SBI New Deposit Scheme: Through investment, people plan to make their future more secure, but sometimes investing in the wrong place increases their problem. In such a situation, it becomes very important that you invest in the right place so that you do not face any problem. The country’s largest government bank State Bank of India has brought Annuity Scheme for the customers.
Features of Annuity Scheme: SBI New Deposit Scheme
1- Investment can be made in Annuity Scheme from all branches of SBI.
2- At least 25 thousand rupees will have to be made in the Annuity Scheme.
3- SBI employees and ex-employees will get 1 percent more interest.
4-Senior citizens will be given 0.5 percent more interest.
5- The interest rates of Term Deposit will also be applicable on this scheme.
6- Annuity will be paid on the due date from the month following the deposit.
7-Annuity will be paid in savings account or current account after deducting TDS.
8- There is a better plan to get good returns on lump sum amount.
9- In special circumstances, an overdraft / loan can be obtained up to 75% of the balance amount of the annuity.
10- Savings account gives better returns in Annuity Scheme.
SBI’s annuity scheme is great: SBI New Deposit Scheme
One can invest in this scheme of SBI for a period of 36, 60, 84 or 120 months. The interest rate on investment in this will be the same as for term deposits of the chosen tenure. Suppose if you deposit funds for five years, then you will get interest at the same rate of interest applicable to fixed deposit for five years. Any citizen of India can take advantage of this scheme.
Want to invest 10 thousand every month so how much money to invest: SBI New Deposit Scheme
If an investor wants a monthly income of 10 thousand rupees every month, then for that the investor will have to deposit 5 lakh 7 thousand 965 rupees and 93 paise. You will get a return of 7 percent interest rate on the deposited amount, due to which the investor will earn about 10 thousand rupees every month. So if you have lump sum amount then do not delay at all.
Know the rules if you want to invest: SBI New Deposit Scheme
There is a rule to deposit a minimum of 1000 rupees every month in SBI’s annuity scheme, but no limit has been fixed for the maximum investment. In annuity payment, income starts after a certain time by charging interest on the amount deposited by the customer. These schemes are great for the future, but it is not possible for the middle class to collect so much money together.
Annuity Scheme Vs Recurring Deposit: SBI New Deposit Scheme
Generally middle class people lack lump sum amount. In such a situation, most people secure their future by investing in a recurring deposit. In RD, the amount is collected through small savings and then returned to the investor by applying interest on it. Because of this, Recurring Deposit is much preferred among common people as compared to Annuity Scheme.
