Fixed Deposits are one of the most popular savings scheme. One can open a fixed deposit easily with post office or with any bank account online. In this article I will share how to open fixed deposit scheme online with SBI bank. To proceed with that one need onlinesbi login and password. Generally fixed deposits are two types. 1) Normal Fixed Deposit and 2) Income Tax saving Fixed Deposit. One can claim the 2nd fixed deposit amount under section 80C to avail income tax benefit. Let’s check out the steps to open a fixed deposit scheme online with onlinesbi.com.
Steps to open fixed deposit scheme online with SBI
First of all login to Onlinesbi.com and go to personal banking. Provide your ID and password and then follow the steps below to open a fixed deposit online.
1) After login you can see the e-Fixed Deposit link on the main menu. Click on that.
2) In the left side click on e-TDR / e-STDR link.
3) Now you can see 3 options in the screen
- e-TDR / e-STDR (Fixed Deposit)
- e-TDR / e-STDR under Income Tax Saving Scheme
- e-TDR / e-STDR (MOD) Multi Option Deposit
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4) If you want to open a normal fixed deposit just for investment purpose then click on the first option – e-TDR / e-STDR (Fixed Deposit). Then click on proceed button below.
5) In the next screen you have to provide the amount you want to deposit.
6) Then choose term deposit option (STRD or TDR). According to that maturity option will depend
STDR (Cumulative – Interest paid at maturity)
- Auto renew Principal and Interest
- Auto renew Principal and repay Interest
- Repay Principal and Interest
TDR (Non-Cumulative – Interest paid at selected intervals)
- Auto renew Principal and repay Interest
- Repay Principal and Interest
7) There is an option for senior citizens as well. You can also choose the maturity date as well. After that click on submit button to create the fixed deposit. You are done with creation of fixed deposit account online. You can easily visit your account page to check the details related to that.
One can open fixed deposit scheme online with any bank like Canara Bank, HDFC Bank, ICICI Bank, Andhra Bank, IDBI Bank, CITI Bank, PNB Bank etc by following similar kind of steps. The only requirement is one need online banking access and mobile number attached to that account.
Online Fixed Deposit under Income Tax Savings Scheme
For this you have to choose the 2nd type of fixed deposit, e-TDR / e-STDR under Income Tax Saving Scheme. All steps are like above only.
- Choose from any one of STDR and TDR.
- Provide Tenure of Deposit ( Years/Months/Days Maturity Date)
- Maturity Instruction For Your Term Deposit Account will defaulted to Repay Principal and Interest
Online SBI Fixed Deposit Interest Rate
Check out the latest interest rates of Fixed Deposit schemes (amount below 1 crore)
Have a Question Regarding SBI Online Fixed Deposit Scheme?
1. Do I have to visit SBI branch to submit any document? As in few cases they asked to do so?
No. After opening a FD account via onlinesbi.com there is no need to visit SBI branch.
2. I want to add more amounts in the existing FD. Is it possible?
Yes. If you had opened the FD account as Flexi FD then you can add fund any time. E-SBI flexi deposit accounts are similar to recurring deposit accounts only, but one can change the deposit amount every year.
3. What are TDR and STDR? Which one should I choose?
Bank Fixed Deposits can be divided into 2 categories. TDR and STDR.
Under TDR one can expect regular interval interest, like monthly, quarterly etc. In STDR one can get interest compounded periodically. Means interest will be applied on the accumulated value with interest. So if you go with STDR option you will get better return in longer period.
4. Can I open a FD in SBI without having a SBI account?
No. You have to open a savings account first and then only you can do that. And here we are discussing how one can open a fixed deposit scheme online, so without online presence how can you proceed?
5. What is the maximum amount to be deposited in online FD?
I think one can open fixed deposit scheme online with a minimum investment of rs 1,000 only. It may vary with other fixed deposit types.
6. What will happen when my FD matured?
The maturity amount will be transferred to your savings account with which you have opened the FD online. But while opening the FD if you have opted for reinvest then it will re-create another FD for the mentioned years. In the above steps one can see both the options are available while creating fixed deposit. So read and select carefully as per your need.
7. I want to change the maturity period after creation. Is it possible?
No, to do that you have to cancel the FD. While creating FD for the first time you have to choose the maturity period properly. But remember pre-mature closure of fixed deposit scheme may lose some interest amount.
8. I have not attached my mobile no with Onlinesbi.com. Can I open a FD?
Mobile no is a must to operate SBI online banking. You simply download the mobile form from the portal and deposit that in the nearest branch.
9. Can I get income tax benefit for the FD I have created?
You can create eTDR or eSTDR for minimum of 5 year and max of 10 year to get income tax benefit. If you choose the 2nd option while creating a fixed deposit online you can show the deposited amount for income tax saving.
10. Can I get receipt of the online FD to show in tax saving?
No. you have to visit your account branch to collect the same. For any FD with tenure less than 5 year (not under income tax saver FD scheme), one can generate receipts online.
11. Can I create more than 1 FD?
You can create any number of FDs online with various duration.
12. I have a student account. Can open a FD with online sbi?
If you have onlinesbi.com access with any type of bank account, you can open a FD account easily
13. I am not feeling comfortable to create a FD online. Can I open in by visiting a branch and then manage online later?
After following such an easy step by step article also you are not feeling comfortable? Then it is better you take some’s help. yes, you can do the same.
14. What is 15H/15G form?
If your income including your FD interest amount is tax free then you can use these 2 forms 15H and 15G to stop deducting TDS. Form 15H is for senior citizens (above 60 years) and form 15G is for others below 60 years age.
15. Will I get any slip or receipt of FD created online?
You will not get any. But you will get sms and also if you need you can take a print out of that transaction.
16. Is there any minimum duration for e-STD?
The minimum period is now 1 year.
17. How much I can deposit in a flexi deposit account?
One can deposit min of 5000 / year and max 50,000 / year.
18. How much TDS deducted on fixed deposit?
If you have mentioned your PAN number then 10% or else 20%. But TDS will apply only when your accumulated interest amount is more than 10,000.
So, did you try to open a fixed deposit in sbi online banking? Or you have a different bank. Opening a fixed deposit and maintaining it online is very easy. Hope this article will be able to handle all your queries related to online fixed deposit account opening. Do you have some more question? Write a simple comment and let me know about it.