What is Fixed Deposit Account?
In deposit terminology, the term Fixed Deposit Account belongs to a type of savings account where deposits are created for a specified duration of time and that pay out a fixed rate of profit.
The term Fixed Deposit is used in India and Southeast Asia and its similar in the United States is CD or Time Deposit, while in the United Kingdom the similar term is a Bond, and in Australia and Canada, the investment outcome is known as a Term Deposit.
What is SBI?
SBI stands for State Bank of India. It is one of the largest public sector commercial bank in India. It is famously known for its top-notch financial services and products. The headquarters are in Mumbai and Maharashtra; it offers a huge range of banking services to the corporations, local companies and individuals.
It has more than 22,000 branches, and 55,000 ATMs, including 190 foreign offices spread across 36 countries. SBI established in the 19th century and has performed a crucial role in setting up the secured banking services sectors all over in India.
Through its subsidiaries and joint investments, SBI offers financial assistance such as loan banking, investment banking, brokerage services, insurance and asset management. Check SBIOnline for some great options.
Ways to open Fixed Deposit Account in SBI
There are two methods to open a Fixed Deposit Account in SBI:
- In your nearest SBI branch
- Apply online
How to apply Fixed Deposit Account to your nearest SBI branch?
- The first step is to visit your nearest SBI branch and get “Application Form” for Fixed Deposit Account.
- The second step is to fill up the Fixed Deposit form by writing the required details on it.
- After form filling, you need to attach the required documents, for example, Photo, Pan card, Aadhar card, Address proof, telephone bill, electricity bill, etc. and submit to the counter.
- Submit a cash or self-cheque for your Fixed Deposit amount along with the form and documents to the counter.
- After form submission to the counter, you will get a receipt from the concerned person on the counter, which is very important and you have to show the deposit slip while recollecting your money.
- That’s it, here your application process is completed and your fixed deposit account will be activated within 7 working days.
How to apply Fixed Deposit Account in SBI Online?
Nowadays, our generation gives priority to be done everything on the computer. It is known as online processes or tasks. The online process for everything to reduce the paperwork and it doesn’t let you be standing on waiting lines.
Steps to open an online Fixed Deposit Account in SBI are:
- Go to the online SBI website and sign into the Internet Banking Account.
- Now click on the E-Fixed Deposit Tab and select (Fixed Deposit) option.
- Now, you have to enter the amount of your Fixed Deposit Amount. Here is a notable thing which is, if you above 60 age then you need to click on the box where it mentions “Senior Citizen.”
- On the next step, you need to choose the type of Fixed Deposit Account. You can choose any of two given option (e-TDR/e-STDR). You can read the difference between these two options on the same page.
- After the selection of the type of fixed deposit, you have to click on “I Accept the term & Conditions” and click on Submit option.
- By doing this so, your fixed deposit account will be completed and will show to you in your account details.