Requirements for Creating a Fixed Deposit Online with SBI
Before we go ahead, there are three basic requirements that you will need:
- The first and main requirement is that you need to have a savings account with State Bank Of India (SBI).
- Secondly, you need to have the online banking facility: You can apply for online banking at your nearest SBI Branch.
- Thirdly, you need to have mobile banking activated for your savings account, you can avail this facility at your nearest SBI Branch as well.
Once you have these things, the next thing you need is a computer or a laptop with an Internet connection. If you've got all of the above, then you're ready to create your online fixed deposit with online SBI.
What Is a Fixed Deposit (FD)?
Before creating a Fixed Deposit, you need to know what a Fixed Deposit really is.
FD is an abbreviation used for the term Fixed Deposit. These deposits are also known as term deposits and usually created for the long term. A fixed deposit is considered to be the safest investment with the highest returns there is.
The thing that defines a fixed deposit is that the amount invested or deposited cannot be withdrawn until it reaches its maturity date (date till which it was made for).
It is created for a fixed term say 1,3, 5 or even 10 or more years.
The Interest rates of an FD as compared to a normal savings account are nearly double or sometimes even more.
In today's fast pacing technologically advanced world, banks now allow you to create your fixed deposits by sitting at home and logging into your Online Banking Account.
Another feature that has been started by State Bank Of India (SBI) is that you can now create and break your online Fixed Deposit whenever you want, without having to even step outta your house!
Logging into Online SBI
To start with the creation of your fixed deposit, you first need to log in to your Online SBI account.
Remember to check if the site is genuine or not, you can do this by checking the verification signature at the side of the address bar as shown on the image to your right. Unless the verification bar is green and similar to the one in the image given, then and only then continue. If there is no verification bar, exit the page immediately.
This verification is there as authentication to show you that the site is genuine and secure. Next, click on Login, once again refer to the image on your right to see where exactly it is.
After clicking the Login button, you will be re-directed to a confirmation page, read the note given there and once satisfied, proceed to click the 'Continue to Login' button and you will now be redirected to the login page where you have to enter your Online SBI ID and Password.
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Once you have been re-directed to the login page, all you gotta do is enter your Login ID and Password provided and you're ready to go. Your login page will look just like the one shown above.
As an additional security measure, to avoid keyloggers, SBI has provided an online virtual keyboard that you can use to enter your password.
Once you have successfully logged in, you will be re-directed to your home page.
Online SBI Menu
Creating Your Fixed Deposit Online
Now you should be able to view your savings and existing deposit accounts.
To create your fixed deposit online, you now have to click on the e-Fixed Deposit link provided on the menu. See the image above if you can't find it. Once you click on it you will be re-directed to a page where-in you can create various deposits online.