HomeBankingHow to Open a Fixed Deposit Using the SBI YONO App

How to Open a Fixed Deposit Using the SBI YONO App

Are you ready to put your money to work? A fixed deposit (FD) is a fantastic way to earn steady returns while keeping your funds secure. Thanks to the YONO app—short for “You Only Need One”—from State Bank of India (SBI), opening an FD has never been easier. No more waiting in long bank queues or dealing with piles of paperwork. Everything you need is right at your fingertips. Let’s walk through the process step-by-step so you can get started on your savings journey today.

Open YONO Fixed Deposit

Why Choose the YONO App for Fixed Deposits?

First off, why should you even bother with the YONO app? Here’s the deal:

  • Convenience: You can open, manage, and close your FD from anywhere, anytime.
  • Quick Process: The entire setup takes just a few minutes.
  • Paperless: Say goodbye to physical forms—everything is digital.
  • Attractive Interest Rates: SBI offers competitive rates to grow your savings.
  • Customizable Tenure: Choose an FD term that suits your financial goals.

Sound good? Let’s dive into the nitty-gritty details of how to get started.

Step-by-Step Guide to Open an FD Using the YONO App

Step 1: Download and Log In to the YONO App

First things first, make sure you have the YONO app installed on your smartphone. If you haven’t downloaded it yet, it’s available on both the Google Play Store and the Apple App Store. Once it’s installed, log in using your SBI internet banking credentials or register as a new user.

Pro Tip: Don’t forget to set up MPIN for quick and secure access!

Step 2: Navigate to the Fixed Deposit Section

Once you’re logged in, here’s what you need to do:

  1. On the home screen, tap on the Deposits section.
  2. You will be able to see the Deposit Calculator, Fixed Deposits, Recurring Deposits, My Dreams, and Other Deposits section.
  3. From the list of options, select Fixed Deposit.
  4. You’ll be directed to a page that gives you an overview of your existing FDs (if any) and an option to create a new one.

Step 3: Choose the FD Type

YONO offers a variety of FD options tailored to different needs. Some popular ones include:

  • Regular FD: A standard option with fixed returns.
  • Tax-Saving FD: Lock your money for 5 years and enjoy tax benefits under Section 80C.
  • Senior Citizens FD: Higher interest rates for individuals aged 60 and above.

Select the one that aligns with your financial goals.

Step 4: Open Fixed Deposit

Now click on Open Fixed Deposit and Enter the Details –

  1. Enter the amount you want to deposit. (Most FDs require a minimum of ₹1,000.)
  2. Choose the tenure (in days, months, or years). The app will display the interest rate applicable based on your chosen tenure.
  3. Pick the interest payout option:
    • Cumulative: Interest is compounded and paid at maturity.
    • Non-Cumulative: Receive interest monthly, quarterly, or annually.

Step 5: Nominate a Beneficiary

Adding a nominee is optional but highly recommended. This ensures your funds go to the right person in case of any unforeseen circumstances. Simply enter the nominee’s name and relationship with you.

Step 6: Confirm and Submit

Double-check all the details you’ve entered. Once you’re satisfied, hit the Submit button. You’ll receive a one-time password (OTP) on your registered mobile number for verification. Enter the OTP to complete the process.

Step 7: Receive Confirmation

And that’s it! You’ll receive an on-screen confirmation as well as an email/SMS with all the details of your new FD. Sit back and watch your money grow!

How to open a Fixed Deposit using SBI Internet Banking?

To open an online FD in SBI via net banking, depositors should go to SBI’s official website and log into their SBI account. There, they can choose the fixed deposit option and pick the kind of deposit account. Depositors must enter the amount they intend to deposit and choose the term deposit option, such as Term Deposit Receipt (non-cumulative) or Special Term Deposit Receipt (cumulative). The bank subsequently inquires about the duration for which the depositor wishes to open the FD. Upon specifying the deposit term, they must choose the maturity instructions for the term deposit account (auto-renew principal and pay interest/pay back principal and interest) and proceed to submit the application. Depositors may also check the information prior to finalizing the application.

Things to Keep in Mind

  1. Minimum and Maximum Limits: Check the minimum and maximum deposit limits for your selected FD type.
  2. Premature Withdrawal: Some FDs allow you to withdraw funds before maturity, but penalties may apply.
  3. Auto-Renewal: Opt for auto-renewal if you want your FD to roll over automatically upon maturity.
  4. Interest Rates: Rates vary based on the tenure and FD type. Always check the latest rates on the app.

Advantages of Using YONO for FDs

If you’re still on the fence about using YONO, here’s a quick recap of its advantages:

  • User-Friendly Interface: Intuitive design makes navigation a breeze.
  • 24/7 Access: Open an FD even at midnight if you feel like it!
  • Instant Updates: Get real-time notifications about your deposits.
  • Secure Transactions: Your data is protected with advanced encryption.

Common FAQs

1. Can I open multiple FDs through the YONO app?

Yes, absolutely! You can open as many FDs as you like, provided you meet the minimum deposit requirements for each.

2. What is the minimum amount required to open an FD?

The minimum deposit amount is usually ₹1,000, but it may vary depending on the FD type.

3. Can I close my FD early?

Yes, but premature withdrawals often come with penalties. Check the terms and conditions before proceeding.

4. Is it safe to use the YONO app for financial transactions?

Yes, the app uses advanced encryption and secure login methods to protect your data and transactions.

5. What happens if I don’t choose auto-renewal?

If you opt out of auto-renewal, the maturity amount will be credited directly to your linked savings account upon completion of the FD tenure.

Opening an FD through the YONO app is as easy as ordering pizza online. So why wait? Take a few minutes today to secure your financial future. Trust us—your future self will thank you!

Shitanshu Kapadia
Shitanshu Kapadia
Hi, I am Shitanshu founder of moneyexcel.com. I am engaged in blogging & Digital Marketing for 10 years. The purpose of this blog is to share my experience, knowledge and help people in managing money. Please note that the views expressed on this Blog are clarifications meant for reference and guidance of the readers to explore further on the topics. These should not be construed as investment , tax, financial advice or legal opinion. Please consult a qualified financial planner and do your own due diligence before making any investment decision.