SBI FD: 10 Simple Steps To Open Your Fixed Deposit Account Online

State Bank of India offers an interest rate of 7.00% interest rate to its regular customers on fixed deposits while senior citizens can earn a maximum of 7.5% interest rates on FDs for a tenure of 2 years. Meanwhile, the bank is offering 7.10% if you hold your deposits for 400 days (Amrit Kalash).

The bank offers a convenient option to the saving bank account holders to open fixed deposit or term deposit account online with the help of its online banking facility without any hassle. If you have an account with SBI and planning to open your e-fixed deposits, you can do so just from the comfort of your home. It will not only save your time but eliminate the requirement to visit the branch.

Customers will also be able to renew and close their FDs online if they have opened an FD online. With SBI online FD, it has become quite easy to pay for term deposit and they can do it directly through net banking.

Below are the 10 steps to open SBI fixed deposit online:

• Login to your SBI online banking facility with the help of your login id and password
• When you are at the home page, choose e-fixed deposit tab on the top menu
• After choosing e-fixed deposit, you can view 3 options namely fixed deposits, fixed deposits under income tax savings scheme, and multi options deposits. In case you have decided to open normal FD, choose the first option and click on "Proceed" option.
• In case you have several bank account numbers linked to online banking, you must choose the account from which you desire the FD amount to be debited. Now enter the amount for which you are interested to create an FD. In case you happen to be a senior resident, choose "senior citizen" option. It is worth mentioning that senior citizens get higher rate of interest on some tenure.
• Just below the "senior citizen" option, you need to choose "term deposit" option. In case you desire quarterly interest to be invested again and paid with the principal amount at maturity, choose "STDR"option. If you desire interest payment to be made quarterly, choose "TDR".
• After clicking the STDR option, you need to fill tenure of deposit. If you desire to set the maturity of your FD in number of days, choose "days". In case you already have a particular fixed date for the FD to mature, choose the "maturity date" option. You may also choose "Years/Months/Days" option to give maturity of FD in years, months, and days.
• After choosing tenure, you need to select maturity options from 3 existing options namely, auto renew principal and interest, auto renew principal and repay interest, repay principal and interest.
• If you decided to choose any of first 2 maturity options- auto renew principal and interest, auto renew principal and repay interest- you must give tenure for which you desire your FD to be renewed after maturity.
• Go through terms and conditions and accept them in order to create your E-Fixed Deposit.
• After you accept and click on "submit" option, your FD will be created and you will receive confirmation as well on your registered mobile number. Make sure your save the transaction number for any future reference.