Invest Once in This Scheme to Get High Monthly Returns; See Details

The State Bank of India, the country’s largest public sector lender, offers a host of schemes for those who want a secure future without having to risk their money. Several people in India do not want to invest in risky assets such as stocks and cryptocurrencies mainly to avoid situations that are currently prevailing where the markets see a downward movement due to inflation and other reasons. Indians, especially seniors and middle class, prefer to invest their money in savings schemes that do not change with the market situations and are not subject to any risk, while also yielding higher returns. To accommodate this, the State Bank of India has launched the SBI Annuity Deposit Scheme.

What is the SBI annuity deposit?

The annuity deposit scheme SBI is a policy where customers can get a monthly income by depositing a one-time amount. “Under this arrangement, a lump sum is deposited by a customer that is repaid to the customer over a period in a similar monthly installment that also includes a portion of the principal amount and interest on the reducing principal amount,” the company’s website says. lender .

Using the scheme, the customer can have a fixed monthly amount against his one-time term deposit. The payout starts on the anniversary date of the month. If the date does not exist (29th, 30th and 31st), it will be paid on the 1st of the following month.

Features of the SBI annuity deposit system

– SBI customers can take advantage of this scheme for a deposit period of 36, 60, 84 or 120 months, after which they will receive returns.

– SBI annuity deposit is available at all branches. Transferability between branches allowed

– The deposit amount is based on the minimum monthly annuity of Rs 1000 for the relevant period. This means that for a 3-year settlement, a client has to deposit a minimum of Rs 36,000. There is no upper limit on the deposit amount.

– Prepayment is allowed for deposits up to Rs 15 lakh under the SBI annuity deposit scheme

– The interest rate is the same as that applicable to fixed deposits for the public and seniors

– Payment of annuity on the anniversary of the month following the month of deposit. If that date does not exist (29th, 30th and 31st), it will be paid on the 1st of the following month.

– Overdraft or loan up to 75 percent of the annuity balance can be granted in special cases, according to the SBI. After OD/loan disbursement, further annuity payment will only be deposited into the loan account.

– Universal Passbook is issued instead of Term Deposit under the SBI annuity deposit scheme.

– All resident individual customers, including minors, can use this facility. NRO and NRE customers cannot make use of the SBI annuity scheme.

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