The biggest scheme for account holdersin SBI, now deposit money once, get income per month
The largest bank in the country, the State Bank of India, is offering various types of savings schemes to its customers. One of the many SBI savings schemes is SBI Annuity Schemes. Under these schemes you can get monthly income for a regular time by investing once.The biggest scheme for account holdersin SBI, now deposit money once, get income per monthIn the annuity payment, the income starts to accrue after a set amount of time by interest on the amount deposited by the customer. SBI can deposit a minimum of Rs 1,000 per annum in this scheme for annuity. There is no limit to the maximum amount that can be invested in this scheme.
The biggest scheme for account holdersin SBI, now deposit money once, get income per month
What is investment time
The SBI annuity scheme can be invested for a period of 36, 60, 84 or even 120 months. The interest rate on this investment will be the same as for the term deposit of the selected period. For example, suppose you want to make an annuity deposit for 5 years, then you will get interest here as well as the interest which will be applicable to 5 year FD.
Also the option to get a loan
If the beneficiary of this scheme is deceased, then there is an option to withdraw money ahead of time. 75% of the amount deposited under this scheme can be loaned. However, even after selecting a loan option, future annuity payments will remain in the loan account until you pay the loan amount. Suppose if you want a monthly annuity of Rs 10,000 for 5 years then you have to deposit Rs 5,07,965.93 keeping in mind the interest rate of 7 percent.
What is merit
Anyone can avail of this scheme. It can be taken by a personal or joint account, minors and even adults. The transfer of the scheme to another branch will be done only on the basis of TDS Rule FD rules.
The biggest scheme for account holdersin SBI, now deposit money once, get income per month
What is the difference between RD, FD and annuity rates?
The annuity deposit scheme is the reverse of the recurring deposit scheme. In the recurring deposit, the depositor deposits a fixed amount for each month and receives a fixed amount on maturity. But in the case of annuity maturity, the deposit is to be deposited only once and a fixed amount is received every month after the expiry of the stipulated time limit. At maturity, the amount will be returned to you along with interest.
The annuity deposit scheme is the reverse of the recurring deposit scheme. In the recurring deposit, the depositor deposits a fixed amount for each month and receives a fixed amount on maturity. But in the case of annuity maturity, the deposit is to be deposited only once and a fixed amount is received every month after the expiry of the stipulated time limit. At maturity, the amount will be returned to you along with interest.
