SBI Annuity Deposit Scheme: Features, Interest Rates

There are N number of schemes and plans that India’s largest public sector bank, the State Bank Of India or SBI offers. One such scheme is the SBI Annuity Deposit Scheme, which requires a one-time investment to offer the accumulated pool of funds along with applicable interest in equated monthly investments or EMI. So, if a person calculates the difference between the invested amount and the sum of the amount received in EMIs, the variation will be much higher. In this scheme, minors can also invest and the mode of holding the account can be individually or jointly.

Features of the SBI Annuity Deposit Scheme

This scheme allows investors to receive the accumulated amount and applicable interest rate in the form of EMIs after contributing a lump sum amount.

The contributing periods for this scheme are 36, 60, 84, and 120 months.

Investors can register themselves for this scheme at any SBI branch across the nation.

“Deposit amount based on a minimum monthly annuity of Rs 1000/- for the relevant period.”

Payments before maturity are allowed for deposits up to ₹15,00,000, Penalty is charged as per applicable deposit terms.

If an investor dies then premature payments are allowed without any limit.

There is no maximum deposit amount to invest in this scheme.

For the general public and senior citizens, the interest rate will be offered as per applicable terms.

Annuity payment after an anniversary will be paid following the month of the deposit.

If the payment date arrives on the non-existent dates (29th, 30th, 31st) then the 1st of next month will become the payday.

The nomination will be allowed individually only.

Loans are allowed up to 75 per cent of the balance annuity amount in special cases.

Users get their schemes transferred across branches.

Also read:

SBI Savings Account: Penalty, Charges, Minimum Balance, Interest, More

Applicable Interest Rates 2022