How to Open Online Term Deposit Account in SBI

If you are having an account in State bank of India (SBI) and also having basic Computer knowledge and Internet browsing skills then here is the procedure on how to open Term Deposit account online.

SBI is providing Online banking facility to all its customers free of cost. There are many advantages of having online banking account. The most important one is you don’t have to visit your branch and stand in the long queues waiting for your turn. So having online account will save a lot of time. There are many more features like transferring amount form one account to another, online ticket booking, online shopping etc. Just visit your branch to get registered for online banking services.

One nice feature provided by SBI is giving the freedom to the user to open online Term Deposit account free of cost. Online term deposit is known as e-TDR/e-STDR. The difference between e-TDR and e-STDR is, In e-STDR the interest will be paid on maturity and also the minumum tenure is 180 days and the maximum tenure is 10 years. In e-TDR the interest will be paid at regular intervals based on customer choice. The minimum tenure for e-TDR is 7 days and max tenure is 10 years. For both e-TDR and e-STDR the minumum amount for deposit is Rs.1000/-

Now here is the procedure for opening online e-TDR/e-STDR account.

    Login with your user name and password. Go to Requests tab.
    Before directly opening online e-TDR/e-STDR, just enquire about the maturity value by clicking on Enquiry tab for knowing the exact interest for a particular amount with out opening e-TDR/e-STDR account.
    You are in Requests tab, and click on open e-TDR/e-STDR online.
    Follow the wizard. After opening the account download the pdf which serves as your online receipt.

That’s it.

After the maturity the interest will be credited back to the funding account. You can cancel your e-TDR/e-STDR account and the amount will be get credited back to your SBI account.

If you want to know SBI Fixed Deposit interest rates then visit SBI Interest Rates on FD.

Imagine if you don’t have online account you have to visit your nearest branch two times. First time to open your account and second time on the maturity date to collect your money. Having online account will save a lot of time. Hope you will use this feature.

source : nareshbharat

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