Just as you can open a PPF account online, State Bank of India allows its savings account customers with access to net banking to open a fixed deposit account online from the comfort of their home. After activating online SBI facility, savings account customers can transfer money to their FD account. Also, they can close or renew the FD account online on their own. So, without getting into the hassle of visiting the bank branch, you can easily open an FD account at SBI if you maintain a savings account with them.
Below is listed the step by step procedure for opening SBI FD account online
1. Log in to your SBI net banking account by entering your ID and password
2. Under the option for fixed deposit, click on e-TDR/e-STDR (FD). TDR stands for term deposit receipt while STDR represents special term deposit receipt. Now click on proceed.
3. Now you need to choose the type of FD you want to open and click on 'Proceed' option
4. In case you are maintaining multiple accounts with the bank, you now need to select the bank account from which the amount towards the newly opened FD account has to be debited.
5. You now need to provide in the principal value for the deposit and fill it in the column saying 'amount'
6. You have to now enter the deposit tenure in days, months, years or maturity date.
7. Now you need to provide maturity instruction in respect of your FD account in terms of renewal of principal and interest whether you want auto-renewal of both principal and interest or principal alone and repayment of interest or repayment of both principal and interest.
8. In the last step, you need to accept the terms and conditions for opening the FD account and click on submit.
After your application for opening an online FD account at SBI processes successfully, FD details carrying all important information such as name, nominee, account number shall appear. For reference, please note down the transaction number and at the same time save the details as either a PDF file or take out the print out.