SBI Annuity Deposit: The Bank Will Provide Regular Pension Every Month, know The Special Features Of This Scheme
A job person wants a fixed pension every month for post-retirement expenses. This is a very basic need of any person. The Annuity Deposit Scheme of State Bank of India (SBI) is a linked scheme. Under this scheme you have to pay a lump sum amount for a period. After this you can get a fixed amount every month like EMI. The amount received every month includes a portion of principal and interest. Interest will be calculated on a quarterly basis and will be subtracted from the monthly value.
This scheme is for those who want a regular income from their savings every month after retiring. You will get a fixed amount every month on the same date on which you deposit the amount. If you have deposited the money on 29, 30 or 31, and no date is falling next month, then on the first date of the next month you will be paid the pension amount.
Some important things related to SBI Annuity Deposit Scheme you must know:
1. Depositing Period: This deposit scheme is available for 36 months / 60 months / 84 months or 120 months. Your monthly income will depend on the time period and the principal of the deposit.
2. The amount you can deposit: It depends on how much amount you want every month. If you want a monthly income of Rs 5,000 every month for 60 years, the bank will tell you how much amount you have to deposit. However, the deposit amount should not be less than Rs 25,000. However, its maximum limit is not set.
3. Rate of Interest: Interest on annuity deposit is accrued according to the term deposit of the same maturity. According to the SBI website, the bank currently pays 6% interest on deposits ranging from one year to 10 years. Senior citizens will get 0.5% more than the common people i.e. 6.5% interest. The rate of interest for SBI employees and pensioners is seven percent.
4. Premature Withdrawal: According to the official website of SBI, only on the death of the depositor can the amount be withdrawn before the fixed period.
5. Other facilities: Nomination facility is available in this scheme. The depositor can avail an overdraft and loan facility equal to 75% of the amount deposited in the annuity.
