Fixed Deposits are one of the best instruments when it comes to savings and guaranteed returns on deposits. One can increase the return on investment by depositing the amount in fixed deposits. In this system, the bank sets aside an amount that is pre-determined for a particular decided duration. It ranges from 7 days to 10 years. It is basically a risk-free investment and is also considered to be the safest investment option. Also, they are considered to be secure, trustworthy investments that give limited but guaranteed returns. This is why FD is considered by most Indians, but if all of your corpus funds are kept in any other bank account and you need to transfer them for investing in FD purposes, then you should know How to do NEFT in SBI.
Contents
Steps to Download the SBI FD Form
Mentioned are the steps to download the SBI Fixed Deposit Form:
Step 1: Open the SBI official website https://www.onlinesbi.sbi.
Step 2: Click on the tab “Apply for SB/ Current Account”.
Step 3: Now, click on “Banking Forms”.
Step 4: Go to the tab “Account Opening Forms”.
Step 5: Now click the tab “New Account Opening Form”.
Different ways to open FD Online
Mentioned are the different ways to open a SBI fixed Deposit online:
Via Net Banking
- Visit the official website of SBI.
- Make a login to your SBI account.
- Click on the tab “Fixed Deposit”.
- Now, choose the “Type of Deposit Account”.
- Enter the amount to be deposited.
- Now choose the option “Term Deposit”, i.e. “Term Deposit Receipt” (Non-Cumulative) or “Special Term Deposit Receipt” (Cumulative).
- Mention the tenure for which the FD is to be opened.
- Now, select the instructions related to the maturity of the FD amount calculated with the help of the SBI Bank FD Calculator. You need to decide whether the same should be auto-renewed or transferred to your bank account.
Via SBI Yono App
- Download the SBI YONO app on your mobile devices.
- Log in using your username and password.
- Click the tab “Fixed Deposit”.
- Mention the amount to be deposited along with the tenure.
- Now, select the instructions related to the maturity of FD, i.e. auto-renew the FD amount or transfer it to your bank account.
SBI Online FD Interest Rate Highlights
| Highest slab rate | 7.10% p.a. (for 400 days) |
| For 1 year | 6.80% p.a. |
| For 2 year | 7.00% p.a. |
| For 3 year | 6.75% p.a. |
| For 4 year | 6.75% p.a. |
| For 5 year | 6.50% p.a. |
| Tax-Saving FD | 6.50% p.a. |
SBI Fixed Deposit Form
- For Existing Customers
Mentioned below are the details to be filled in while opening an FD in the case of an existing customer:
- Section A
Choose Fixed Deposit or Capital Gain (SB) depending on the type of FD that is to be opened.
- Section B
Choose either “Self”, “Either or Survivor”, “Former”, or “Survivor”, “Anyone”, or “Survivor”, “Jointly Operated”, or “Other”, depending on the mode of operation that is chosen by the depositor.
- Section D
It contains the details related to multi-option deposits and other FD schemes.
Part 2 of section D – SBI Multi Option Deposit Scheme (MODS)
- Choose the type of deposit – “Term of Deposit” or “Term Deposit (Reinvestment)”.
- Specify the tenure for which the amount is to be deposited in “Years”, “Months”, or “Days”.
- Mention the savings or current account number to which the maturity amount is to be credited.
- Choose any one amongst the two “Last in last out” and “First in first out”.
Part 3 of section D – SBI Recurring Deposit
- Fill out the monthly instalment amount in words and numbers, along with the tenure in either months or years.
- Mention the savings or current account number to which the maturity amount is to be credited.
- Mention the issuing banker’s cheque or draft along with the savings bank or current account number from which TDS will be deducted.
- Section F
- Mention the nominee details in Form DA-1.
- Fill out the “Type of Deposit” and “Account Number” along with the name, date of birth, and address of the nominee.
- Mention your relationship with the depositor, mobile number, DOB, and address of the nominee.
- Section G
It contains “Declaration-cum-undertaking-cum-self-certification”, where the depositor is required to accept the terms and conditions related to the opening of the account.
For New Customers
The new applicants are required to fill in the form “Customer Information Sheet” (CIF Creation/ Amendment), which includes the below-mentioned details:
- Section A
- Name
- Maiden Name
- Date of Birth
- Gender
- Marital Status
- No. of Dependents
- Guardian Name and relationship with Guardian
- Nationality
- Citizenship
- Occupation
- Organisation Name; Designation; Nature of Business
- Annual Income
- Source of Funds
- Religion
- Category- General/OBC/SC/ST
- Educational Qualification
- PAN
- Section B
- Mobile Number
- Email ID
- STD Telephone (Office)
- Telephone Residence
- Section C
- Passport
- Voter’s Identity Card
- Driving License
- Proof of possession of Aadhaar Number
- E-KYC
- Offline
- NREGA Job Card
- Letter issued by National Population Register containing details of name and address
- Section D
- Address Type wherein the applicant has to tick anyone the box – “Residential/Business”, “Residential”, “Business”, “Registered Office”, “Or unspecified”
- Address
- City/Village
- District
- State
- Pin code
- Country Name
- Section G
It contains the declaration cum undertaking cum self-certification. Here, the depositor is required to accept the terms and conditions related to the opening of an account. Also, submit the Aadhar card for identification purposes along with the consent that the Aadhar can be verified from UIDAI.
Conclusion
If one wants guaranteed returns and does not want to risk their money, a Fixed Deposit is a great investment choice. Additionally, if one requires a loan from the bank, they can use their FD as security also.
Now that you know about Fixed Deposits and the way they operate, you might want to consider applying for the same, but only after doing all the research and gathering all the necessary information on the different Fixed Deposit instruments available.