Opening a fixed deposit account in digital India is now a totally digital procedure in which you must choose your preferred bank and specify the fixed amount that you want to deduct from your savings account towards a fixed contribution to your fixed deposit account. You no longer need to physically visit your bank branch with hard copies of the required documents such as identity proof, salary proof, address proof, bank statement, and so on. To open a fixed deposit account online, however, you just need to complete an online or video-based KYC process, following which you can successfully make the first step towards your personal financial goal. As a consequence, investors looking to open a fixed deposit account online may head to the country's largest lender, State Bank of India, for higher and stable interest rates on deposits of less than Rs 2 Cr. So, using the YONO SBI Mobile App, you can establish a fixed deposit account with SBI online.
SBI Fixed Deposit
For non-senior citizens under the age of 60, SBI offers a Term Deposit plan where they can deposit a lump sum money to enjoy advantages like fixed returns, interest payout options, liquidity using either overdraft or premature withdrawal. One can open a fixed deposit account for a maturity term ranging from 7 days to 10 years with a minimum deposit of Rs. 1,000/- and subsequent deposits in multiples of Rs. 100/- with no upper limit. The account holder receives interest on a Term Deposit quarterly from the date of making an initial deposit or at maturity, including the principal amount.
In the event of Term Deposits with durations of twelve months or more, he or she can choose to receive interest payments on a monthly, half-annual, or yearly basis. SBI last updated its fixed deposit interest rates on January 8, 2021, and regular customers will now receive the following interest rates on deposits of less than Rs 2 Cr.
|Tenors||Revised Rates In % For Public w.e.f. 08.01.2021|
|7 days to 45 days||2.9|
|46 days to 179 days||3.9|
|180 days to 210 days||4.4|
|211 days to less than 1 year||4.4|
|1 year to less than 2 year||5|
|2 years to less than 3 years||5.1|
|3 years to less than 5 years||5.3|
|5 years and up to 10 years||5.4|
SBI Wecare Deposit Scheme
SBI also provides a unique "SBI Wecare" Deposit scheme for the convenience of senior citizens aged more than 60 years, in which an additional rate of 30 bps over and above the standard 50 bps will be granted to Senior Citizen's on their retail term deposit made for '5 Years and above' tenor only.
The interest rate given to SBI employees and retirees will be 1.00 percent higher than the prevailing interest rate. The interest rate applicable to all Senior Citizens and SBI Pensioners aged 60 and up will be 0.50 percent higher than the rate paid to resident Indian senior citizens for all tenors, i.e. SBI resident Indian Senior citizens Pensioners will have 1% plus 0.50 percent interest benefits.
The applicable interest rates on SBI Wecare Deposits will be applicable to new deposits as well as renewals of maturing deposits. The "SBI Wecare" deposit scheme has been extended till March 31, 2022, according to a recent notification of SBI. Here are the latest interest rates on fixed deposits of less than Rs 2 Cr for senior citizens.
|Tenors||Revised Rates In % for Senior Citizens w.e.f. 08.01.2021|
|7 days to 45 days||3.4|
|46 days to 179 days||4.4|
|180 days to 210 days||4.9|
|211 days to less than 1 year||4.9|
|1 year to less than 2 year||5.5|
|2 years to less than 3 years||5.6|
|3 years to less than 5 years||5.8|
|5 years and up to 10 years||6.2|
How To Open A Fixed Deposit Account Using SBI YONO App?
Depositors can open a fixed deposit account online using the SBI YONO app by following the steps outlined below.
- Open the YONO SBI mobile banking app on your mobile phone and log in to your account either using User ID and Password or 6-digit MPIN.
- Under the homepage, tap on 'Deposits' and under the 'My Deposits' section tap on 'Fixed Deposits'.
- Now tap on the option 'Open Fixed Deposit' and enter the amount that you want to deposit.
- From the drop down menu, select your savings account from which you want to deduct the amount.
- If you want to open a tax saving deposit account, tick on the box asking 'Do you want your Fixed Deposit to be Tax Saver Fixed Deposit'.
- Once you are done, tap on 'Next' to proceed further.
- Now specify the tenure in years, months and days and then tap on 'Next'.
- Once you specify your deposit period, you will get the details of maturity date and applicable interest rate.
- Now click on 'Next' and select the interest payout option i.e. Quarterly or at maturity.
- Now specify what you want to do with the maturity amount by selecting an option from 'Credit to account' or 'Renew principal and repay interest'.
- Once you are done you will get a 'Review Your Fixed Deposit' page where you need to check all the entered details and tap on 'Confirm' by accepting the terms and conditions.
- Upon confirming your application process, you will get a successful message on your mobile number registered with the bank.