Get regular monthly income through this SBI scheme: All you need to know
There is good news for the customers of the State Bank of India (SBI). State Bank of India (SBI) offers a special deposit scheme to customers. Through this SBI scheme, you can start getting monthly income after a certain time. In SBI Annuity Deposit Scheme, customers deposit a lump sum amount with the bank and receive monthly instalments. SBI Annuity Deposit Scheme is transferrable between SBI branches.
As per SBI official website, the depositor to pay a one-time lump sum amount and to receive the same in Equated Monthly Instalments (EMIs), comprising a part of the principal amount as well as interest on the reducing principal amount, compounded at quarterly rests and discounted to the monthly value.
Here is all you need to know about SBI Annuity Deposit Scheme.
As per the SBI website, the features are:
– To enable the customer to deposit one-time lump sum amount and receive re-payment of the same in monthly annuity instalment comprising part of the principal amount plus interest.
– Period of deposit: 36/60/84 or 120 months
– Available at all branches
– Deposit amount based on a minimum monthly annuity of Rs 1000/- for the relevant period
– IIn no case Minimum Amount of deposit should be below Rs. 25,000/-
– Maximum deposit amount: No Upper Limit
– Rate of interest as applicable to Term Deposits for Public and Senior Citizens
– Payment of annuity on the anniversary date of the month following the month of deposit..
– If that date is non-existent (29th, 30th & 31st), it will be paid on the 1st day of the next month.
– Nomination is available in favour of individuals only
– Overdraft/loan up to 75% of the balance amount of annuity may be granted on special cases.
– After disbursal of OD/loan, further annuity payment will be deposited in the loan account only.
– Universal Passbook is issued in lieu of Term Deposit
– Transferability allowed among branches
More about the annuity scheme of SBI:
You can invest in the annuity scheme of SBI for a period of 36, 60, 84, or 120 months. In this, the rate of interest on the investment will be the same as for the term deposit of the chosen period.
If you want to earn a monthly income of Rs 10,000 then you will have to make a deposit of Rs 5,07,964. On the amount that you deposited, you will get a return from the interest rate of 7 per cent, which comes to Rs 10,000 every month.
A minimum amount of Rs 1,000 can be deposited in the SBI annuity scheme each month. There is no limit for maximum investment within this scheme. In annuity payment, the interest starts on the amount deposited by the customer after a fixed time.