The State Bank of India (SBI), the country’s largest bank, offers a range of savings schemes for its customers, and one of the most popular ones is the SBI Annuity Deposit Scheme.
With this scheme, you can invest your money and receive a guaranteed monthly income after a fixed period.
No Maximum Deposit Limit
You can invest any amount you want, as there is no maximum deposit limit for this scheme.
However, to ensure a minimum monthly income of Rs 1,000, it’s essential to deposit a sufficient amount based on your chosen time period.
Earn Higher Interest than a Savings Account
The SBI Annuity Deposit Scheme offers a higher interest rate compared to a regular savings account.
The interest rate provided on the deposit is similar to that of a Fixed Deposit (FD) offered by the bank.
The interest rate applicable at the time of account opening will remain the same until the end of the scheme.
Generate Monthly Income up to Rs 12,000
For instance, if you invest Rs 10 lakh in the scheme at an interest rate of 7.5 percent, the calculator shows that you can earn approximately Rs 11,870 (about 12 thousand) every month.
The income will be received in the form of Equated Monthly Installments (EMI) on a regular basis.
