SBI Annuity Deposit Scheme To Get Regular Monthly Income 10,000
Sbi Annuity Scheme, State Bank Of India. Here is the full calculation for SBI Annuity Deposit Scheme and How SBI Annuity Deposit scheme is works in detail. SBI Annuity Deposit Scheme is one of the best scheme from SBI for Regular Income. If you want some certain amount of Regular income for specific Period than you can choose SBI Annuity Deposit Scheme.
To enable 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.
To enable the customer to deposit a one-time lump sum amount and receive re-payment of the same in monthly annuity instalment comprising part of the principal amount plus interest.
Deposit amount based on minimum monthly annuity of Rs 1000/- for the relevant period
I no case the Minimum Amount of deposit should be below Rs. 25,000/-
Maximum deposit amount: No Upper Limit
Rate of interest as applicable to Term Deposits for Public and Senior Citizens
Payment of annuity on the anniversary date of the month following the month of deposit.
Nomination is available in favour of individual only
Overdraft/loan up to 75% of the balance amount of annuity may be granted on special cases.
After disbursal of OD/loan, further annuity payment will be deposited in the loan account only.
Universal Passbook is issued in lieu of Term Deposit
Transferability allowed among branches.
SBI Annuity Deposit Scheme is scheme of SBI, where customer gets fixed monthly income from bank. In this Scheme the monthly income depends on the lump sum amount deposited by customer.
Basic feature of Scheme are given below
1. Minimum investment 36000
2. Interest rate depend on the FDs rates
3. Monthly income fixed and customer gets money in his account
4. Monthly income comprises of Principal and interest part
5. It is total risk free
6. Maturity value is zero
Resident individuals, including minors
Mode of Holding Singly or jointly
Terms and Conditions
Premature closure is Permitted in case of death of the depositor. Premature payment is also allowed for deposits up to Rs. 15.00 lacs.
Pre- mature penalty is chargeable as applicable to Term Deposit.