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How To Open A Fixed Deposit Account In SBI, Axis, HDFC & ICICI Bank Online?

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A fixed deposit is a form of investment offered by banks and non-banking financial companies (NBFC). As compared to the returns provided by a normal savings account, FDs have a higher return against the amount deposited. The word "fixed deposit" derives from the fact that it has a defined period. The FD investment period generally can vary from 7 days to 10 years. For a risk-averse investor as well as senior citizens a fixed deposit portfolio is a must bet to get high and promised returns which vary from one bank to another. Though the interest rates are guaranteed and tenure is fixed, an investor must keep in mind that he or she can withdraw the amount only after the maturity period and even premature withdrawal is open but only for some emergencies with some penalties. Investors are advised to consider interest rates, service legitimacy and other considerations before opening an account with a bank, NBFC or corporate. When it comes to open a fixed deposit account the only leading banks of India that comes to mind are SBI, ICICI, Axis and HDFC. Hence, if you want to open a fixed deposit account with any of these banks, you are in the right place. So let's get started.

 

Steps to open a fixed deposit account in SBI
 

Steps to open a fixed deposit account in SBI

Customers of SBI can conveniently open an FD online by depositing a minimum amount of Rs 1000 at any time using the online facility. Simply transfer the funds from your bank account to the appropriate FD account. If you've opened an FD online, you can renew and close it at any time. To open an SBI FD account, follow the steps below.

  • Visit SBI Net Banking portal and click on 'Login'
  • Now enter the required credentials in order to sign in to your net banking account.
  • Click on 'e-TDR/e-STDR (FD)' under the fixed deposit option, and then click on 'Proceed'. One thing to note here is TDR stands for term deposit, and STDR stands for Special Term Deposit. The interest on an STDR deposit is incurred only at maturity, while the interest on a TDR deposit is paid at specified periods.
  • Select the type of FD account you want to open and then hit "Proceed."
  • Now select the account from which you want to debit the money towards your FD account.
  • Select the FD principal amount and enter it in the 'Amount' section. If you are over 60, select the 'Senior Citizens' button. On FDs, senior citizens get 50 basis points more than regular customers.
  • Now choose a deposit tenure and maturity date.
  • Select your term deposit account's maturity instruction i.e. auto renew principal and interest, auto renew principal and repay interest or repay principal and interest.
  • Now accept the 'terms and conditions' and click on 'Submit'
  • The particulars of your FD (name, nominee, and so on.) will appear on the screen. Click the 'OK' button and you are done.
  • Please make note of the transaction number for potential use. By selecting the required alternatives, you can print or save the acknowledgement as a PDF too.
SBI FD Rates

SBI FD Rates

Below are the current interest rates of SBI Fixed Deposit for a deposit amount of below Rs 2 Cr, w.e.f 8-1-2021.

TenureROI in % for non-senior citizensROI in % for senior citizens
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

Steps to open a fixed deposit account in Axis Bank online

Steps to open a fixed deposit account in Axis Bank online

To open a fixed deposit account with Axis Bank online, you must deposit a minimum of Rs 5000, and if you open one in a bank branch, you must deposit a minimum of Rs 10,000. Follow the steps below to open an FD account online with Axis Bank.

Via net banking

  • Sign in to your net banking account and click on the 'Deposit' option
  • Now click on the 'Create Fixed Deposit' option
  • Now fill in all the required credentials and confirm the same.
  • The selected amount will be debited from your Savings Account upon confirmation, and your Fixed Deposit account will be generated instantly. Promptly, you will get an online receipt for the Fixed Deposit you have made. The deposit amount and interest rate will be determined by the date of application, which is the day on which the amount is debited from your savings account effectively.
  • If you have enrolled for e-statement, the Fixed Deposit acknowledgement will be forwarded to your registered e-mail ID once it has been generated. Physical advice will be delivered to your registered address if you have not registered for e-statement. After one business day of effective deposit, you will be able to download the Fixed Deposit advice via Online Banking.
Via mobile banking

Via mobile banking

  • Open the Axis Bank Mobile Banking app on your mobile phone and sign in to your account using the required credentials.
  • Now tap on 'Open FD' and fill in all the required credentials and confirm the same.
  • The selected amount will be debited from your Savings Account upon confirmation, and your Fixed Deposit account will be generated instantly. Promptly, you will get an online receipt for the Fixed Deposit you have made.
  • If you have enrolled for e-statement, the Fixed Deposit acknowledgement will be forwarded to your registered e-mail ID once it has been generated. Physical advice will be delivered to your registered address if you have not registered for e-statement. After one business day of effective deposit, you will be able to download the Fixed Deposit advice via Online Banking.
Axis Bank FD Rates

Axis Bank FD Rates

Below listed interest rates are for a deposit amount of below Rs 2 Cr, w.e.f 18/03/2021.

TenureROI in % for non-senior citizensROI in % for senior citizens
7 days to 14 days 2.5 2.5
15 days to 29 days 2.5 2.5
30 days to 45 days 3 3
46 days to 60 days 3 3
61 days < 3 months 3 3
3 months < 4 months 3.5 3.5
4 months < 5 months 3.5 3.5
5 months < 6 months 3.5 3.5
6 months < 7 months 4.4 4.65
7 months < 8 months 4.4 4.65
8 months < 9 months 4.4 4.65
9 months < 10 months 4.4 4.65
10 months < 11 months 4.4 4.65
11 months < 11 months 25 days 4.4 4.65
11 months 25 days < 1 year 5.15 5.4
1 year < 1 year 5 days 5.15 5.8
1 year 5 days < 1 year 11 days 5.1 5.75
1 year 11 days < 1 year 25 days 5.1 5.75
1 year 25 days < 13 months 5.1 5.75
13 months < 14 months 5.1 5.75
14 months < 15 months 5.1 5.75
15 months < 16 months 5.1 5.75
16 months < 17 months 5.1 5.75
17 months < 18 months 5.1 5.75
18 Months < 2 years 5.25 5.9
2 years < 30 months 5.4 6.05
30 months < 3 years 5.4 5.9
3 years < 5 years 5.4 5.9
5 years to 10 years 5.75 6.5

Steps to open a fixed deposit account with HDFC Bank online

Steps to open a fixed deposit account with HDFC Bank online

If you are an existing customer of HDFC Bank having an active savings account, you can conveniently open an HDFC FD account online or offline by depositing an initial amount of Rs 5,000. In case you don't have a savings account with HDFC Bank, you will have to go through the KYC procedure to open an FD account successfully. Below are the steps you can follow to open an HDFC Bank Fixed Deposit account online:

  • Sign in to your HDFC Bank Net Banking account and under the 'TRANSACT' section, click on 'Open Fixed Deposits'
  • Now select your branch, fill in the tenure and amount, name a nominee, and click 'Confirm' to proceed.
  • Once you are done the fixed deposit advice, which acts as a receipt for your deposit will be available to download for potential use.
HDFC Bank FD Rates

HDFC Bank FD Rates

The below rated are applicable from 13th Nov 2020, for a deposit amount of less than Rs 2 Cr.

TenureROI in % for non-senior citizensROI in % for senior citizens
7 - 14 days 2.50% 3.00%
15 - 29 days 2.50% 3.00%
30 - 45 days 3.00% 3.50%
46 - 60 days 3.00% 3.50%
61 - 90 days 3.00% 3.50%
91 days - 6 months 3.50% 4.00%
6 months 1 days - 9 months 4.40% 4.90%
9 months 1 day < 1 Year 4.40% 4.90%
1 Year 4.90% 5.40%
1 year 1 day - 2 years 4.90% 5.40%
2 years 1 day - 3 years 5.15% 5.65%
3 year 1 day- 5 years 5.30% 5.80%
5 years 1 day - 10 years 5.50% 6.25%

Steps to open a fixed deposit account with ICICI Bank online

Steps to open a fixed deposit account with ICICI Bank online

One can conveniently apply for an ICICI Bank FD by depositing an initial amount of Rs 10,000 across multiple platforms such as internet banking and mobile banking. Using their debit card, mobile banking or Twitter banking services, one can also apply for an FD for a term spanning from 7 to 10 years. To open an FD account with ICICI Bank online, follow the steps below:

  • Visit the ICICI Bank Net Banking portal and sign in to your net banking account using the required credentials.
  • Now select the 'Deposits' option, under the 'My Accounts' section.
  • Now click on the 'Open Now option and then select the 'Fixed Deposit' option
  • Now enter all the required details such as savings account number from which you want to get the money to be debited, type of deposit, deposit amount, tenure, PAN number (if depositing Rs 50,000 or more), and other specifics.
  • Once you've double-checked your details, press the "Submit" button. On the screen, a 'Request Confirmation' will appear, and you will get the fixed deposit advice on your registered email ID instantly.
ICICI Bank FD Rates

ICICI Bank FD Rates

The below-listed interest rates are in force from Oct-21, 2020 for a deposit amount of less than Rs 2 Cr.

TenureROI in % for non-senior citizensROI in % for senior citizens
7 days to 14 days 2.50% 3.00%
15 days to 29 days 2.50% 3.00%
30 days to 45 days 3.00% 3.50%
46 days to 60 days 3.00% 3.50%
61 days to 90 days 3.00% 3.50%
91 days to 120 days 3.50% 4.00%
121 days to 184 days 3.50% 4.00%
185 days to 210 days 4.40% 4.90%
211 days to 270 days 4.40% 4.90%
271 days to 289 days 4.40% 4.90%
290 days to less than 1 year 4.40% 4.90%
1 year to 389 days 4.90% 5.40%
390 days to < 18 months 4.90% 5.40%
18 months days to 2 years 5.00% 5.50%
2 years 1 day to 3 years 5.15% 5.65%
3 years 1 day to 5 years 5.35% 5.85%
5 years 1 day to 10 years 5.50% 6.30%
5 Years (80C FD) 5.35% 5.85%

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