SBI Scheme: State Bank of India is the largest government bank in the country. SBI is giving the best savings scheme to its customers. SBI also gives security along with good returns to its customers in its schemes. SBI is giving annuity deposit scheme to its customers.
SBI’s most special scheme
In this scheme of State Bank of India, income is earned in monthly installments (EMI). EMI can be availed by depositing money once in SBI’s annual deposit scheme. This scheme is also called monthly annuity installment. In this, the period of deposit is 3, 5, 7 or 10 years. Interest is received on this. This SBI annuity deposit scheme is a good opportunity for you to earn additional income.
State Bank of India’s best scheme
Under the SBI annuity deposit scheme, customers have to deposit money in the bank at one time. SBI will repay this money in equal installments. These EMIs include the principal amount and a part of the interest. In this scheme, interest is charged on a quarterly basis. Returns are discounted every month.
Features of SBI Annuity Deposit Scheme
Investment in this scheme can be made in any branch of SBI in India.
The minimum investment amount in SBI Annuity Deposit Scheme is Rs 1,000.
There is no upper limit on the maximum deposit amount for this scheme.
A person can make a person a nominee to receive returns from SBI Annuity Deposit Scheme in his absence.
Investors have to deposit money together, after which they will get payment every month. The return includes the principal amount and interest.
You will get the return on the first date of the next month.
Investors will get the passbook of this scheme.
The interest rate in this scheme is higher than the savings account. The same interest is available on the deposit, which is available on the bank’s fixed deposit i.e. FD (Fixed Deposit). Whatever the interest rate is at the time of opening the account, you will continue to get it for the duration of the scheme.
You will get Rs 11,870 every month in State Bank of India
Suppose if you invest Rs 10 lakh in SBI Annuity Deposit Scheme at 7.5 percent interest rate, then according to the calculator you will get Rs 11,870 (about 12 thousand) every month. Along with this, you also get the facility of loan in the Annuity Deposit Scheme of State Bank of India. If needed, you can also take overdraft up to 75 percent of the balance present in your SBI Annuity Deposit Scheme account.