If you have an Account in SBI (or its Associate Bank) and have used Internet Banking in the recent past, you should have seen that opening a Term Deposit (update: you can now even open a SBI savings account online) is now possible online. Its’ called e-TDR or e-STDR, depending on how you’d like to open your term deposit as. The only difference between e-TDR and e-STDR is that e-TDR is Non-cumulative, which means you’ll get interest on your FD at regular intervals chosen by you. In case of e-STDR, your interest will only be paid at Maturity.
To open a Fixed Deposit (FD)/ Term deposit, just go to Requests sections in your Internet Banking account. Fill in the required details and select the period of your FD. You can check the current Interest rates using the link present on the same page. After completing all details, you can submit the request.
Note that FD can only be opened online if the mode of operation (of your Debit account) is Single. If you are trying to open a FD for a Joint account, then it should be of ‘E or S’ (either or survivor) type.
The deposits will be renewed automatically for the same period if you don’t give instructions to close the FD. You can use the ‘Close A/c option’ available in the Deposit section of Internet Banking to inform the branch to close your FD account. Your FD amount and interest earned will then be credited back to the account from which the initial debit was made.
Update: I myself tried opening a FD online using SBI Net Banking but can’t figure out why the process isn’t going forward. Although my account is Singly’ held (which is confirmed by the Branch), I get a weird error that reads ‘Unable to set the mode of operation for your term deposit account. Please contact your branch’.
I confirmed with the Branch but they were helpless as it was ‘Single’ only. Losing hope I finally opened a FD Offline.
Note: 1.) Your FD will have same mode of operation as your savings account.
2.) For online FD, at the end of the term period (or when you want to cancel it), the bank will not give you hard money in any case, but will re-fund the source account.