SBI customers alert! Looking for fixed income every month? Check this scheme from State Bank of India

Resident individuals, including minors, can open the SBI Annuity Deposit Plan. Mode of holding could be singly or jointly. However, any customer in the NRE or NGO categories cannot open the SBI Annuity Deposit Scheme.

What is the minimum amount for SBI scheme?

The minimum deposit amount for SBI annuity deposit is based on a minimum monthly annuity of Rs 1000 for the relevant period. i.e for 3 yrs, the minimum deposit amount will be Rs. 36,000. However, there is no maximum limit. The interest starts on the amount deposited by the customer after a fixed time.

This scheme of SBI can be invested in for a period of 36, 60, 84, or 120 months. In this, the rate of interest on the investment will be the same that applies to term deposits. For example, if you deposit for five years, then you get the interest according to the interest rate applicable for a fixed deposit (FD) of five years.

Who can open the SBI Annuity deposit Plan?

Are you looking for some extra money every month? Here's is something that you should consider investing in, through which you start getting monthly income after a certain time. Here we tell you about the annuity scheme of SBI.

The SBI Annuity Deposit plan enables the depositor to pay a one-time lump sum amount and to receive the same in Equated Monthly Instalments (EMIs).

The SBI Annuity Deposit plan enables the depositor to pay a one-time lump sum amount and to receive the same in Equated Monthly Instalments (EMIs), comprising a part of the principal amount as well as interest on the reducing principal amount, compounded at quarterly rests and discounted to the monthly value.

What is SBI's Annuity Deposit Scheme?