SBI FD Rates
On fixed deposits of less than ₹2 Cr, SBI had last revised its interest rates on 14.06.2022. Following the revision, the bank is now offering an interest rate ranging from 2.90% - 5.50% for the general public and 3.40% - 6.30% for senior citizens. On tax-saving fixed deposits, SBI is offering an interest rate of 5.50% and 6.30% to senior citizens.

SBI has said on its website in favor of older persons that “A special “SBI Wecare" Deposit for Senior Citizens introduced in the Retail TD segment wherein an additional premium of 30 bps (over & above the existing 50 bps as detailed in the above table) will be paid to Senior Citizen’s on their retail TD for '5 Years and above' tenor only. "SBI Wecare" deposit scheme stands extended upto 30th September, 2022."
How to open an SBI FD account online?
1. Visit retail.onlinesbi.com/retail/login.htm and click on ‘Continue to login’.
2. Now enter your username, password and click on ‘Login’.
3. Now click on ‘Deposit & Investment’ option and under the drop-down menu, select ‘Fixed Deposit’.
4. Now click on ‘Fixed Deposit (e-TDR/e-STDR)’ and then enter the OTP sent to your registered mobile number.
5. Now click on ‘Proceed’ and enter the amount that you want to deposit.
6. If you are a senior citizen, tick mark the category.
7. Now select investment type from STDR which is a cumulative option and TDR which is a non-cumulative option.
8. Select the tenure and maturity instruction.
9. Accept the terms and conditions and click on ‘Submit’.
10. Verify the submitted details and click on ‘Confirm’.
11. You will now get a successful message on the screen, and your fixed deposit account details will be shown under the account summary section.
Post Office FD
A minimum deposit of INR 1000 and deposits in multiples of 100 with no maximum amount are required to open a Post Office Time Deposit account. The account comes with a tenure ranging from 1 to 5 years. Section 80C of the Income Tax Act of 1961 is applicable to investments under five years, exactly like it is to bank fixed deposits. However, Post Office Time Deposit pays interest rates of 5.5 per cent for deposits made for one to three years and 6.7 per cent for those made for five years. This interest rate on post office fixed deposits, which is 6.7 per cent, is significantly higher than the FD rates offered by not only SBI, but also other major banks like HDFC, ICICI, Axis, BoB, PNB, and others. One thing to keep in mind, though, is that while the Post Office Fixed Deposit Scheme does not provide such a benefit for senior citizens, bank fixed deposits do provide senior citizens with an additional rate of interest.

How to open a Post Office FD account online?
1. Visit ebanking.indiapost.gov.in and login to DoP eBanking portal using your user ID and password.
2. Now click on the ‘General Services’ menu and then select the ‘Service Request’ option.
3. Now select ‘New Requests’ from the drop-down menu, and then click on ‘TD Accounts - Open a TD account’.
4. Now enter the deposit amount, deposit duration, and select your debit account.
5. Now specify your renewal and redemption instructions and click on ‘Submit Online’.
6. Under the ‘Request Confirmation’ page, verify your entered details and enter your account password to confirm the details.
7. You will now get a successful message on the screen and an online receipt of your transaction, which you can download in PDF format.