If you also want income every month, then the country’s largest commercial bank State Bank of India is giving you this facility. Customers can see SBI annuity deposit scheme.
New Delhi. If you also want income every month, then the country’s largest commercial bank State Bank of India is giving you this facility. Customers can see SBI annuity deposit scheme. In this scheme, the investor has to deposit a lump sum amount. There will be a guaranteed income in the form of EMI (Monthly Installment) after a specified period. In this scheme of SBI, interest is given to the customer every month along with the principal amount. This interest is calculated on compounding every quarter on the balance in the account. In this scheme, interest is received as much as the bank’s term deposit i.e. FD.
At the same time, if the customer invests money in SBI’s fixed deposit scheme, then he is given a lump sum amount along with interest on the maturity date as per the time period prescribed by the bank.
These are the interest rates on FDs
SBI has increased by 80 basis points for FDs with tenures less than 1 year from 211 days to 5.50%. Earlier it was 4.70%. The new rates are applicable from 22 October. Apart from this, the bank is offering interest at the rate of 4.65% on FDs maturing from 180 days to 210 days. Similarly, interest on FDs with tenure of 2 years to less than 3 years has been increased from 5.65% to 6.25%.
Annuity is available on the due date of every month
In this scheme of SBI, the annuity will be paid from the due date of the next month after the deposit. If any month does not have that date (29, 30 and 31), then the annuity will be received on the 1st of the following month. Annuity payment will be credited to the linked savings account or current account after deducting TDS.
SBI annuity deposit scheme
According to the SBI website, deposits can be made in this scheme for 36, 60, 84 or 120 months. This scheme is available in all branches of SBI. There is no maximum deposit limit in this. At the same time, the minimum annuity is Rs 1000 monthly. In this, Universal Passbook will also be issued to the customer. Any Indian citizen can open this account. Minors get the facility of this scheme. In this account can be opened in both single or joint mode.
A minimum of Rs 1000 can be deposited for monthly annuity in SBI’s annuity scheme. There is no limit on the maximum investment in this. In annuity payment, interest starts accruing after a certain period of time on the amount deposited by the customer. These plans are very good for the future.
