Under the SBI Annuity Deposit Scheme, India’s largest lender State Bank of India (SBI) enables depositors simply needs to pay a one-time lump sum amount and obtain an amount monthly.
Through this scheme, The depositors when deposited a fixed lump sum, A certain amount will be equalized in monthly installments that will be received by the depositors. This will mainly include the interest received along with the principal. Any individual who is waiting for an SBI annuity plan must be a resident individual which can also include a minor. The mode of holding can be joint or single.
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Following are the key features of SBI Annuity Deposit Scheme :
- SBI Annuity Deposit Scheme is easily available in all branches of Pan India except any branch which is specialized loan intensive.
- The amount on monthly annuity basis is minimum Rs.1000 for the applicable period. And the minimum amount should be less than Rs 25,000. The interest within SBI Annuity Deposit scheme is similar to that of a fixed deposit.
- There is no upper limit for the maximum deposit amount.
- The rate of interest payable to SBI pensioners and employees will be 1.00 per cent higher than the applicable rate.
- Payment of annuity on the anniversary date of the month following the month of deposit. In case dates are non-existent like 29th, 30th and 31st then it will be paid on the first of the coming month.
- The payment of an annuity, TDS net, will probably be credited to a savings or current account.
- Transferability of the scheme is allowed among branches. Nomination facility is available along with issuance of Universal Passbook.
- Overdraft/loan up to 75% of the annuity balance can be given in special cases.
- Universal passbook is issued in lieu of fixed deposit.
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Under SBI Annuity Deposit Scheme, Following benefits get:
- SBI annuity plan comes with different tenures as well as maturity options. When an any depositor who is waiting for this scheme can choose from the options which are 3, 5, 7 and 10 years.
- Under SBI annuity deposit scheme, there is no such limit for the depositors, But, any depositor needs to deposit in the SBI annuity deposit scheme with a minimum amount of Rs 25,000.
- Full payment will be made in advance only when the depositor dies.
- Under this scheme, the depositor will get overdraft or loan facility up to 75% of the balance amount. If you opt for the loan, which is disbursed, any future payments will be credited to the loan account.
- The rate of interest is mostly the same as its fixed deposit or fixed deposit. It is based on the tenure chosen by the investor. State Bank of India offers 5.9% on deposits which are maturing within 1 to 10 years. So, SBI Annuity Plan will fetch an interest rate of 5.9% for 3, 5, 7 and 10 years. If the tenure is less than one year and up to 6 months then an interest rate of 5.5% will be offered. Senior citizens will be offered an interest rate of 6.4% for one year up to 10 years.
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