The State Bank of India (SBI), renowned as the nation’s largest public sector bank, introduces a lucrative saving scheme designed to provide security and promising returns to its customers.
The SBI Annuity Deposit Scheme presents an opportunity for individuals to earn additional income through monthly installment payouts.
Understanding the Scheme:
The SBI Annuity Deposit Scheme operates on a monthly installment basis, allowing customers to earn steady income by making a single deposit.
Also known as the monthly annuity installment, this scheme offers deposit periods of 3, 5, 7, or 10 years with accrued interest, presenting a viable avenue for supplementary earnings.
Key Features of the Scheme:
- Accessibility: Investment can be initiated at any SBI branch across India.
- Minimum Investment: Customers can start with a minimum investment of Rs 1,000.
- No Maximum Limit: There’s no upper cap on the maximum deposit amount.
- Nomination Facility: Investors can nominate recipients for returns in their absence.
- Monthly Payouts: Deposited amounts yield monthly payments comprising principal and interest.
- Payment Schedule: Returns are disbursed on the 1st day of the subsequent month.
- Passbook Provision: Investors receive a comprehensive passbook for transparent tracking.
- Flexible Deposit Periods: Options available for 36, 60, 84, or 120-month deposit periods to suit diverse preferences.
