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Home >Money >Personal Finance >State Bank of India cautions against online FD fraud

State Bank of India (SBI) has informed its account holders about social engineering frauds where cyber criminals are reported to have created online fixed deposits (FD) in customers' accounts. “We urge our customers not to share their banking details with anyone. Don't fall for scammers impersonating as SBI, we never ask for personal details like Password/OTP/CVV/Card Number over the phone," the bank further added.

The country's top lender, SBI, took to Twitter to convey this message to its customers about this new kind of cyber fraud where fraudsters are using victim's online FD account to siphon off money.

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From time-to-time, SBI keeps alerting its customers warning them about phishing trends and methods to safeguard them against such frauds. SBI keeps its customers informed through its official Twitter handle (@TheOfficialSBI).

SBI gives options to its savings account holder to open a fixed deposit (FD) online.

How to open SBI fixed deposit (FD) online

1) Log-in to SBI net banking by providing personal details.

2) From fixed deposit option, click on e-TDR/e-STDR (FD). Now, click on proceed. TDR is term deposit, while STDR is Special Term Deposit.

3) Proceed to choose the type of FD you want to open and click ‘Proceed’.

4) If you have multiple bank accounts, then choose the account from which money has to be debited.

5) Also choose the FD principal value and fill the same in the ‘Amount’ column.

6) Now, choose the tenure of deposit— days, year/months/days or maturity date.

7) Now choose maturity instruction for your term deposit account.

8) Click on terms and conditions and then submit.

9) Your FD with details (name, nominee etc) will appear on the screen. Click 'OK'.

10) Please note the transaction number for future reference. You can take out a print or save as a PDF by clicking on the respective options

SBI latest FD interest rates (below 2 crore) for general public

SBI FDs between 7 days to 10 years gives 2.9% to 5.4% to general customers. Senior citizens will get 50 basis points (bps) extra on these deposits. The revised SBI rates on retail FDs of less than 2 crores are effective from 8 January 2021.

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