State Bank of India, the country’s largest bank, runs a variety of savings schemes for its customers. Many schemes are also very popular, one of them is SBI Annuity Deposit Scheme. One has to invest lump sum money in this scheme. There will be guaranteed income every month after a fixed period.
For how many months you can deposit, according to the information available on the State Bank website, any person can arrange regular income for 3 years to 10 years through Annuity Deposit Scheme. In this scheme, money is deposited for 36, 60, 84 or 120 months.
There is no limit on the maximum deposit.
This scheme is available in all branches of SBI. There is no limit of maximum deposit in this. At the same time, it is necessary to deposit at least so much money in the scheme that till the period you have chosen, you can get at least Rs 1,000 every month.
Interest rate is more than savings account
The interest rate in this scheme is more than savings account. The same interest is available on the deposit, which is available on the bank’s term deposit ie FD (Fixed Deposit). Whatever rate of interest is available at the time of opening the account, it will continue to be available to you for the duration of the scheme.
You can earn 12 thousand rupees every month,
suppose if you invest 10 lakh rupees in the scheme on the basis of 7.5 percent interest, then according to the calculator you will get 11,870 rupees (about 12 thousand) every month. Every month you will get money in the form of EMI.
You get the facility of overdraft,
you also get the facility of loan in SBI Annuity Deposit Scheme. If needed, overdraft up to 75% of the balance in the account can be availed.