Although latest data released by the RBI last week shows that the share of term deposits has declined gradually in the past five years, there's no dearth of takers for the low-risk savings option. As of March 2018, there were 191 crore deposit accounts, of which 24 crore were in term deposits, the apex bank disclosed.
The relative ease of opening a fixed deposit (FD) account is a major draw. If you have signed up for Internet banking, and have at least one transaction account mapped to the username, you can open one with a few clicks of the mouse. Here's how to open an online FD with SBI, the country's largest lender:
Here are the applicable interest rates for SBI term deposits:
Edited by Sushmita Agarwal