In this scheme of SBI, a minimum of Rs 1,000 can be deposited for monthly annuity. No limit of maximum investment has been fixed in this scheme.
new Delhi. The country’s largest bank, State Bank of India (SBI), has a scheme under which you can get a fixed amount every month. For this, you have to deposit lump sum money in this scheme. This scheme is SBI Annuity Deposit. After receiving a fixed amount of interest on the amount deposited by the customer in an annuity payment, the income starts getting. In this scheme of SBI, a minimum amount of Rs 1,000 can be deposited for monthly annuity. There is no fixed limit for maximum investment in this scheme.
How much can you invest
You can deposit at least Rs 25,000 in the SBI Annuity Deposit Scheme. However, there is no maximum limit. Talking about the maturity period, you can invest in it for 3 years, 5 years, 7 years and 10 years. On SBI annuity scheme you get as much interest as on fixed deposits depending on the duration.
Withdrawal of money before maturity
According to the official website of the State Bank of India, if the account holder dies before the maturity of the SBI Annuity Deposit Scheme, the nominee is allowed to withdraw the money.
Loan option
Under this scheme, a loan of 75 percent of the deposit can also be taken. However, even after opting for the loan option, the payment of future annuity will be deposited in the loan account until the entire loan is repaid.
Who can invest?
Anyone can take advantage of this scheme. In this, individual or joint accounts, adults and minors can also be opened. This scheme will be followed by account transfer, TDS rules based on FD rules in other branches.
