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How to Open Fixed Deposit in SBI ?

In order to open a fixed deposit in SBI Online or Offline first of all you need to open a bank account in SBI. Once you have a bank account in SBI, there are 2 ways of getting a fixed deposit in SBI(State Bank of India). First way is to login to your SBI Online Account and open a fixed/term deposit in SBI Online. Another way is to open a Fixed Deposit by personally visiting your SBI Home Branch. Before we proceed to know how to open fixed deposit in SBI or FD in SBI, let’s know what is a fixed deposit and some important things you must know to open a term deposit in SBI or FD in SBI.

What is a Fixed Deposit in SBI ?

A fixed deposit in SBI is nothing but a lump sum investment in the bank which provides investors with a higher rate of interest than a regular savings account till the given date of maturity.

Things to know before you open a Fixed Deposit in SBI

  • Minimum tenure for a fixed deposit is 7 days and the maximum is 10 years.
  • The interest rates may vary from time to time.
  • You can open a fixed deposit with a nominal amount of Rs.1000/- .
  • The name on Fixed Deposit Account will be the same as that on the Bank Account from which fixed deposit a/c is funded.
  • Fixed Deposit Account will be automatically renewed at the time of maturity if you do not visit the Branch for payment / renewal on maturity.
  • To close the Fixed Deposit  before maturity you may use ‘close a/c’ tab under e-TDR/e-STDR link.
  • Only Online Fixed Deposit can be closed through ‘close a/c’ tab. TDR/STDR opened at SBI branch can be closed at the branch only.
  • e-TDR / e-STDR can only be created online from 8:00 AM to 8:00 PM. If you raise a request beyond this period, it will be scheduled for the next opening hours.

How to Open Fixed Deposit in SBI Online ?

In order to open a fixed deposit account in SBI Online, first of all you need to make sure that you have already registered and activated internet banking in SBI. If you have still not applied for Internet Banking in SBI, you must apply, register and activate internet banking in SBI.

ALSO SEE : How to get a Credit Card by Fixed Deposit in SBI & Other Banks ?

Once you have your SBI Internet banking User Name and Password, and at least one transaction account mapped to the username, you can proceed with the process to open a Fixed Deposit in SBI.

Let’s now know the step by step procedure to open a fixed deposit in SBI Online.

1) Opening the Online SBI Website and Signing into Internet Banking Account

First of all you need to Open the SBI Online Website –> https://retail.onlinesbi.com/retail/login.htm

Click on Continue to Login to reach the SBI Online Login Page.

SBI Online Continue to Login

Please enter your Username and Password and click on Login to Login to your Online SBI Account.

Login to SBI Online by Username and Password

(2) Selecting the E-Fixed Deposit Tab & Proceeding to Open Fixed Deposit in SBI Online

Now you need to click on the E-Fixed Deposit Tab on the Top Menu (Highlighted in the Picture Below)

E-Fixed Deposit Option in Online SBI

As soon as you click on the E-Fixed Deposit Tab, you will be redirected to a new page where you will need to Select e-TDR / e-STDR (Fixed Deposit) and click on Proceed.

Fixed Deposit in SBI Online

(3) Entering the Amount of Fixed Deposit

Now, you will need to enter the amount of which you want to open the Fixed Deposit. If you are a Senior Citizen(i.e., 60 years or more), you need to click on the box which says ‘Senior Citizen’. Note : Remember that Senior Citizens get higher Interest Rates on deposits of Rs.10,000 & above.

Just Scroll Down the Page now.

Open etdr estdr in sbi online

(4) Selecting the Fixed Deposit in SBI Online

Now you will need to select the type of Term/Fixed Deposit Account you need to open in sbi online. You can select any of the two options(e-STDR/e-TDR) after reading the important points given below :

e-STDR(Interest Paid at Maturity)

  • Tenure of Deposit(1. Days 2. Years/Months/Days 3. maturity Date)
  • Now to you will be asked to choose Choose Maturity Instruction For Your Term Deposit Account (Auto renew Principal and Interest/Auto renew Principal and repay Interest/Repay Principal and Interest)

e-TDR(Interested Paid at Selected Intervals)

  • Tenure of Deposit(1. Days 2. Years/Months/Days 3. maturity Date)
  • Now to you will be asked to choose Choose Maturity Instruction For Your Term Deposit Account (Auto renew Principal and Interest/Repay Principal and Interest)

After you select the type of fixed deposit you want to open, you need to check on ‘I Accept the terms and Conditions’ and click on Submit.Selecting the Fixed Deposit in SBI Online

As soon as you click on Submit, your Fixed Deposit Account will be opened(if opened between 8:00 am to 8:00 pm, otherwise will be scheduled for next working day). Your fixed deposit account will be mapped to your internet banking account and can be seen as shown below.

List of Fixed Deposit Accounts in SBI Online

Also, you will be notified when your Fixed Deposit is going to mature so that you can take necessary action for it.

How to Open Fixed Deposit in SBI Offline ?

If you don’t have an internet banking account in SBI, you don’t have to worry. You can also open a fixed deposit in SBI by visiting your SBI Home Branch. You just need to follow the simple steps given below and you will soon have a SBI fixed deposit account.

(1) Filling the Fixed Deposit Form

You can either collect a form for SBI Fixed deposit from your Home Branch or you can download the SBI FD Form Online. Once you have the Fixed Deposit Form of SBI, you need to fill in all the required details.

(2) Gathering the Required Documents

Once you fill up the fixed deposit form, you need to gather all the documents which are required to open a Fixed Deposit Account in State Bank of India. You may be asked to submit self attested photostat copies of your PAN Card and Address Proof.

(3) Verifying the Documents for Term Deposit Account

Once you have filled the fixed deposit form and you have the required documents with you, you need to Visit the SBI Home branch to verify your documents.

(4) Submitting the Amount for Fixed Deposit in SBI

Once your documents are verified, you need to make sure that you have at least the amount in your bank of which you need to open Fixed Deposit. If not, then you must deposit the amount.

(5) Opening the SBI Fixed Deposit

Finally, you will need to submit all your documents along with the cash voucher(if you have submitted an amount). You will either be given your Fixed Deposit Account Details on the same day or you will be given a date on which you can collect your details.

These are the 2 different ways by which you can open a fixed deposit account in SBI. In my opinion, opening a fixed deposit online is an easy task and would not take more than 5 minutes. The only condition is that you need to have a net banking account in SBI.

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About Anirudh Singh

Anirudh Singh is a passionate blogger and the man behind Amazing India Blog. He has 5 years of experience in the newspaper industry and he founded Amazing India Blog in 2015. Apart from writing and editing articles on Travel, Business and Technology at Amazing India Blog, he also contributes to other well known newspapers and online news blogs.

One comment

  1. In the form A for SCSS,2004 at SBI there is space for signature of nominee.
    If the nominee is adult,is it necessary to sign it by the nominee.
    Please advise.
    Regards,
    R.Sensarma

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