State Bank of India (SBI) offers a wide range of banking products and services to its customers. In this post, I will share information about how to open SBI fixed deposit account online?
State Bank of India offers Internet banking services to its customers through the portal www.onlinesbi.com. The SBI portal provides anywhere, anytime, online access to accounts for its customers.
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SBI Fixed Deposit Account Online
SBI’s internet banking portal gives options to its savings account holder to open a fixed deposit (FD) online. Using SBI’s net banking platform, SBI customers can easily open an FD sitting at the convenience of their home.
SBI online Fixed Deposit account is very convenient. It is very easy to pay for the term deposit directly using SBI net banking facility. Just transfer the money from your savings account to the FD account.
Once you open SBI fixed deposit online, you can renew and close the FD online instantly. There is no need to visit the bank branch and stand in a queue to get these things done.
You can use this facility if you have signed up for SBI Net banking. If you have not activated the SBI Internet banking facility for your SBI account then activate it online. Read my post: How to activate SBI Net banking online.
Here’s the process you need to follow to open an FD account in State Bank of India online.
How to open SBI Fixed Deposit Account Online?
Just follow the steps given below to open the SBI FD account online.
1. Login to SBI net banking using your login id and password.
2. On the home page, from the “Fixed Deposit” option on the top menu, click on e-TDR/e-STDR (FD).
3. Next, select a type of deposit account you want to open with SBI. Here, choose the e-TDR/e-STDR (FD) option to open a normal FD. Now, click on the “Proceed” button.
4. If you have multiple bank accounts, then choose the account from which you want the FD amount to be debited.
5. Next step, fill the amount which you want to create a FD in the “Amount” column. If you are above 60, then select the “Senior Citizens” option. Senior citizens get higher interest compared to general customers.
6. Next, choose the term deposit option from STDR (Cumulative – Interest paid at maturity) or TDR (Non-Cumulative – Interest paid at selected intervals).
7. Once you select term deposit option, the system will ask you to enter the tenure of deposit – days, year/months/days or maturity date.
8. Next step, select maturity instruction for your term deposit account.
9. Now read the terms and conditions and check the box to accept terms and conditions. Now, click on the “Proceed” button to create the e-fixed deposit.
10. Next page, your e-TDR/e-STDR with details will appear on the screen. Verify your details and click on the “Confirm” button to open FD account.
11. Once your FD created, you will get a confirmation for the same.
12. Please note the transaction number for future reference. Alternatively, you can take out a print or save as a PDF.
TDR and STDR
Here TDR is a term deposit and STDR is Special Term Deposit. In an STDR deposit, the interest paid along with principal at the time of maturity but in a TDR deposit, the interest paid at selected regular intervals.
Also Read: How to invest in Direct Mutual Funds in India?
Also Read: Best Tax Saving FD Rates
FAQs about SBI online Fixed Deposit
What is the minimum tenure for SBI fixed deposit account?
The minimum tenure for TDR is 7 days for TDR and the maximum tenure is 3650 days. The minimum tenure for STDR is 180 days and the maximum tenure is 3650 days.
What are the interest rates for SBI fixed deposit?
The interest rates vary from time to time. You can view the latest interest rates by clicking on the “View current interest rate” link provided in the e-TDR/e-STDR request page.
What is the minimum amount for SBI term deposit?
You can open a term deposit with a nominal amount of Rs.1000/-, however minimum and maximum amount limit may vary for different products codes.
Can I generate e-TDR/e-STDR advice?
Yes, you can generate and print e-TDR/e-STDR advice.
Can I enquire about the maturity amount before opening an FD account?
Yes, you can enquire the maturity amount, maturity date and rate of interest, without opening an FD account through the “Enquiry” tab available in the e-TDR/e-STDR page.
What are the types of accounts from which the amount can be debited for the deposit?
You can debit a saving, current, or OD account to open a fixed deposit account.
How can I renew or pre-mature my e-TDR/e-STDR account?
The STDR account will be automatically renewed at the time of maturity if you do not approach the bank branch for payment/renewal on maturity. For premature closure, you may use the “close a/c” button under the e-TDR/e-STDR link. The maturity amount will automatically transfer your debit account from which it was funded.
Can I close my e-TDR/e-STDR account instantly through the “close a/c” tab?
Yes, you can close your FD account instantly if the request is initiated between 8 am to 8 pm.
Can I close the term deposit opened at the branch?
No, you can close only e-TDR/e-STDR through the “close a/c” button. You can close the account opened at the branch only by visiting the branch.
Can senior citizens avail additional rate of interest on SBI FD?
Yes, Senior citizens can avail additional rate of interest on State Bank of India FD.
How can I add nominees in the FD account?
While opening the FD account, you will be provided with an option to retain the nominee as in the debit account.
Can I add a new nominee online?
Yes, you can add a new nominee through the “Online Nomination” link under the “e-Services” option on the top menu.
Is there any cut off time for creating a e-TDR/e-STDR online?
Yes, the e-TDR/e-STDR can be created online from 8 am to 8 pm.
Final Thoughts
I hope now you can open SBI fixed deposit account online through the SBI portal. You can easily open an SBI FD account sitting anywhere. SBI online Fixed Deposit account is very convenient. You can pay for the term deposit directly using SBI net banking facility.
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