Everyone wants regular income but have you ever thought that you can earn every month even after retirement? Let us tell you about SBI's annuity deposit scheme in which you can invest.
What is Annuity Deposit Scheme?
In this scheme, lump sum money has to be deposited and after that, there is guaranteed earnings with interest every month. In SBI Annuity Deposit Scheme, interest is also given to the customer every month along with the principal amount. This interest is calculated by compounding every quarter on the balance in the account. In this scheme, the interest rate is higher than the savings account and in this, the interest is available on the deposit, which is available on the bank's term deposit i.e. FD. Not only is this but Universal Passbook also issued to the customer.
For how many months can I make a deposit?
In this scheme, you can deposit for 36, 60, 84 and 120 months. This scheme is available in all branches of SBI. In this scheme, the minimum deposit has to be made according to the monthly annuity of at least Rs 1000 and there is no limit on the maximum deposit.
How much profit will you get?
In this, the money received as regular income is calculated according to the interest rate. The interest rate in this scheme is higher than the savings account. The interest rate applicable at the time of opening the account will continue to be available to you for the duration of the scheme.
You also get the option of premature deposit in the annuity deposit scheme. In case of emergency, you can withdraw a maximum of Rs 15 lakh from any one account whereas, in case of the death of the account holder, the entire amount is withdrawn by the nominee.
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