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How to start an SBI Fixed Deposit online in 10 simple steps

Sulagna D
·2-min read

Starting a fixed deposit has proven to be beneficial for the long term. The pandemic has created the quest for stability in everyone’s hearts and minds. SBI offers compelling FD interest rates, starting from 2.9% to 5.4% upon maturities ranging from seven days to ten years. Better rates are provided to senior citizens according to their choice of maturity tenure.

You can open a Fixed Deposit (FD) from any offline SBI branch located in PAN India. However, you can also do the same in the comfort of your homes. SBI allows you to open an FD online. FD online will also allow you to renew or close the FD at your own will.

Also read: 25 words you should instantly delete from your résumé

Starting a State Bank of India FD online can be done in 10 simple steps:

Visit and sign in to your net banking account using your username and password.

  • Click on the Fixed Deposit option and click on E-TDR/e-STDR (FD). Here TDR stands for Term Deposit and STDR stands for Special Term Deposit. Later, click on proceed.

  • Choose the Fixed Deposit you wish to open amongst various types and click on ‘Proceed.’

  • Choose the account from which you wish to pay the term deposit if you have multiple accounts.

  • Choose the principal value for your fixed deposit and enter the principal amount for the same in the

    ‘amount tab.’

  • You may now proceed to choose the deposit tenure or date of maturity.

  • Now select the suitable maturity instruction.

  • Read through the T&C and submit.

  • Check the FD details that show up and then click OK.

You might want to save the document as PDF or keep the transaction number saved.

Opening a Fixed Deposit is extremely beneficial as it encourages saving, offers flexibility and can also be easily liquidated. State Bank of India offers high interest rates and various tax benefits with its Fixed Deposits, which are exceptional value adds when compared with other banks. Starting a fixed deposit is also risk-free since it is not driven by the market and you get a guaranteed sum when the fixed deposit matures. Moreover, it is just a few clicks away!

Also read: Your one-stop guide to the basics of ULIPs