Minimum Rs 1000 can be deposited in SBI annuity scheme for monthly annuity. There is no limit for maximum investment in this.
The State Bank of India (SBI), the largest bank in the public sector of the country, offers many types of savings schemes to the common people. To invest our savings we look for a reliable and profitable scheme. In such a situation, SBI has a great scheme for investing savings, which is named SBI Annuity Schemes. Under this scheme, you can get monthly income for regular time by investing once. If a person wants fixed income every month, then he should invest in this scheme of SBI. Let’s know about this scheme…
Minimum Rs 1000 can be deposited in SBI annuity scheme for monthly annuity. There is no limit for maximum investment in this. After receiving a fixed amount of interest on the amount deposited by the customer in an annuity payment, the income starts getting.
What is the period of investment in the scheme
This scheme of SBI can be invested for a period of 36, 60, 84 or 120 months. In this, the rate of interest on the investment will be the same, which will be for the term deposit of the chosen period. Suppose you make an annuity deposit for five years, then you will get interest only according to the interest rate applicable to the fixed deposit of five years. Anyone can take advantage of this scheme.
In this, individual or joint, adult and minor can also open accounts. The accounts of this scheme will be based on the transfer to another branch, TDS rules and FD rules. Suppose you want a monthly annuity of Rs 10000 for five years, then you have to deposit Rs 507965.93 keeping in view the interest rate of seven percent.
Recurring Deposit and Fixed Deposit
Annuity deposit scheme is exactly the opposite of the recurring deposit scheme. Every month a depositor deposits a fixed amount in a recurring deposit and gets a fixed amount at maturity. In the case of annuity maturity, the amount has to be deposited in one go. At the same time, in FD the depositor deposits the money for a fixed tenure. At the time of maturity these amounts are returned along with interest.
Recurring deposit (RD) is a scheme that promotes small savings. Although its maturity is five years, but you can extend it for five-five years by applying.
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