SBI Annuity Deposit Scheme: State Bank of India (SBI) is one of the largest public sector lenders that offers a variety of schemes to the public. People often find it risky to invest in stocks and cryptos and hence even today banks remain the safest option to offer assured returns.
Today we are going to tell you about such a scheme of SBI which can give safe returns on your investment without much risk. SBI Annuity Deposit Scheme provides you regular returns and the interest rate is higher as compared to savings accounts and traditional deposit schemes.
Under SBI Annuity Deposit Scheme, the investor has to deposit a lump sum amount for a fixed period. The total amount including interest is returned to the investor every month in equal monthly installments. Interest on the amount deposited in the account is calculated on the basis of compounding every quarter.
Customers can choose the investment period
Customers can choose the tenure of their investment. The interest rate for general customers ranges from 5% to 6.5% while for senior citizens the interest rate ranges from 5.5% to 7.5% depending on the total tenure of the investment.
Payment to the customer will start from the date on which the deposit was made in the previous month. If in many cases the date is 29, 30 and 31, it will be paid on the 1st of the following month.
How much money can be deposited?
There is no limit on the maximum deposit in this scheme. But, the minimum deposit amount has to be maintained at Rs 1,000 per month. The customer will be issued a Universal Passbook and can invest under the scheme for a tenure of 36, 60, 84 or 120 months.
Overdraft facility is also available. The scheme also offers overdraft facility up to 75% of the balance in the account.
How and how much money will be received every month?
For example, if you invest Rs 10 lakh in the scheme at 7.5 per cent interest, then according to the calculator, you will get Rs 11,870 per month. You will get around 12 thousand rupees every month as EMI.
