How to Open an e-TDR or e-STDR with Online SBI

Open of an e-TDR or e-STDR through Online SBI

This tutorial teaches you, How to Open of an eTDR or eSTDR thorugh Online SBI.

Use SBI Internet Banking to open an e-Fixed Deposit or e-TDR/e-STDR under Income Tax Savings Scheme (SBITSS). This e-Fixed Deposit allows you to avail tax exemptions while earning interest.

What is TDR and STDR?

TDR means Term Deposit and STDR means special term deposit.

Following is main difference between them.

TDR

If you are interested on getting periodic payments from your fixed deposit after short period like week, month or quarterly, you have to deposit under TDR scheme.

If you are interested on getting periodic payments from your fixed deposit after short period like week, month or quarterly, you have to deposit under TDR scheme. Bank will pay you normal interest rate on your fixed deposit as per the payout option chosen by you. 

STDR

If you are not interested in getting periodic payments but looking for interest accrual and a bullet payment at the end of the term then you hav to opt for STDR. The advantage with this scheme is that it will be quarterly compounding. The interest is calculated on quarterly basis and at the end of each quarter the same get added to the principal. As a result, your yield to maturity will be higher.

Term deposit requires entire principal amount to be deposited while opening the account.

Procedure:

  • Login to Online SBI – Net Banking For SBI Customers
  • Click on e-Fixed Deposit Tab
  • Select a type of deposit account to proceed

    There are 3 types:

    e-TDR / e-STDR (Fixed Deposit)
    e-TDR / e-STDR under Income Tax Saving Scheme
    e-TDR / e-STDR (MOD) Multi Option Deposit

    Select the type of Deposit you want.

  • Select the Account Number you want to get debited.
  • Enter an amount.
  • Select between the term deposits options.

    There are two types:
    STDR (Cumulative – Interest paid at maturity)
    TDR (Non-Cumulative – Interest paid at selected intervals)

  • Click on Accept
  • Then Click on Submit
  • Save your FD Details

Good, you have successfully created a Fixed Deposit.


Thanks for reading this article, hope you found it useful, if you have any doubts or questions, you may ask us in the comments below.

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