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SBI online: How to open tax saving fixed deposit (FD) account via net banking

SBI online: A special SBI Wecare Deposit for Senior Citizens introduced in the Retail Term Deposit segment wherein an additional premium of 30 bps (over & above the existing 50 bps as detailed in the above table) will be paid to Senior Citizen’s on their retail TD for '5 Years and above' tenor only.Premium
SBI online: A special SBI Wecare Deposit for Senior Citizens introduced in the Retail Term Deposit segment wherein an additional premium of 30 bps (over & above the existing 50 bps as detailed in the above table) will be paid to Senior Citizen’s on their retail TD for '5 Years and above' tenor only.

  • SBI online: Depositors can open tax saving FD account using their State Bank of India net banking facility

SBI online: Tax saving fixed deposit (FD) is one of the most attractive investment tool for investors who have low risk appetite. Like any other Indian bank, State Bank of India (SBI) also offers FD account to bank depositors. The largest Indian commercial bank also offer tax saver FD account with 5 years lock-in period. It allows depositors to open tax saving FD account using SBI net banking as well. Under Section 80C of the income tax act, a bank depositor is eligible for claiming income tax exemption on one's investment in bank fixed deposits for 5 years or more tenor.

SBI Fixed deposit (FD) interest rate

For long-term or say one year or above tenure, FD account at SBI can be a good bet as it gives 5.10 per cent to 5.40 per cent on fixed deposits for one year to 10 years tenor. Recently, State Bank of India has revised its FD interest rates for long term tenor. It increased FD interest rate from 5.10 per cent to 5.20 per cent for 2 years to less than 3 years tenure. It raised FD interest rate from 5.30 per cent to 5.45 per cent for 3 years to less than 5 years tenure. However, for tax saving FDs, SBI raised interest rate from 5.40 per cent to 5.50 per cent. For senior citizens, SBI FD interest rate offered is 6.30 per cent on tax saver fixed deposits.

This SBI scheme allows 6.5% FD interest for senior citizens on tax saving FDs.

See full list of SBI FD interest rate below:

Source: SBI website
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Source: SBI website

As per the SBI website, "A special “SBI Wecare" Deposit for Senior Citizens introduced in the Retail TD segment wherein an additional premium of 30 bps (over & above the existing 50 bps as detailed in the above table) will be paid to Senior Citizen’s on their retail TD for '5 Years and above' tenor only. "SBI Wecare" deposit scheme stands extended up to 30th September, 2022."

How to open SBI tax saving fixed deposit account online

As mentioned above, one can open tax saving FD accounts online using SBI net banking facility following step by step guide mentioned below:

1] Login with your SBI Net Banking credentials.

2] Click on 'e-TDR/eSTDR FD' under the 'Fixed Deposit' tab.

3] Click on e-TDR / eSTDR under Income Tax Savings Scheme.

4] Click 'Proceed'.

5] Select the account, amount and accept the terms and conditions and click on submit.

6] Then, click 'Confirm'.

Now on the next page, you will get the details of your SBI tax saving fixed deposit (FD).

However, an investor must note that tax saving FD account with SBI can't be redeemed before completion of 5 years lock-in period or from the date of deposit unless the depositor dies.

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