SBI’s Profit Deposit Scheme Offers Monthly Profits for Smart Investors

Investors have various options for investment in the market, allowing them to earn profits based on their preferences.

Among these options, there is an investment scheme that provides a monthly lump sum amount to investors.

If you’re looking for a reliable means of earning every month, consider investing in this scheme.

SBI Annuity Scheme: A Wealth of Benefits

Let’s discuss the SBI Annuity Scheme, which is offered by the largest public sector bank in the country, SBI.

In this scheme, investors deposit a lump sum amount at once and subsequently receive monthly interest along with the principal amount.

Notably, the interest is calculated based on compounding on the account balance every three months.

The interest rates for this scheme are similar to those of fixed deposits, and there is no maximum investment limit.

Interest Rates for SBI Annuity Scheme

Currently, the interest rates for deposits below Rs 2 crore in the SBI Annuity Scheme vary based on the duration of the investment.

Here are the interest rates provided by SBI:

Scheme Tenure >> General Interest Rate >> Senior Citizen Interest Rate 7 days to 45 days >> 3.00% >> 3.50% 46 days to 179 days >> 4.50% >> 5.00% 180 days to 210 days >> 5.25% >> 5.75% 211 days to 1 year >> 5.75% >> 6.25% 1 year to 2 years >> 6.80% >> 7.30% 2 years to 3 years >> 7.00% >> 7.50% 3 years to 5 years >> 6.50% >> 7.00% 5 years to 10 years >> 6.50% >> 7.50%

Minimum Investment Amount

The minimum investment amount required for the SBI Annuity Scheme is Rs 1000, while there is no maximum limit.

Investors can contribute according to their income.

This scheme offers tenors of 3 years, 5 years, 7 years, and 10 years.

Payment Schedule on the First Date

Once the lump sum amount is deposited in the SBI Annuity Scheme, investors start receiving monthly payments from the following month.

The payment is scheduled for the 1st of each subsequent month, and a universal passbook is issued to the customer as proof of deposit.

Loan Facility Against the Deposit

In special cases, the bank may provide overdraft and loans up to 75% of the annuity amount.

The annuity amount will be credited to the loan account only after the overdraft and loan are disbursed.

Premature Closure in Case of Death

Furthermore, premature closure is possible in the event of the depositor’s demise, applicable for deposits up to Rs. 15 lakhs.

This scheme can be transferred to any branch of SBI. Only individual depositors are eligible for the nomination facility.

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