SBI Annuity Deposit Scheme: You will earn thousands of rupees every month from this scheme of SBI, everyone can take advantage..

Many types of schemes are run in SBI. One of these schemes is SBI Annuity Deposit Scheme. This scheme can give you a fixed income every month. Be it old or young, everyone can take advantage of this scheme. For those people who have retired but do not have any means of earning every month, this scheme can be very helpful for them.

What is the SBI Annuity Deposit Scheme
According to the information available on the SBI website, in SBI Annuity Deposit Scheme, you have to deposit a lump sum amount and the depositor is given interest every month along with a part of the principal amount. This interest is equal to the bank's term deposit i.e. FD. Interest is calculated on compounding every quarter based on the amount left in the account. Any Indian citizen can take advantage of this scheme.

For how many years the amount is deposited
In this scheme of SBI, the amount can be deposited for 36, 60, 84, or 120 months, that is, you can arrange income for a maximum of 10 years through this scheme. The interest on FD of the tenure for which you have deposited the amount will apply to it. To avail the benefits of the scheme, you can go to any branch of SBI. There is no maximum deposit limit in this. After depositing the amount, a universal passbook is issued to you.

Income starts from the next month of deposit
There is no maximum deposit limit in this. The payment of the annuity is decided according to the deposit amount. The minimum annuity is Rs 1000 per month. The annuity starts from the scheduled date next month of the deposit. After depositing the amount, a universal passbook is issued to you.

Higher interest for senior citizens
In this, interest is given to the general customer and senior citizen based on term deposit. In such a situation, senior citizens get the benefit of 0.50 percent more interest than the general customer. Under the SBI Annuity Deposit Scheme, you can open an account both singly and jointly. The annuity payment is credited to the linked savings account or current account after deducting TDS.

Premature withdrawal
Premature payment is allowed on deposits up to Rs 15 lakh. But a penalty charge can be taken for this. This is applicable as per the term deposit. If you have deposited more than 15 lakh, then after withdrawing the amount up to 15 lakh, the remaining amount will remain deposited in the account, and the annuity will continue to be received in return. At the same time, in case of the death of the depositor, the scheme can be closed anytime before time.

Loan facility
According to SBI's website, the nomination facility is available only for individuals. If needed, you can get an overdraft/loan up to 75% of the balance in the account. However after taking the loan, the annuity payment will be credited to the loan account.