Home >Money >Personal Finance >How to open SBI fixed deposit (FD) online

Country's largest lender State Bank of India (SBI) gives options to its savings account holder to open a fixed deposit (FD) online. Using the online facility, SBI customers can easily open an FD sitting anywhere, they just need a good internet connection. SBI online FD is very convenient as it is very easy to pay for the term deposit and this can be done directly through net banking. All you need to do is transfer the money from the savings account to the respective FD. 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.

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. In an STDR deposit the interest is paid only at the time of maturity but in a a TDR deposit, the interest is paid at selected regular intervals.

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. Tick the ‘Senior Citizens’ tab if you are above 60. Senior citizens get 50 bps over and above the general customers on FDs.

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

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

a) auto renew principal and interest

b) auto renew principal and repay interest

c) repay principal and interest

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.

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