State Bank of India, the country’s largest public sector lender, offers a range of schemes for those who want a safe and secure future without risking their money. many people in India Do not want to invest in risky assets like stocks and cryptocurrencies, especially to avoid situations that are currently prevalent where the market is witnessing a downturn due to inflation and other reasons. Indians, especially senior citizens and middle class, like to invest their money in savings plans Which do not change with market conditions and are not subject to any risk, while also providing high returns. To accomplish this, state Bank of India has launched SBI Annuity Deposit Scheme,
What is SBI Annuity Deposit Scheme
SBI Annuity Deposit Scheme is a policy under which customers can get a monthly income by depositing a lump sum amount. “Under this scheme, a lump sum amount is deposited by a customer which is repaid to the customer in equated monthly installments which also includes part of the principal amount plus interest on the reducing principle amount,” the lender’s website states.
Using this plan the customer can get a fixed monthly amount against his lump sum deposit. Payment will start from the anniversary date of the month. If the date does not exist (29, 30 and 31), it will be paid on the 1st of the following month.
Features of SBI Annuity Deposit Scheme
SBI customers can avail this scheme in a deposit period of 36, 60, 84 or 120 months, after which they will start getting returns.
SBI Annuity Deposit Scheme is available at all branches. Transferability allowed between branches
– Deposit amount is based on minimum monthly annuity of Rs.1000 for the respective period. This means that the subscriber has to deposit at least Rs 36,000 for the 3-year plan. There is no upper limit on the amount deposited.
Premature payment is allowed for deposits up to Rs 15 lakh under SBI Annuity Deposit Scheme
– The interest rate is the same as applicable on fixed deposits for public and senior citizens
– Payment of annuity on the anniversary date of the month following the month of deposit. If that date does not exist (29, 30 and 31), it will be paid on the 1st of the following month.
Loans up to 75 per cent of the overdraft or annuity balance can be given on special cases, SBI said. After disbursement of OD/loan, further annuity payment will be credited to the loan account only.
Universal passbook is issued in lieu of fixed deposits under SBI Annuity Deposit Scheme.
All resident individual customers including minors can avail this facility. NRO and NRE customers cannot avail SBI Annuity Deposit Scheme facility.
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