Opening an FD online in State Bank of India (SBI) is a simple process and can be done without even stepping out of your house by following a set of instructions. All SBI account holders 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 purchasing one to calculate the maturity value and interest rate on an SBI online FD. This can be done online by entering then principal amount, tenure, rate of interest and type of interest payout option.
Stepwise process to open SBI FD online
Step 1: Open www.onlinesbi.com 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:
6.25%
Tenure:
1 year
Maturity Amount:
Rs.1,06,398
Total Interest Earned:
Rs.6,398
Use an FD calculator (Fixed Deposit 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 6.25%, the maturity value will be Rs.1,06,398. The total interest earned will be Rs.6,398. 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.
FAQs
1. 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.
2. 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. Then maximum tenure is 13650 days for both types of deposits.
3. 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.1000.
4. Can new customers open an FD account online?
No. New customers will have to first have an internet banking account to open an FD online. Prospective customers will therefore have to request for an internet banking account to open an FD online.
5. 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.
To Know Complete Detail about SBI Fixed Deposit Click Here
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I have invested some money through FD. My salary account is in SBI so i have a zero ATM charges and the limit is not actually set by SBI. They do have short term FDs which is pretty good. I have invested the money of Rs. 60000 and the interest rate is 10.01% for the tenure period of 16 months. There is no lockin period. There is no hassle to getting the money back.
I had fixed deposit with SBI then I withdrawn the amount, I done Rs. 3 lakhs of investment on my daughter name then I taken the liquidity to purchase the land, at the time I struggled a lot to take that money because the process was difficult to withdrawn the money after seven months of tenure.
I do have a Fixed deposit account with SBI and it was carried out by Mom and even I have account for my daughter. Its still running and they have Google application separately to access online. The returns are good. I am doing monthly investment and it was opened quite a long may be 4 years.
I have FD with SBI, I have opt for one year term there is no such limitation for depositing the money. The interest rate is good for the FD, the online banking is convenient to take liquidity. They resolve the queries on time. Its most safe and secured.
I have selected state bnak of indis fixed deposit amount 1 lakhs , Tenure 5 years and Rate of interest 8 percentage after renewal fixed deposit 6 percentage is very less .while document directly bank . Customer service is not good and responsive.
Chosen my fixed deposit from State bank of India. I have invested the money of Rs. 57000 and SBI is a most popular bank all over the India and offering all the facilities compared to bank. Since i have a salary account with them, its easy to transfer the money. They are providing the interest rate of 6.5%.
Chosen my fixed deposit from state bank of India because the given rate of interest is high. They are not deducting any service charges. I have invested the money of Rs. 1 lakhs and there is no lockin period and i have chosen the plan for 1 year and they are giving a interest rate of 6.75%.
I am not much satisfied with the fixed deposit with STATE BANK OF INDIA. I am using from last few years and there is a good online banking also the service from the customer support is good added on that the overall service with them was good.
All customer can deposit the SBI fixed deposit from min of Rs. 10,000 , I believe they give 7% of interest for per annum. I have option to activate or de activate the service through online without going to the bank , there is no documentation to be signed for the online procedure. There is no charges for pre matured of FD.
No reason for choosing my fixed deposit account with state bank of India. They are providing a interest rate of 6.75%. I have invested the amount of Rs. 50000. There is a lockin period of 2 years. I can deposit for a long time as well. There is processing fee for my FD account.
Being a middle class person definitely I think to invest my money that's the reason I chosen SBI fixed deposit because its safe and secured. I can deposit for long term, the online feature is great and I can open and close the FD account through netbanking.
I am having fixed deposit with State Bank Of India ,interest is good .The banking service is good so far .I have not faced any issues so far .Money will be safe on this account .Whenever need money can take and can deposit as well .The banking service is good and satisfied so far .Will get frequent update as well. I am satisfied with the overall service.
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13
RAM BHAJAN ROY
, faridabad
Reviewed on Apr 30, 2019
SBI gives only 6.7% of interest for the fixed deposit, there is some charges applicable for the per matured liquidity amount. They take 1% from the paid amount, its not flexible as HDFC. The customer dealing is also average to resolve the queries.
My fixed deposit is with State Bank of India. I can open and close this account online. The interest I earn is satisfactory. The customer services and response is good and in all it is a smooth process and there are no unwanted charges taken for the same.
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7
ANANTH NAGARAJ NEERAGUNDA
, bangalore
Reviewed on Apr 29, 2019
For SBI fixed deposit there is no locking period, as per the customer convenience they can chose 7 day to 10 years of term. There is pre matured charges they take it from the invest amount . SBI is trusted and reputed and upto Rs.10,000 deposit there is no tax deduction.
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10
RAVINDRANATH AKURATHI
, visakhapatnam
Reviewed on Apr 24, 2019
Two months before I deposited my money nearly 1,50,000 in SBI . I am really happy with their customer service and response . But the interest rate is around 6.85 % which is lesser comparing to other bank . Since It is Government bank, I need not to worry in future if anything uncertain happens .
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5
ALBERT HARISAN WILLIAM
, chennai
Reviewed on Apr 15, 2019
I also have a fixed deposit account with State Bank of India. The customer services are good. The process can be done online. The lock in period depends on the choice of the customer. The minimum tenure is six months. The interest rate provided is also equally good.
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8
MOHD ANISHAHMED KHAN
, new delhi
Reviewed on Apr 13, 2019
Five years before , I opened a Fixed deposit in SBI , It automatically renewed on every year. I just monitors in online . I am looking for more investment in the future. At one stage I open this fixed deposit for my children's education or marriage .
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4
KIRAN VEDANTAM PHANI
, secunderabad
Reviewed on Apr 10, 2019
All we know, SBI is a government bank, that is the reason I have availed fixed deposit from them. As per the current financial year they are providing the interest around 6%, I opened the account through online, but for the closure I think I need to visit the bank.
I have taken my fixed deposit with STATE BANK OF INDIA, their service is good they provide me good interest rate,my deposit is good in growth, and I am making payment through on line like it get auto debited, and till now experience with this bank was good.
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16
SATHEESH KUTTIYIL SREEDHARAN
, hyderabad
Reviewed on Feb 20, 2019
Fixed Deposit
