SBI Annuity Deposit Scheme: State Bank of India (SBI), the largest government bank in the country, offers an option to open an annuity deposit account. This account gives customers a fixed amount every month after making a lump sum deposit.
People make plans to secure their future through investment, but sometimes investing in the wrong place increases the hassle rather than the benefits. In such a situation it becomes very important that you invest in the right place. Here is something in which you should consider investing, through which you start getting monthly income after a certain time. Here we are telling you about the SBI Annuity Deposit Scheme of SBI.
The country’s largest government bank, State Bank of India (SBI), offers the option to open an annuity deposit account. This account gives customers a fixed amount every month after making a lump sum deposit. This scheme is more beneficial for those who have no other major source of income.
SBI Special Scheme
This scheme of SBI can be invested for a period of 36, 60, 84 or 120 months. In this, the rate of interest on investment will be the same as that for fixed deposit (FD) of the chosen period. Suppose you deposit the fund for five years, then you will get interest only according to the interest rate applicable to the five-year FD. Everyone can avail this scheme.
Annuity Scheme accounts
SBI Annuity Deposit Scheme can be opened by all residents including minors.
Under the scheme, there is a facility to transfer the account from one branch of SBI to another.
The minimum deposit amount in the SBI annuity deposit scheme is Rs 25,000.
There is no maximum deposit limit in this scheme.
The interest rate found in the annuity deposit scheme is similar to the interest rate of fixed deposits of SBI.
The rate of interest payable to senior citizens aged 60 years or above will be 0.50% above the applicable rate
The interest rate payable to SBI staff and SBI pensioners will be 1.00% above the applicable interest rate.
Payment of interest in the scheme will start from the same date of the next month on the day the account was opened.
In special cases, there is an facility to take an overdraft / loan up to 75% of the balance amount of the annuity.
Under the scheme, the account is allowed to be closed before maturity in the event of death of the depositor.
Premature payment on deposits up to Rs 15 lakh is also allowed. However, penalty has to be paid on premature closure.
What to do for a monthly income of Rs 10,000
If an investor wants a monthly income of Rs 10,000 every month, then he has to deposit Rs 5,07,964. They will get returns at 7 percent interest rate, which is about 10,000 rupees every month. If you have 5 lakh rupees to invest and you want to increase your income in future, then this is a better option for you.
