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SBI Annuity Deposit Scheme: The era of saving every penny at home is over now. Now the trend of making money from money has increased. If you invest some part of your income in a good place, then you can get bumper returns soon.
In such a situation, if you are looking for a place to invest, then the Annuity Deposit Scheme of State Bank of India can prove to be better for you. Here you get returns with guarantee. There is no risk of any kind in this. Just deposit a lump sum amount once in this scheme and then every month you will keep getting guaranteed returns.
This return will include the principal amount as well as the interest earned on it . The interest is calculated like a term deposit and its rates are different for common citizens and senior citizens, due to which it can prove beneficial according to the needs of every investor.
Know what is Annuity Deposit Scheme
In the Annuity Deposit Scheme of State Bank of India ( SBI ), customers can deposit a lump sum amount and get a fixed amount every month including principal and interest. According to the bank, investors will earn every month through this scheme. Investors will be helped in making their future financially strong. The biggest thing about this scheme is that under this scheme, interest equal to FD is given. Interest is calculated every quarter on the money left in the account. In this, the bank will return the money in the form of EMI.
Duration of SBI Annuity Deposit Scheme
You can invest in SBI Annuity Deposit Scheme for a maximum period of 10 years. Apart from this, you can also invest for a period of 3, 5 and 7 years. The interest received in this scheme will be decided based on the period of investment. There is no maximum investment limit in this scheme. The minimum annuity is Rs 1000 per month.
Who can invest?
All resident Indians, including minors, can invest in SBI’s Annuity Deposit Scheme as per the eligibility conditions. The scheme is available in both single and joint holding options, allowing one to invest individually and jointly.
Full withdrawal on death
There is no limit on premature withdrawal of the deposit amount in case of death of the investor, providing financial relief to the family.
Loan and overdraft facility
Customers can avail loan or overdraft up to 75% of the deposit amount under this scheme. After getting the loan, EMI is deposited directly in the loan account. Apart from this, premature payment of deposit amount up to Rs 15 lakh is also possible, however, penalty will be levied on it as per the rules of term deposit.
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