State bank of India (SBI) provides the facility to invest you hard earned money in instrument like FD (fixed deposit).FD is very popular in India from very beginning. In case if you are planning to invest in FD you are at right place. In this article you will learn how to open fixed deposit in SBI Online.
But before jumping into the process of opening FD lets understand what is FD.
What is Fixed Deposit (FD)
It is an investment instrument offered by banks and other financial companies. FD is considered the safest way to grow your money.
It is the most convenient way to invest as it provides tenure of your choice. you can invest a Lump sum amount and once your money is locked you start earning interest.
The interest rate will be the rate when your deposit gets locked. It means the rate which the bank is providing at the time of the investment will be applicable.
Read Also How to Open Recurring Deposit Account in SBI
Feature of Fixed Deposit
There are multiple feature of Fixed deposit (FD).Some of them you can find below.
- It is safest means of growing your money.
- You can choose tenure based on your choice.
- It is unaffected by the market volatility hence your returns on deposit are assured.
- TDS (tax deducted at source) will be applicable on the interest earned as per Income Tax act 1961.
- You can also renew and close FDs online instantly.
- Senior citizens gets extra rate of interest based on the tenure they chose.
Read Also What is SBI Green Remit Card
How to Open Fixed Deposit(FD) in SBI Online
You can invest in this instrument online. you do not have to visit bank for this. follow the steps below to proceed.
- Visit SBI Internet Banking website and click on Personal Banking.
- Log in using your Username and Password.
- Click on the Fixed Deposit tab on the top of the page and select Fixed Deposit (e-TDR/e-STDR).
- Select type of deposit account as Fixed Deposit (e-TDR/e-STDR) and click on Proceed.
- Select the account to which FD is to be linked and enter the Amount.
- Check the box Senior Citizen if applicable.
- Now select term deposit options STDR (Cumulative – Interest paid at maturity) or TDR (Non-Cumulative – Interest paid at selected intervals).
- If you select STDR (Cumulative – Interest paid at maturity) choose the tenure of deposit like Days/year/months/ or Maturity Date. Choose Maturity Instruction For Your Term Deposit Account as well.
- If you select TDR (Non-Cumulative – Interest paid at selected intervals) choose the tenure of deposit and Maturity Instruction For Your Term Deposit Account.
- Check the box I accept the Terms & Conditions and click on Submit.
- On the next screen, your FD with details (name, nominee, etc.) will appear. check once more and click on OK.
- Note down transaction number for any future reference. you can take a printout or can save it as a PDF.
Interest Rates on SBI Fixed deposit
|Tenure||Public (% per annum)||Senior Citizens (% per annum)|
|7 days to 45 days||2.9||3.4|
|46 days to 179 days||3.9||4.4|
|180 days to 210 days||4.4||4.9|
|211 days to less than 1 year||4.4||4.9|
|1 year to less than 2 year||5||5.5|
|2 years to less than 3 years||5.1||5.6|
|3 years to less than 5 years||5.3||5.8|
|5 years and up to 10 years||5.4||6.2|
We have learned how to open fixed deposit (FD) in SBI Online. I hope this will help you in opening online FD account in SBI without any issue.
1: what is the minimum and maximum tenure for an online Deposit?
The minimum tenure for a term deposit is 7 days and the maximum is 10 years.
2: What is the minimum amount for term deposit?
The minimum amount for term deposit id Rs. 1000/-.
3: Is there any cut off time for creating request of e-TDR/e-STDR online?
Yes. e-TDR / e-STDR can be created online from 8:00 AM IST to 8:00 PM IST. Requests created beyond this time period will be scheduled for the next opening hours.
4: Can any customers of SBI request for online term deposit?
No, they have to create their credentials (Username & Password) to the Internet Banking portal. first, register yourself for internet banking.
5: Can customers choose tenure, amount and type of deposit online?
yes, they can do so while opening and FD online. this choice will be available there.
6: What is TDR and e-STDR?
TDR full form is Term Deposit where the interest is paid at regular intervals like monthly or quarterly.
On the other hand, you get cumulative interest payout or interest paid at maturity in the case of Special Term Deposit or STDR.