Multiply Your Returns with SBI Fixed Deposit Online

In order to avoid long waits standing in queues for opening your SBI fixed deposit, the bank gives the flexibility to book your fixed deposit online within the comfort of your home. Fixed deposit also known as the term deposit is a safe financial instrument preferred by various customers to employ their predetermined amount of money for a fixed time period.  It gives them assured fixed returns along with the safety of principal amount upon maturity.

The widely acknowledged government bank, State Bank of India is one of the largest bank considered by large masses for keeping their fixed deposit related requirements and also for obtaining loans. The bank offers attractive rates of interest to both general public and senior citizens as well.

SBI Fixed Deposit Interest Rates-

The following are the interest rates applicable to the general public are as follows :

• 7 days to 45 days the rate of interest is 3.75%
• 46 days to 210 days the rate of interest is 3.85%
• 211 days to less than 1 year the rate interest is 4.00%
• 1 year to less than 3 years the rate of interest is 6.00%
• 3 years to 10 years the rate of interest is 5.50%

The following are the interest rates applicable to the senior citizen are as follows:

• 7 days to 45 days the rate of interest is 4.25%
• 46 days to 210 days the rate of interest is 4.35%
• 211 days to less than 1 year the rate of interest is 4.50%
• 1 year to less than 3 years the rate of interest is 4.75%
• 3 years to 10 years the rate of interest is 4.75%

How to open SBI Fixed deposit online?-

• To start creating your fixed deposit, first log in to your online SBI fixed deposit Account.
• Click on the link https://www.onlinesbi.com/
• In order to verify whether the site is genuine or not, check the verification signature at the side of the address bar. If the verification bar is green, then it stands authenticated and secure to continue accessing the site.
• In case if there is no verification bar, exit the page immediately.
• Next, click on Login button, you will be re-directed to the confirmation page, go through the note given there and once satisfied continue to click the 'Continue to Login' button and you will now be again directed to the login page where you have to enter your Online SBI ID and Password.
• You may also see an additional security measure where to avoid keyloggers, SBI has given the facility of an online virtual keyboard which you can use for entering your password.
• Once you have successfully logged-in, you may be directed again to the home page section.
• Now you must have started viewing your savings and existing deposit accounts.
• In order to create your fixed deposit online, click on the e-Fixed Deposit link and there are 3 options  available for selecting the type of deposit account.

e-TDR/e-STDR(Fixed Deposit)

e-TDR/e-STDR under Income Tax Saving Scheme

e-TDR/e-STDR Multi Option Deposit

e-TDR vs. E-STDR-

TDR and STDR terms are different classifications of fixed deposits. TDR means Term deposit and STDR means special term deposit. Following are the major difference between them.

TDR- Avail TDR option if you want to get periodic payments from your fixed deposit after short intervals like a week, month or quarterly, you have to deposit under TDR scheme. The normal  interest rate will be paid to you by the bank on your fixed deposit as per the payout option chosen by you.

STDR- If you are not availing periodic payments but looking for interest accrual and a bullet payment at the end of the tenure then you have to consider the STDR. The benefit of this scheme is that it will be quarterly compounding. The interest calculation is done on a quarterly basis and at the end of each quarter, the same gets added to the principal. As a result, your yield to maturity will be higher.

• If you are selecting FDs for lesser tenure i.e. lesser than 5 years, then click on the first option, e-TDR/STD on the left side. Else select “e-TDR/e-STDR under Income Tax Saving Scheme” for booking your FD upto 5 years.

• Now select your savings account number that you wished to create your FD from, enter the amount, choose TDR or STDR, accept the terms and conditions and finally, you have booked your FD online.

SBI Fixed Deposit Documents Required-

The following are the documents required to be submitted by the individual, Hindu Undivided family, and sole proprietorship for booking their FD :

• A coloured photograph
• Passport/Driving License
• Bank account details of last six months

The following are the documents required to be submitted by the trust, association/clubs :

• Passport size photograph of the applicant
• Copy of the Trust Deed/ Bye- laws of the association.
• Copy of registration certificate
• Copy of the resolution of trustee permitting the member to operate and open the accounts.