fixed deposit and the flexibility of a savings account.

This account provides the customer the flexibility of withdrawing money from the savings account or the fixed deposit using a cheque book or an ATM/debit card.

The minimum value for the term deposit is Rs 1 lakh and an initial cheque of Rs 10,000 is required to fund the linked savings account.

Rajesh Saluja, business head - deposits & priority banking, said "This new offering is in line with our continuous endeavour to provide innovative products that are beneficial and convenient for our customers. With this account, not only are we offering our customers superior returns for their deposits but are also offering them the freedom to access their deposits 24 hours X 365 days."

The account comes with four free cash withdrawal transactions at any VISA ATMs across India, over and above the unlimited access to the bank's ATMs. This allows the customer the freedom and convenience to partially or fully break his fixed deposit through any VISA ATM.

The balance in the deposit after partial withdrawal continues to earn the contracted rate of interest.