SBI Annuity Scheme: Get assured returns every month by depositing money once, how does this scheme of SBI work

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New Delhi. All banks are increasing their deposit interest rates. In such a situation, the country’s largest government bank SBI has introduced a special scheme for its customers. In SBI Annuity Deposit Scheme, investors can get a fixed amount every month by investing once.

This scheme is very effective for such investors, who get lump sum money from retirement or any other scheme. Under the scheme, SBI will return the fixed amount every month, which will include the money deposited by you and the interest earned on it. You have to invest only once in this scheme, with no limit on the maximum amount.

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Senior citizens will get additional interest
By the way, this account can be opened by any Indian citizen including a minor. The account can be opened as a joint or a single customer. According to the SBI website, NRO or NRI will not be allowed to open this account. If senior citizens invest in this scheme, then they will be paid more interest than normal investors.

To invest in this scheme, investors should have a savings, current or overdraft account. However, only those accounts will be selected for the scheme which will be fully operational. Also, these accounts should also have internet banking facility and the account should neither be locked nor halted due to any reason.

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Scheme up to 10 years
SBI Annuity Scheme is available at all branches of the bank and it will be for the tenure of 36, 60, 84, 120 months. That is, you can choose an annuity from 3 years to 10 years in the plan. In this, the minimum investment is calculated according to the annuity of at least Rs 1,000 every month. It also depends on the tenure chosen in the plan.

Different rules for online and offline deposits
The most important thing about the scheme is that there are different rules for online deposit and offline money deposit. If an investor wants to invest money in the scheme through online transaction, then the same maximum deposit limit will remain the same as usual for sending money online. However, if you deposit money through offline mode then there is no limit.

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Interest will be determined from FD only
SBI will determine the interest on this scheme only through its FD. The bank has increased the FD interest on June 14 and currently gives up to 5.50 percent interest on FDs of 3 to 10 years. In this, senior citizens are given interest from 5.95 percent to 6.30 percent. Like FD, TDS will be applicable on interest here too. To avoid this, you will have to present PAN card details.

These facilities are available on the account
SBI also offers overdraft facility on this account. 75% of the amount deposited in the account can be taken as overdraft. It can be withdrawn only for needs like marriage, treatment or education. If an investor dies, there can be a premature withdrawal of up to Rs 15 lakh deposited in his account. Withdrawal in any other circumstance will attract penalty. It will be applicable like FD, which is currently 1 percent on the amount above 5 lakhs. Not only this, you will also be given one percent less interest than normal on withdrawal.

Tags: Bank FD, bank interest rate, Investment tips, SBI Bank

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