Finance Guru Speaks: Wondering how to open online Fixed Deposits (FDs) in SBI through Internet Banking? No worries, this article will guide you. No need to stand in long queues and waste your precious time in the branch. You can avail of the facility with ease and it’s just a few clicks away!
- e-TDR/e-STDR with an additional rate of interest for Senior Citizens will be issued if the option for "Senior Citizen" is selected by the customer and the age of the customer is 60 Yrs or above, on the date of creating the fixed deposit, as per the date of birth recorded with the Bank. The minimum days and minimum amount applicable for an additional rate of interest for senior citizens will be as per the Bank's policy. "However, no additional rate of interest for senior citizens is provided under NRE and NRO term deposits."
- As per section 206AA introduced by Finance(No.2) Act 2009 effective April 01,2010, every person who receives income on which TDS is deductible shall furnish his PAN, failing which TDS shall be deducted at the rate of 20% in case of Domestic deposits and 30.90% in case of NRO deposits.
- Additionally, in the absence of PAN, Form 15G/H and other exemption certificates will be invalid even if submitted & penal TDS will be applicable.
- NRO depositors are required to submit self-declaration / tax residency certificates for availing concessional TDS facility under DTAA.
- Kindly visit your SBI branch with your PAN card (original and copy) to get the same updated in the bank records.
- e-TDR/e-STDR can be opened up to 10 years/3650 days only.
- e-TDR/e-STDR can be opened only if the mode of operation is 'Single' or 'Either or Survivor' or 'Any A/c Hold or Surv' or 'Power of Attorney' or 'Letter Of Authority' or 'Sole Minor-Above 10 Year' or 'Nat Guard Of Minor' or 'Former or Survivor' and 'Latter or Survivor'.
- For e-TDR, the interest will be credited to the savings account selected above.
- For e-TDR, if the tenor is less than or equal to 180 days, interest will be paid at maturity.
- For e-TDR, if the tenor is within 181 to 365 days (including both days), interest will be paid quarterly.
- For e-STDR, interest will be paid at maturity.
- Interest paid at monthly intervals will be at a discounted rate of interest.
- NRO depositors are required to submit self-declaration/tax residency certificates for availing of concessional TDS Facility under Double Taxation Avoidance Agreements (DTAA).
- e-TDR/e-STDR will be disposed of according to the Maturity Instruction given at the time of opening the deposit. In case of auto-renewal, the deposit will be renewed for the same duration for which it was originally kept, at the rate of interest prevailing on the date of renewal for that duration. If auto-renewal instructions are given, the instructions will continue to be executed till terminated by the account holder
- Although you are submitting the instructions online, the account itself will not be opened in Internet Banking but in Core Banking, which is the accounting system of the Bank. Hence the rules about the account as applied in Core Banking will apply to this deposit.
- Interest paid on premature withdrawal of term deposits could be less than the contracted rate, as per the applicable rule on the date of premature payment. To know the current rules, please click on Domestic term deposit, NRO term deposit & NRE term deposit
Images Courtesy: SBI Internet Banking website
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Steps to follow to open Fixed Deposits (FD) or eTDR in SBI Through Internet Banking:-
1. Login to your SBI Internet Banking Account.
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| OnlineSBI Login Page |
2. Go to e-Fixed Deposit -> e-TDR/e-STDR(FD) and select e-TDR / e-STDR (Fixed Deposit) option. Now click on the Proceed button. It is shown below:-
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| Click to enlarge - OnlineSBI FD or eTDR Account |
Here, STDR means FD Account Cumulative - Interest paid at maturity.
TDR means FD Account Non-Cumulative - Interest paid at selected intervals.
Fill in the details on the next page and submit it to open an FD Account. Let me know if you face any difficulties in filling up the details.
3. Once your FD account opens, you can check its details under the section Deposit Accounts in My Accounts > Account Summary page, as shown below:-
Fill in the details on the next page and submit it to open an FD Account. Let me know if you face any difficulties in filling up the details.
3. Once your FD account opens, you can check its details under the section Deposit Accounts in My Accounts > Account Summary page, as shown below:-
 |
| Click to enlarge - Open Online FD Account in SBI |
Important details provided by Bank:
- e-TDR/e-STDR with an additional rate of interest for Senior Citizens will be issued if the option for "Senior Citizen" is selected by the customer and the age of the customer is 60 Yrs or above, on the date of creating the fixed deposit, as per the date of birth recorded with the Bank. The minimum days and minimum amount applicable for an additional rate of interest for senior citizens will be as per the Bank's policy. "However, no additional rate of interest for senior citizens is provided under NRE and NRO term deposits."
- As per section 206AA introduced by Finance(No.2) Act 2009 effective April 01,2010, every person who receives income on which TDS is deductible shall furnish his PAN, failing which TDS shall be deducted at the rate of 20% in case of Domestic deposits and 30.90% in case of NRO deposits.
- Additionally, in the absence of PAN, Form 15G/H and other exemption certificates will be invalid even if submitted & penal TDS will be applicable.
- NRO depositors are required to submit self-declaration / tax residency certificates for availing concessional TDS facility under DTAA.
- Kindly visit your SBI branch with your PAN card (original and copy) to get the same updated in the bank records.
- e-TDR/e-STDR can be opened up to 10 years/3650 days only.
- e-TDR/e-STDR can be opened only if the mode of operation is 'Single' or 'Either or Survivor' or 'Any A/c Hold or Surv' or 'Power of Attorney' or 'Letter Of Authority' or 'Sole Minor-Above 10 Year' or 'Nat Guard Of Minor' or 'Former or Survivor' and 'Latter or Survivor'.
- For e-TDR, the interest will be credited to the savings account selected above.
- For e-TDR, if the tenor is less than or equal to 180 days, interest will be paid at maturity.
- For e-TDR, if the tenor is within 181 to 365 days (including both days), interest will be paid quarterly.
- For e-STDR, interest will be paid at maturity.
- Interest paid at monthly intervals will be at a discounted rate of interest.
- NRO depositors are required to submit self-declaration/tax residency certificates for availing of concessional TDS Facility under Double Taxation Avoidance Agreements (DTAA).
- e-TDR/e-STDR will be disposed of according to the Maturity Instruction given at the time of opening the deposit. In case of auto-renewal, the deposit will be renewed for the same duration for which it was originally kept, at the rate of interest prevailing on the date of renewal for that duration. If auto-renewal instructions are given, the instructions will continue to be executed till terminated by the account holder
- Although you are submitting the instructions online, the account itself will not be opened in Internet Banking but in Core Banking, which is the accounting system of the Bank. Hence the rules about the account as applied in Core Banking will apply to this deposit.
- Interest paid on premature withdrawal of term deposits could be less than the contracted rate, as per the applicable rule on the date of premature payment. To know the current rules, please click on Domestic term deposit, NRO term deposit & NRE term deposit
e-TDR or FD FAQs by Bank: Follow this Bank link
Also Read:
Images Courtesy: SBI Internet Banking website
If you like my work, then you can support me by subscribing to my YouTube Channel - FINANCE guru SPEAKS, and sharing this article over your Social Networks. Thank you. ✌
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