How to Open State Bank of India Fixed Deposit Account

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Updated 03 Sep 2023

State Bank of India (SBI) is not only one of the most reputed banks in the country but also provides a wide range of financial services to its customers. One such popular service is the Fixed Deposit.

If you're considering opening an FD account with SBI, this article will guide you through the process, eligibility criteria, and required documents. We will also answer some frequently asked questions related to SBI's FD.

How to Open an FD Account in the State Bank of India (SBI)

Online Way

Login to your SBI mobile application.
Select 'Term Deposit' and proceed.
Fill in the required details such as personal details, identity and address proof, nominee details, etc.
Enter the amount of the deposit and select the tenure of FD.
Enter the One-Time Password (OTP) to proceed further.
Once it is authorised, the FD account will be opened.
Download the acknowledgement slip for future reference.

Offline Way

Visit the nearest SBI branch.
Take the FD application form.
Fill in the required details and submit the necessary documents.
Submit the form to the branch.
The bank will provide an FD receipt.

Earn Once in a decade FD Returns

Lock in returns as high as 9.5% before they go down

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Eligibility Criteria to Open a Fixed Deposit with SBI

Resident individual
Hindu undivided family or HUF
Parents or guardians of minors can invest on behalf of minors.
Trusts, public and private limited organizations
Sole proprietorship
Partnerships
NRIs are eligible to invest through NRE and NRO accounts only.

Documents Required to Open an SBI Fixed Deposit

Identity Proofs

Pan card
Voter ID
Aadhaar card
Ration card
Driving license
Passport

Address Proofs

Telephone bill
Electricity bill
Passport
Bank statement
Two passport-size photographs.

FAQs

Can an account holder close their SBI FD at any time?

Yes, an investor can close his/her FD with SBI anytime as per their wishes. But premature closure is not allowed in the case of SBI tax saving FD.

What is the minimum and maximum period for the SBI FD?

The minimum period for SBI FD is 7 days, and the maximum is 10 years.

Can an investor deposit an additional amount in the current FD with SBI?

No, any additional amount cannot be added in between once an FD has been started with a fixed amount.

What are the required documents to open an FD account with SBI?

An investor needs identity proof, address proof, and two passport-sized photographs to open an FD account with SBI.

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