Pension Plan : You can also ensure financial security after retirement through monthly pension plan. In these schemes, regular income is guaranteed for a fixed period of time. SBI, the country’s largest public sector bank, is currently running a special scheme, through which monthly income is guaranteed. The name of this scheme is “ SBI Annuity Deposit Scheme ”. A lump sum investment has to be made in this. After which you get income every month.
About the scheme
Under this scheme, senior citizens get more interest than ordinary citizens. The deposit amount and interest amount are received in monthly installments. Both children and elders can take advantage of it. Facility to open joint account is also available. The special thing is that there is no limit on maximum investment in this. You can invest as per your needs.
What are the interest rates?
Under the Annuity Deposit Scheme, senior citizens are currently getting 3.40% interest on deposits of 7-45 days. 6.5% interest is available on deposits of 5-10 years, 7% on deposits of 2-3 years and 5.50% on deposits of 1-2 years.
Calculation
Investors can receive income for 1-10 years. The minimum investment amount is Rs 25000. Whereas the minimum annuity amount would have been Rs 1000. Deposit tenure is 36/60/84/120 months. By choosing a tenure of 10 years, you can make your “Golden Years” happy. Loan facility is also available in this. If a person invests money in the scheme for 10 years, then he can get an income of around Rs 11 thousand every month on the basis of 6.5% interest.
