SBI Annuity Deposit: Invest Once in This Scheme to Get High Monthly Return
The SBI annuity deposit scheme is a policy whereby customers can get a monthly income by depositing a one-time lumpsum amount. –
State Bank of India, which is the country’s largest public sector lender, offers a host of schemes for those who want a safe and secure future without having to risk their money.
Indians, especially senior citizens and middle class, prefer to put their money in savings schemes that do not change with market situations and are not subject to any risk, while also providing higher returns.
What is SBI Annuity Deposit Scheme
The SBI annuity deposit scheme is a policy whereby customers can get a monthly income by depositing a one-time lumpsum amount.
To enable the customer to deposit one-time lump sum amount and receive re-payment of the same in monthly annuity instalment comprising part of the principal amount plus interest.
Period of deposit: 36/60/84 or 120 month
Deposit amount based on minimum monthly annuity of Rs 1000/- for the relevant period
Premature payment allowed for the deposits up to Rs.15,00,000/-. Penalty chargeable, as applicable to Term Deposits. In case of death of depositor, premature payment is allowed without any limit.
Payment of annuity on the anniversary date of the month following the month of deposit..
Nomination is available in favour of individual only
Overdraft/loan up to 75% of the balance amount of annuity may be granted on special cases.