SBI Annuity Deposit Scheme: Get monthly income with guaranteed payouts; here are 12 things to know
Discover the SBI Annuity Deposit Scheme, a one-time deposit plan offering guaranteed monthly payouts with compounded interest. Learn about its features, benefits, loan options, and flexible tenure for secure earnings.
ZeeBiz WebTeam | Sep 30, 2024, 08:58 PM IST
The SBI Annuity Deposit Scheme is a highly beneficial savings plan that provides guaranteed monthly income through a one-time lump sum deposit. With interest compounded quarterly and flexible tenures of 36 to 120 months, this scheme ensures a steady cash flow. It offers various features like nomination facility, transfer options, and even a loan or overdraft up to 75% of the annuity balance. Perfect for those seeking a secure investment with reliable monthly payouts, it's available at all SBI branches across India.
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SBI Annuity Deposit Scheme Overview
One-Time Deposit, Monthly Earnings:
Customers make a one-time lump sum deposit and receive monthly payouts, including both interest and principal.
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SBI Annuity Deposit Scheme Features
Guaranteed Monthly Income:
Once a lump sum deposit is made, customers receive monthly payouts with compounded interest calculated quarterly.
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Interest Rate:
The interest rate matches that of SBI's term deposits (FD, thta is 6.5%.
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Deposit Terms and Duration
Flexible Deposit Periods:
Deposits can be made for 36, 60, 84, or 120 months.
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Minimum and Maximum Deposits
Minimum monthly annuity: Rs 1,000.
No maximum deposit limit
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Availability
This scheme is available at all SBI branches.
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Payment Schedule
Start of Monthly Payment:
Payments begin from the fixed date of the following month after the deposit.
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TDS Deductions
Payments are credited to the linked savings or current account after deducting TDS.
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Additional Benefits
Nomination & Transfer Facility:
- Nomination can be made.
- Universal passbook issued and transfer between branches available.
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Loan Facility
- Loan/Overdraft Option:
Customers can avail of a loan or overdraft up to 75% of the annuity balance. Annuity payments will be credited to the loan account.
- Pre-Mature Closure:
Allowed in case of the depositor's death or for deposits up to Rs 15 lakh, with pre-maturity penalties aligned with term deposit rules.
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Eligibility
Indian Residents & Minors:
Indian residents, including minors, can open this account in either single or joint mode.