How to Open Recurring Deposits (RD) and Fixed Deposits (FD) Through the SBI YONO App
With the increasing trend of digital banking, many customers are turning to app-based solutions for their financial needs. One of the popular options is the SBI YONO app, which provides a wide range of banking services. Among these services, one of the most convenient options is the ability to open and manage Recurring Deposits (RD) and Fixed Deposits (FD). In this article, we will guide you through the process of opening both types of deposits through the SBI YONO app.
Prerequisites
Before you begin, ensure that you meet the basic requirements for any online banking transaction:
Install the SBI YONO app on your smartphone. Create your SBI account through the app, if you haven’t already. Keep sufficient funds in your account to cover the deposit. Comply with any minimum deposit requirements set by SBI.Opening Recurring Deposits (RD) and Fixed Deposits (FD)
Log in to the YONO App: Open the SBI YONO app on your smartphone and log in using your credentials. If you have not yet created an account, you can do so through the app following the on-screen instructions. Navigate to the Deposits Section: Once logged in, navigate to the 'Deposits' section. This is typically found in the main menu or through a dedicated icon. Choose the Type of Deposit: In the deposits section, look for options related to 'Fixed Deposits (FD)' or 'Recurring Deposits (RD). ' Select the type you want to open. Fill in the Required Details: Enter the relevant details such as the amount, tenure (for RD), and any other necessary information. The app will guide you through the process step by step. Complete the Transaction: Follow the prompts to complete the deposit. Once the transaction is final, you will receive a confirmation and the necessary details on your account.It's important to note that some features, such as breaking an RD or FD, can only be performed through the YONO app. If you opened the account using a branch or another method, you may need to visit a branch to close the account or make changes.
Additional Features
Once you have opened your RD or FD through the YONO app, you can access a range of additional features:
View Interest, Maturity, and Current Amounts: You can check the interest earned, maturity amount, and current amount for your deposits directly from the app. This provides you with a transparent view of your investment performance. Track Transactions: Monitor all account-related transactions, including deposits, withdrawals, and other financial activities. Break the Deposit: If you need to break your RD or FD, it can often be done through the app. However, some restrictions may apply, and you should review the app's terms and conditions before proceeding.The SBI YONO app serves as a comprehensive digital financial platform, offering a range of services beyond just opening and managing deposits. You can also set up your insurance policies, invest in mutual funds, and access other financial products through this single app.
Conclusion
The SBI YONO app simplifies the process of managing your financial assets, including opening Recurring Deposits and Fixed Deposits. By following the steps outlined above, you can easily manage your funds and stay informed about your investments through the convenience of your mobile phone.
If you haven't already, consider downloading the SBI YONO app today and enjoying the benefits of digital banking!