How to Open a Fixed Deposit Online in India in 2026: Step-by-Step Guide

Opening a fixed deposit (FD) online in India in 2026 is one of the simplest financial tasks you can complete — it typically takes under 10 minutes if you already hold an account with the bank. Whether you bank with SBI, HDFC, or ICICI, the net banking portals and mobile apps guide you through the process. This article covers every step, the documents you need, minimum deposit amounts, nomination rules, and how to submit Form 15G/15H so the bank doesn't deduct TDS unnecessarily.

Before You Begin: Existing Customer vs New Customer

The process differs significantly depending on whether you already hold a savings account with the bank:

• Existing customer: Log into net banking or mobile app and open an FD instantly — no additional KYC needed. Most banks complete this in under 5 minutes.
• New customer: You need to open a savings account first, or use a bank that offers a standalone FD via video-KYC (some banks like HDFC allow FD-only relationships). Required documents: Aadhaar card, PAN card, passport-size photograph, and a bank account for fund transfer.

All FDs opened by scheduled commercial banks in India are covered by DICGC insurance up to ₹5 lakh per depositor per bank — your principal and interest together are protected up to this limit even if the bank faces difficulty. See our article on DICGC FD insurance for details.

Minimum Deposit Amounts by Bank (2026)

Most Indian banks set different minimums for FDs. Here is a comparison of the top institutions:

Use our FD Calculator to see exactly how much your deposit will grow at current rates before you open one.

Step-by-Step: Opening FD on SBI YONO

SBI is India's largest bank and its YONO app makes FD opening straightforward:

1. Log in to YONO — Use your MPIN or fingerprint on the YONO SBI app.
2. Navigate to Fixed Deposit — Tap "Deposits" from the home screen, then select "e-FD (Fixed Deposit)".
3. Choose the deposit amount and tenure — Enter the principal (minimum ₹1,000). Select tenure from 7 days to 10 years. SBI shows the applicable interest rate for your chosen tenure — as of June 2026, SBI offers 6.45% for 1-3 years (general) and 6.95% for senior citizens.
4. Select the FD type — Choose Cumulative (interest reinvested, paid at maturity) or Non-Cumulative (monthly/quarterly payout). See our cumulative vs non-cumulative FD guide.
5. Set auto-renewal preference — Choose whether the FD auto-renews at maturity. If yes, specify whether to renew principal only or principal + interest.
6. Add a nominee — SBI makes this mandatory for new FDs. Enter nominee's name, relationship, and date of birth.
7. Submit Form 15G/15H — If your total annual income is below the taxable limit (₹2.5L for general, ₹3L for senior citizens aged 60-79, ₹5L for 80+), submit Form 15G (under 60) or Form 15H (60+) to prevent TDS deduction. SBI lets you submit this digitally.
8. Confirm and fund — The amount is debited from your linked savings account instantly. You receive an e-receipt and the FD is active immediately.

Step-by-Step: Opening FD on HDFC Bank NetBanking

1. Log in — Go to netbanking.hdfcbank.com and enter your Customer ID and password.
2. Go to Transact > FD/RD — From the top menu, select "Transact" then "Open Fixed Deposit".
3. Select account and amount — Choose the savings account to debit. Enter the FD amount (minimum ₹5,000).
4. Choose tenure and rate — HDFC displays rates in real time. As of June 2026, HDFC offers 7.2% for 1-2 year tenure and 7.7% for senior citizens. Select your preferred tenure.
5. Interest payout option — Choose reinvestment (cumulative) or monthly/quarterly payout.
6. Nomination — If not already registered, add a nominee in this step.
7. TDS declaration — Submit 15G/15H if eligible. HDFC's net banking allows digital submission.
8. Confirm — Review all details and click "Confirm". The FD is created instantly and visible under "My Accounts".

Step-by-Step: Opening FD on ICICI iMobile

1. Open iMobile Pay — Log in using your MPIN or biometric.
2. Tap Savings and Deposits > Fixed Deposits — Select "Open New FD".
3. Enter amount — Minimum ₹10,000 for ICICI. Choose the funding account.
4. Set tenure — ICICI offers tenures from 7 days to 10 years. As of June 2026, ICICI offers 6.5% for regular customers and 7.0% for senior citizens for 1-2 year tenures.
5. Select FD plan — iGain (cumulative) or regular (periodic interest payout).
6. Nominee — Add or verify existing nominee.
7. Form 15G/15H — Submit digitally if applicable.
8. Confirm — FD is created. The FD receipt is downloadable under "My Portfolio".

Documents Required to Open FD Online

For existing customers, no new documents are needed — your bank already has your KYC. For new customers:

• Identity proof: Aadhaar card (primary), Passport, Voter ID, or Driving Licence
• Address proof: Aadhaar card (doubles as address proof), utility bill (less than 3 months old), or bank statement
• PAN card: Mandatory — without PAN, TDS is deducted at 20% instead of 10%
• Photograph: For video-KYC, a front-facing camera is used for a live selfie
• Source bank account details: For NEFT/IMPS transfer of FD amount

Setting Nomination: Why It Matters

Nomination is the single most important step that many first-time FD investors skip. Without a nominee, your family must go through a lengthy court probate process to claim the FD after your death. Key rules:

• You can name one nominee per FD (multiple nominees require a Will)
• For minor nominees, appoint a guardian
• You can change the nominee any time before maturity
• The nominee receives the funds but is not the legal heir — they hold the money in trust for legal heirs

TDS on FD Interest: When and How Much

Banks deduct TDS (Tax Deducted at Source) on FD interest when the annual interest across all FDs in a single bank exceeds:

• ₹40,000 for general investors (under 60 years)
• ₹1,00,000 for senior citizens (60+ years) — enhanced limit effective April 2025

TDS rate: 10% with PAN, 20% without PAN. Submit Form 15G (age under 60) or Form 15H (age 60+) if your total annual income is below the taxable limit. This prevents TDS deduction. You can submit these forms at the beginning of each financial year via net banking. Read more in our TDS on FD interest guide.

Frequently Asked Questions

Can I open an FD online without a savings account in the same bank?

Most banks require you to have a savings account with them. However, some banks like HDFC and Kotak offer FD-only relationships for new customers via video-KYC. You fund the FD via NEFT from your existing account in another bank. Check the specific bank's policy before applying.

What is the maximum amount I can deposit in an FD online?

There is generally no upper cap on FD deposits in Indian banks. However, note that DICGC insurance covers only ₹5 lakh (principal + interest combined) per depositor per bank. For amounts above ₹5 lakh with a single bank, the portion above ₹5 lakh is uninsured. Consider spreading deposits across multiple banks for full coverage.

How long does it take for an online FD to activate?

For existing customers, the FD activates instantly — within seconds of confirmation. The amount is debited from your savings account immediately. You receive an e-receipt and can see the FD under your accounts dashboard right away.

Can I open an FD for a tenure shorter than 1 year?

Yes. Most banks offer FDs from as short as 7 days. However, interest rates for very short tenures (7-45 days) are much lower — often 2.5% to 4%. For tenures under 6 months, consider whether a liquid mutual fund or sweep-in account might offer better effective returns with similar liquidity.

What happens if I don't set auto-renewal?

If you don't set auto-renewal, the FD matures on the due date and the amount sits in a suspense account or is credited to your savings account (bank-dependent). Most banks give you a 7-14 day grace period at the maturity rate. After that, the amount earns only savings account interest. Always set a reminder for FD maturity dates or enable auto-renewal with clear instructions.

Is the interest rate fixed for the entire FD tenure?

Yes — the rate at the time of FD creation is locked in for the entire tenure. If interest rates rise or fall during your FD period, your existing FD is unaffected. Only on renewal (maturity) will the new prevailing rate apply. This is why FD timing matters — opening when rates are high locks in favourable returns.

Can I open a joint FD online?

Joint FDs can be opened at most banks, but the process varies. SBI allows joint FDs through YONO only for existing joint account holders. HDFC and ICICI require one joint holder to have net banking access and the second holder to be an existing customer of the same bank. For new joint applicants, branch visit is typically required.

Now that you know how to open an FD online, compare the latest rates on our Fixed Deposits hub and use the FD calculator to see your exact maturity amount before committing.