How to Open an SBI Fixed Deposit (FD) Online
If you are SBI account holder, you can use the net banking platform to open an e-fixed deposit at the click of a button. SBI customers can choose from the wide range of FD options and open one that best suits their interests.
Use an online FD interest calculator before opening an FD account to calculate the maturity value and interest rate on SBI FD. This can be done online by entering the principal amount, tenure, rate of interest, and type of interest payout option.
Steps to open an SBI Fixed Deposit online
Step 1: Go to the SBI website and log in to SBI net banking by providing personal details
Step 2: Go to the homepage, click on the 'Deposit Schemes' option and go to 'Term Deposits'. Then click on 'e-fixed deposit' on the top menu
Step 3: Proceed to choose the type of FD you want to open and click 'Proceed'
Step 4: Choose the account from which money has to be debited if you have multiple bank accounts.
Step 5: Also choose the FD principal value and fill the same in the 'Amount' column. Tick the 'Senior Citizens' tab if you are above 60.
Step 6: Choose a cumulative/STDR deposit or a non-cumulative/TDR deposit and choose maturity date or internet payout frequency accordingly.
Step 7: Choose maturity instructions, and accept terms and conditions after reading. Click the 'Submit' button to successfully open an FD
Checklist/Requirements for Opening SBI FD Online
- A savings account with SBI
- An online banking account
- A mobile banking account
SBI FD Calculator
Deposit Amount: | Rs.1 lakh |
Rate of Interest: | 4.40% |
Tenure: | 1 year |
Maturity Amount: | Rs.1,06,398 |
Total Interest Earned: | Rs.6,398 |
Use an FD calculator to know the maturity amount and total interest earned on an SBI FD. For example, if you invest Rs.1 lakh for a period of 1 year at an interest rate of 4.40%, the maturity value will be Rs.1,04,473. The total interest earned will be Rs.4,473. The interest is compounded on a quarterly basis.
Advantages of Opening an FD Online
- Easy, less time-consuming - An online FD eliminates the need to visit a bank branch physically and makes opening an FD a very easy and hassle-free process.
- Easy payment - It is very easy to pay for the FD and this can be done directly through net banking, making the payment process very convenient and smooth. All you need to do is transfer the money from the savings account to the respective FD account.
- Easy renewal, closure - Once you open an FD online, you can renew and close the deposit online instantly. Hence, there is no need to go to the bank for any of these purposes.
Apply for Other Banks FD
- Apply for HDFC FD
- Apply for Axis Bank FD
- Apply for Post Office FD
- Apply for Canara Bank FD
- Apply for IDBI Bank FD
- Apply for Bank of India FD
- Apply for Bank of Maharashtra FD
- Apply for Union Bank FD
- Apply for Indian Bank FD
- Apply for Central Bank of India FD
- Apply for IOB FD
- Apply for Oriental Bank FD
- Apply for IndusInd Bank FD
- Apply for Standard Chartered Bank FD
- Apply for Yes Bank FD
- Apply for Kotak Bank FD
- Apply for PNB FD
- Apply for RBL Bank FD
- Apply for HSBC Bank FD
- Apply for Bank of Baroda FD
- Apply for KVB FD
- Apply for Federal Bank FD
FAQs on SBI Fixed Deposit Application
- What is the tenure range for online FDs in SBI?
The minimum tenure for TDR deposits is 7 days and the minimum tenure for STDR deposits is 180 days.
- What is TDR and STDR deposit?
TDR, is expanded as Term Deposit, while STDR is expanded as Special Term Deposit. In an STDR deposit the interest is paid only at the time of maturity but in a TDR deposit the interest is paid at selected regular intervals.
- What is the minimum amount that needs to be put into an online FD account?
The minimum principal amount that needs to be invested is Rs.1,000.
- Can new customers open an FD account online?
No. New customers will have to first have an internet banking account to open an fixed deposit online. Prospective customers will therefore have to request for an internet banking account to open an FD online.
- Can customers choose tenue range and type of deposit online?
Yes. This can be done by following the stepwise process to open an FD online.
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