Invest once in THIS SBI scheme, get monthly returns; check return calculator, interest rate, other key details
SBI Annuity Deposit Scheme
In India, most investors are always on the lookout for schemes offering safe and impressive returns. Keeping this in mind, the State Bank of India (SBI) offers a slew of investment options to choose from. Such schemes are gaining popularity in the current times as stock markets are crashing with inflation remaining on the higher end. One such investment plan offered by SBI is the SBI Annuity Deposit Scheme which offers guaranteed returns, providing investors with assurance and the peace of mind they deserve.
What RBI says?
According to SBI, under the Annuity Deposit Scheme scheme, investors have to deposit a lump sum amount. The returns are paid to the “customer over a period in equated monthly installment which comprises part of principle amount and interest on the reducing principle amount as well," the SBI website said.
SBI Annuity Deposit scheme maturity period
Customers of SBI can take advantage of the SBI Annuity Deposit scheme for a deposit period of 36, 60, 84, or 120 months. Once the lock-in period is over, they will begin to receive returns from the bank. SBI Annuity Deposit Scheme allows investors to receive a predetermined monthly amount in return for their initial deposit. Investors will start receiving the returns starting the first month's anniversary.
SBI Annuity Deposit scheme payment date
However, according to SBI, if the date (29th, 30th, or 31st) is non-existent, the lender will make the payment on the first day of the following month. Customers can visit any SBI branch to start investing in the scheme. The lender also allows investors to transfer their branches if required. SBI issues a Universal Passbook in lieu of the investments made under this scheme
SBI Annuity Deposit Scheme Eligibility
All Indian customers, including children, are eligible to invest in the SBI Annuity Deposit Scheme. However, investors under the NRO and NRE cannot use the SBI annuity deposit scheme.