How to open FD and RD accounts using SBI YONO app?

Fixed deposit (FD) and Recurring deposit (RD) are one of the most commonly used savings options by people in India.

If you have a lump sum amount with you and if you don’t need that cash for a while, you can deposit that amount in a FD rather than having it in your savings bank account.

This way, your money will fetch higher interest.

Similarly, by opening a RD account, you can develop the nice habit of monthly saving.

Both FD and RD fall into the “types” of bank accounts. And I have made a dedicated video on the topic – on the types of bank accounts and their features and benefits.

You can watch it below:

It doesn’t matter how commonly used and how good FD and RD accounts are, opening one such account is a time consuming process.

You need to visit your bank, fill up the form sign it, wait and so on.

Due to this, many people hesitate to open a FD or RD account. I have myself postponed the process as I don’t have the time.

But after the introduction of mobile banking, things have got a lot easier.

With mobile banking, you can open a FD or RD account at the comfort of your home by simply opening the official mobile apps.

This post and the video is about how you can open a FD or RD account with SBI using the SBI’s YONO app.