In This scheme of SBI, common customers and senior citizens get the interest they get on term deposits. This scheme is considered a better scheme for depositing lump sum money.
New Delhi. State Bank of India is considered to be the most trusted bank in the country. Most of the people invest their savings in its different schemes. These schemes are considered better for safe investment and guaranteed returns. If you are also looking for a scheme in which you can get regular fixed income after investing once, then SBI’s Annuity Deposit Scheme can be a good option for you.
Let us tell you that in this scheme of SBI you have to deposit lump sum money. After that there is guaranteed earning with interest every month. In SBI’s annuity deposit scheme, the customer is given interest along with the principal amount every month. Calculation of Interest Compounding is done every quarter on the amount deposited in the account.
How much money can be deposited?
According to the information available on the official website of SBI, you are given more interest on the amount deposited under the Annuity Deposit Scheme than the savings account. Explain that in this scheme, the same interest is available on the deposit, which is available on the bank’s term deposit i.e. FD. There is no limit on the maximum deposit in this scheme. At the same time, the minimum deposit will have to be made at least Rs 1000 according to the monthly annuity. In this, Universal Passbook will also be issued to you by the bank. Investment under this scheme can be done for 36, 60, 84 or 120 months.
Overdraft facility is also available
In this scheme, annuity will be paid from the due date in the month following the deposit. If that date is not in any month, then annuity will be received on a date of the next month. Annuity will be paid after deducting TDS and credited to linked savings account or current account. This scheme of SBI has been prepared taking full care of your needs even in emergency. If needed, you can overdraft up to 75% of the balance amount of the annuity.
How to invest in annuity scheme?
If you want to invest in SBI’s Annuity Deposit Scheme, then you can register in it by going to any nearest branch. This scheme is available in all branches of SBI. The account of the scheme can also be transferred from one branch of the bank to another branch. Individual nomination facility is available in this. This account can be single or joint holding. This scheme can be closed prematurely in case of death of the depositor.
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