Can Tax Saving Fixed Deposit be done Online in SBI?

After I published the Best Tax Saving Fixed Deposit Options, I got several queries regarding if this Tax Saving fixed deposit can be done online in SBI?

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Fortunately I have an account with SBI and tried doing it myself. Though SBI offers facility of opening Fixed Deposit and Recurring Deposit Online but for SBI Tax Saver FD you need to visit their branch.

Here is the screenshot from SBI Internet Banking showing the same.


SBI Tax Saver FD Online


In the meantime, I also checked with ICICI Bank and you can invest in their Tax Saving Fixed Deposit Online.

Here is the screenshot from ICICI Internet Banking Platform.


ICICI Tax Saver FD Online


I am not sure about other banks and would request readers to let us know if they were able to invest in tax saving fixed deposits online from their respective internet banking platforms.

7 thoughts on “Can Tax Saving Fixed Deposit be done Online in SBI?”

  1. Hi Amit,
    In the previous financial year 2015, I have taken an FD of Rs. 50thousand for 5 years through HDFC online internet banking and submitted the same as a proof for tax saving under 80C which got approved. But I do not understand if this FD is different from the tax saver FD because I am able to liquidate the same. Are all 5 year FDs not eligible for tax exemption?

    1. No not all 5 year Fixed deposit are tax saving FDs. In case of tax saving FD it’s mentioned so. And you cannot break it until maturity. Also some banks offer tax saving FD for more than 5 years too. But in all tax saving FDs – it should be clearly mentioned that the investment is eligible for tax saving under “ Tax Saving Deposit scheme 2006“.

    1. EPS is only for salaried employees and seems to a good tax saving investment. PPF is better than FD for tax saving as the returns are tax free but has a longer lockin period. There is no tax saving RD.

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