How To Apply For SBI FD Online?

Updated: Thursday, February 11, 2021, 16:59 [IST]

The largest commercial giant of our country the State Bank of India (SBI) provides its savings account holder with the option of opening a fixed deposit (FD) account online. In order to open an FD account, online customers of SBI can do this task conveniently from the comfort of their home or workplace anytime. As it is very simple to contribute towards your term deposit, SBI online FD is very handy and this can be achieved directly via net banking or online banking facility of SBI. What you need to do here is to transfer the money to the relevant FD from your savings account. You can renew and close the deposit electronically instantly once you open an FD account with SBI. For all of these reasons, thus, there is no need to visit your bank branch physically.

Types of SBI FD Schemes

One can apply for the following FD schemes of SBI according to your financial need:

SBI Term Deposit: Depositors can selectively select a maturity period that ranges from 7 days to 10 years. Rs. 1,000 is the minimum investment limit. Loans against FD and options for premature withdrawal are open.

SBI Tax Saving FD: The term of the investment is set for 5 years under this scheme. Rs. 1.5 Lakh is the highest investment amount. Loans against FD and premature withdrawal facilities, however, are not available to the depositors.

SBI FD Reinvestment Scheme: The maturity duration is between 6 months and 10 years for this scheme. With a deposit of only Rs. 1,000 depositors can apply for this scheme. The interest gained through this plan is reinvested to build a strong yield. There are foreclosure and loan against FD amount are also open for the depositors.

SBI Multi Option Scheme: It is a blend of an FD and a savings account. With a minimum deposit threshold of Rs. 10,000, the tenure varies from 1 and 5 years under this scheme. The partial withdrawal option is also open to the eligible depositors.

SBI Annuity Scheme: Under this scheme, payment is rendered through EMI, but the amount invested must be done through a lump sum. 36, 60, 84 and 120 months are tenure choices. Rs. 25,000 is the minimum contribution permitted under this scheme. Premature withdrawal is also allowed but only after the demise of the holder.

Eligibility required to open an FD account in SBI

To open an SBI FD account you need to meet with the following eligibility criteria:

The depositor must be an Indian resident.
NRIs are also eligible to open NRE/NRO account with SBI
Partnership firms, Hindu undivided families,
The depositor must have a stable source of income.

Documents required to apply for SBI FD

The following basic documents are mandated to open a fixed deposit account in SBI:

Identity proof: Aadhaar Card, Passport, Voter ID, Driving license, PAN Card, passport size photographs
Resident proof: Aadhaar Card, Passport, Utility bills (last 3 months)
Age proof: Birth certificate, matriculation certificate, senior citizen ID card and so on
Income proof: Bank account statement, salary slip of last 3 months

Procedure to apply for SBI FD online

Visit the SBI net banking portal and sign in to your account using the required credentials.
Now click on e-TDR/e-STDR (FD) under the fixed deposit section.

Here TDR is a term deposit and STDR is Special Term Deposit. The interest is paid only at the time of maturity against STDR deposit, whereas in a TDR deposit, the interest is payable at specified regular periods
Select the type of FD you want to open and click on 'Proceed'
Now select the savings account from which you want to debit the amount.
Now select the FD principal amount and specify the same in the 'Amount' section.
If you are over 60., check the 'Senior Citizens' section. Over and above the general customers on FDs, senior citizens get 50 bps respectively.
Now select the tenure period for which you want to open an FD account
Now select maturity instruction from auto renew principal and interest, auto renew principal and repay interest and repay principal and interest for your FD account.
Accept the terms and conditions and click on 'Submit'
Your FD account with the submitted specifics will appear on the screen now
Click on 'Ok' and you are done.
For future reference, please keep the transaction number handy. By clicking on the respective alternatives, you can print or save it as a PDF also.

SBI FD Interest Rates

Tenure	ROI for general public	ROI for senior citizens
Seven to 45 days	2.90%	3.40%
46 days to 179 days	3.90%	4.40%
180 days to 210 days	4.40%	4.90%
211 days to less than one year	4.40%	4.90%
One year to less than two years	5.00%	5.50%
Two years to less than three years	5.10%	5.60%
Three years to less than five years	5.30%	5.80%
Five years and up to 10 years	5.40%	6.20%