In such a situation, SBI’s Annuity Deposit Scheme can be very helpful for you. In this scheme, you have to deposit lump sum money. In return, you can arrange regular income in the form of interest. Let us tell you about this scheme.

Income arrangement for 3 years to 10 years

According to the information available on SBI’s 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. 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 1000 every month. There is no limit on the maximum deposit.

How much interest is received

Now it comes to interest because whatever money you get from regular income is calculated according to the rate of interest. The interest rate in this scheme is higher than the savings account. The same interest is available on the deposit, which is available on the bank’s term deposit ie FD (Fixed Deposit). The interest rate applicable at the time of opening the account will be available to you for the duration of the scheme.

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Premature Withdrawal Rules

You also get the option of premature deposit in the annuity deposit scheme. In case of emergency, a maximum of only Rs 15 lakh can be withdrawn from any one account. The amount which is more than 15 lakhs, will remain deposited and in return, monthly installments will be received till the stipulated time. The same rules apply regarding the penalty, which apply to FDs. However, in case of death of the account holder, the entire amount can be withdrawn by the nominee.

Can take up to 75% overdraft

In this scheme of SBI, there is a lot of work in the time of need. In this you also get the facility of loan. If needed, overdraft/loan can be availed up to 75% of the balance in the account. After taking the loan, the annuity payment will be credited to the loan account. In this scheme, universal passbook is also issued to the customer. This facility of the bank will be available in all branches of SBI.

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Under this scheme, customers will get a fixed amount every month. With this scheme, customers can also use their savings as monthly income. Customers can see SBI Annuity Deposit Scheme i.e. Annuity Deposit Scheme (SBI annuity deposit scheme). In this scheme, the investor has to deposit a lump sum amount. After a fixed period, there will be guaranteed income in the form of EMI ie monthly installment.

According to the official website of SBI, you can get a fixed amount every month by making a one time deposit. This amount includes the principal amount and the interest received on it. This interest is calculated on compounding every quarter on the balance amount in the account. According to the website of SBI, the same interest is available on the deposit in this scheme, which is available on the bank’s term deposit i.e. FD (Fixed Deposit). So let’s know about it in detail.

For how many months can deposits be made

in this scheme of SBI, annuity will be paid from the scheduled date in the next month of deposit. If that date is not there in any month (29, 30 and 31), then annuity will be received on a date of the next month. Universal passbook is issued to the customer in the scheme. In this, deposits can be made for 36, 60, 84 or 120 months.

This scheme is available in all branches of SBI. There is no limit of maximum deposit in this. At the same time, the minimum deposit will have to be made at least Rs 1000 according to the monthly annuity.

You can take 12000 rupees every month,

suppose if you invest 6 lakh rupees in the scheme, then every month you will get 10 to 12 thousand rupees in the form of easy installment. Annuity will be paid after deducting TDS and credited to linked savings account or current account. In SBI Annuity Deposit Scheme, common customers and senior citizens get the interest they get on term deposits. Individual nomination facility is available in this. The account of the scheme can be transferred from one branch of the bank to another branch.

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There are many such schemes of State Bank of India (SBI), which are a better option for fixed income. One such scheme is SBI Annuity Deposit Scheme. In this scheme lump sum money has to be deposited. After that there is guaranteed earning with interest every month. In SBI Annuity Deposit Scheme, the customer is given interest along with the principal amount every month. This interest is calculated on compounding every quarter on the balance amount in the account.

According to SBI’s website, the interest rate in this scheme is higher than the savings account. In this scheme, the same interest is available on the deposit, which is available on the term deposit ie FD (Fixed Deposit) of the bank. In this, Universal Passbook is also issued to the customer. 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 limit of maximum deposit in this. At the same time, the minimum deposit will have to be made at least Rs 1000 according to the monthly annuity.

Annuity income will be taxed

In this scheme of SBI, annuity will be paid from the due date in the next month of deposit. If that date is not there in any month (29, 30 and 31), then annuity will be received on a date of the next month. Annuity will be paid after deducting TDS and credited to linked savings account or current account.

In SBI Annuity Deposit Scheme, common customers and senior citizens get the interest they get on term deposits. Individual nomination facility is available in this. Universal passbook will also be issued to the customer. The account of the scheme can be transferred from one branch of the bank to another branch.

Can take up to 75% overdraft

In this scheme of SBI, there is a lot of work in the time of need. On need, overdraft/loan up to 75% of the balance amount of annuity can be availed. The annuity payment will be credited to the loan account after the loan/overdraft is availed. Whereas, on the death of the depositor, the scheme can be closed prematurely.

Apart from this, time prepayment can also be done for deposits up to Rs 15 lakh. At the same time, pre-mature penalty will also have to be paid at the same rate as on FD. That is, according to the term deposit, there is a pre-mature penalty in this scheme. This account can be single or joint holding.

(Note: The details of the scheme have been taken from the official website of SBI.)

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