SBI Annuity Deposit Scheme: Deposit once, earn money every month, Know the complete details..

 

SBI Annuity Deposit Scheme: In the country's largest bank SBI, customers get the facility of earning interest by depositing money in several special deposit schemes besides term deposits. One of these schemes is the SBI annuity deposit scheme. The specialty of this scheme is that a lump sum deposit has to be made in it, after which you will get guaranteed income with interest every month. In this scheme, the customer is given interest along with the principal amount every month. This interest is calculated on the amount left in the account on compounding every quarter. According to the website of SBI, the same interest is received on the deposit as is received on the bank's term deposit i.e. FD. SBI Scheme: For how long the deposit

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According to SBI's website, in this scheme, the customer has to make a lump sum deposit once and after that, the principal amount and interest are received in the form of monthly installments. In this scheme, lump sum deposits can be made for 36, 60, 84, or 120 months. There is no limit on the maximum deposit in this. At the same time, the minimum annuity is Rs 1000 per month. This scheme is available in all SBI branches.

When does the monthly payment start
In this scheme of SBI, the annuity will be paid from the scheduled date of the next month after the deposit. If that date (29, 30, and 31) is not there in any month, then the annuity will be available on the 1st date of the next month. The annuity will be paid after deducting TDS and credited to the linked savings account or current account. In the SBI Annuity Deposit Scheme, regular customers and senior citizens get interest on term deposits. A nomination facility is available in this. A universal passbook will also be issued to the customer. There is also a facility for transfer from one branch to another.

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Loan facility also
In the SBI Annuity Deposit Scheme, an overdraft/loan of up to 75% of the balance amount of the annuity can be availed if needed. After taking a loan/overdraft, an annuity payment will be credited to the loan account. At the same time, the scheme can be closed prematurely in case of the death of the depositor. Apart from this, pre-payment can also be made for deposits up to Rs 15 lakh. At the same time, the pre-maturity penalty will also have to be paid at the same rate as is levied on FD. That is, the pre-maturity penalty is levied in this scheme as per term deposit. Indian residents can open this account. This facility is also available for minors. This account can be opened in both single or joint mode.

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