SBI Scheme: Deposits can be made in this scheme for 36, 60, 84 or 120 months. This scheme is available in all branches of SBI.
SBI Annuity Deposit Scheme: SBI Annuity Deposit Scheme is a special scheme among the deposit schemes of State Bank of India (SBI). In this scheme, the customer has to deposit a lump sum amount. After a certain period, there will be a guaranteed income in the form of EMI (Monthly Installment). In this scheme of SBI, the customer is given interest along with the principal amount every month. This interest is calculated on compounding every quarter on the balance in the account. In this scheme, the interest is received as much as the term deposit ie FD of the bank.
SBI Scheme: Deposit for how much period
According to the SBI website, deposits can be made in this scheme for 36, 60, 84 or 120 months. This scheme is available in all branches of SBI. There is no maximum deposit limit in this. At the same time, the minimum annuity is Rs 1000 per month. In this, Universal Passbook will also be issued to the customer. Any Indian citizen can open this account. Minors get the facility of this scheme. In this account can be opened in both single or joint mode.
Annuity is available on the due date of every month
In this scheme of SBI, the annuity will be paid from the due date of the next month of deposit. If any month does not have that date (29, 30 and 31), then the annuity will be received on the 1st of the following month. Annuity payment will be credited to the linked savings account or current account after deducting TDS. Under the SBI Annuity Deposit Scheme, the common customer and senior citizen get the interest earned on the term deposit. Senior citizens get 0.50 percent more interest on SBI FDs. Nomination facility is available in this. Universal passbook will also be issued to the customer. There is also the facility of transfer from one branch to another.
Prepayment facility is also available
In this scheme of SBI, you can get overdraft / loan amount up to 75% of the balance amount of the annuity on need. After availing the loan/overdraft, the annuity payment will be credited to the loan account. At the same time, on the death of the depositor, the scheme can be closed prematurely. Apart from this, time prepayment can also be done for deposits up to Rs 15 lakh. At the same time, pre-mature penalty will also have to be paid at the same rate as the rate on FD. That is, according to the term deposit, there is a pre-mature penalty in this scheme.
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