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Wednesday, October 27, 2021

Annuity Deposit Scheme: If you want money every month on FD, then deposit lump sum amount in this scheme of SBI, interest will be added to monthly income

SBI’s Annuity Deposit Scheme makes your earnings every month.

Generally, you get annual interest on FDs of banks. But how will it be if the bank gives you money every month on your deposit? Yes, in lieu of the money taken from you, now the bank will give you EMI. Apart from common depositors, this scheme is also very suitable for senior citizens. It would be very convenient for them if they get a fixed amount every month. SBI’s Annuity Deposit Scheme is one such scheme, in which you get a fixed amount every month on your deposited money in the bank. It includes a part of the principal amount and interest on the remaining principal amount.

Who gets the benefit of annuity scheme

Any Indian citizen can take advantage of this scheme. A minor can also be involved in this. Single or joint account can be opened under annuity scheme. Those falling under NRE or NRO category cannot participate in it.

LIC Jeevan Labh: In this policy of LIC, deposit only Rs 233 every day and get 17 lakhs, tax exemption will also be available

deposit limit

At least 25 thousand will have to be deposited in this scheme in a lump sum. There is no maximum deposit limit. Deposit tenure is 3, 5, 7 or 10 years. However, the amount will be deposited in the account only after deducting TDS.

what will be the interest rate

The interest rate on SBI’s Annuity Annuity Deposit Scheme is the same as its FD rates. Currently, the interest rate on FDs in SBI ranges from 2.90 per cent per annum to 5.40 per cent per annum for various maturity periods. Senior citizens of 60 years of age or more get half percent more interest. SBI staff and bank pensioners get one percent more interest. According to the bank’s website, the payment of interest in the Annuity Deposit Scheme will start from the same date of the next month on the day the account is opened.
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Nisha Chawlahttps://www.businesskhabar.com/
She is an expert in Banking, Finance and working with an international bank. She sharing her ideas and knowledge with Business Khabar.
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