PERSONAL FINANCE
The scheme accepts a single deposit, which is then given back to the user in equal monthly instalments together with interest.
State Bank of India, the largest public sector lender provides various schemes for investors and can find a variety of financial products to help investors make a respectable return on their investment. Indian banks provide several possibilities depending on the amount a consumer can deposit into a given plan.
With the State Bank of India's Annuity Deposit Scheme, you can deposit a lump sum and receive monthly payments that include both the principal and interest that have accrued on the decreasing principal amount that is retained with the bank. Additionally known as monthly annuity instalments.
The deposits have a three-year, five-year, seven-year, or ten-year term. The interest rate is the same as that of the term deposit for the same duration. Additionally, senior citizens will receive a higher interest rate on term deposits. Although there is no upper limit to this scheme, the minimum deposit is Rs. 25,000. In some circumstances, you may be able to borrow up to 75% of the remaining debt. It is transferrable between all SBI branches.
(Also Read: Financial planning: Do’s and don'ts of managing your finances)
SBI Annuity Deposit Scheme: Eligibility
Any person looking forward to an SBI annuity plan must include a minor in their demographic. Either a single or joint holding may be used. Clients who fall under the NRE and NRO categories are not permitted access to the facility.
SBI Annuity Deposit Scheme: Interest rate
The interest rate for general citizens starting from 7-45 days to 5-10 years period will range from 2.90% to 5.40% and for senior citizens it will range from 3.40% to 6.20%.
SBI Annuity Deposit Scheme: Features
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