New Delhi: In India, most of the investors are always on the lookout for schemes that deliver safe and effective returns. Keeping this in mind, State Bank of India (SBI) offers several investment options to choose from. Such schemes are currently gaining popularity as the stock markets are crashing with inflation at high levels. One such investment scheme offered by SBI is SBI Annuity Deposit Scheme which offers guaranteed returns, gives investors the assurance and peace of mind that they deserve.
According to SBI, investors have to deposit a lump sum amount under the Annuity Deposit Scheme scheme. “The return is paid to the customer in equated monthly installments over a period, which includes part of the principal amount plus interest on the reducing principal amount,” the SBI website said. (Also read:
SBI Annuity Deposit Scheme
SBI customers can avail SBI Annuity Deposit Scheme for deposit tenures of 36, 60, 84 or 120 months. After the lock-in period is over, they will start getting returns from the bank. (Also read: Anand Mahindra tweets ‘only in India’ after sharing video of dazzling Bajaj Chetak scooter)
SBI Annuity Deposit Scheme allows investors to receive a predetermined monthly amount in return for their initial deposit. Investors will start getting returns from the anniversary of the first month. (Also Read: Loss Up To Rs 25 Per Liter By Selling Diesel, Petrol: Private Retailers Tell Govt)
However, according to SBI, if the date (29th, 30th or 31st) is not present, the lender will make the payment on the first day of the next month. Customers can visit any branch of SBI to start investing in the scheme. The lender also allows investors to relocate their branches if required. SBI issues a Universal Passbook in lieu of investments made under this scheme.
SBI Annuity Deposit Scheme Eligibility
All Indian customers including children are eligible to invest in SBI Annuity Deposit Scheme. However, investors under NRO and NRE cannot use SBI Annuity Deposit Scheme.