SBI's Superhit Scheme: Deposit once, earn every month; know full details
SBI Superhit Scheme: In this scheme, the customer is given interest every month along with the principal amount. This interest is calculated on the amount left in the account on compounding every quarter.
SBI Annuity Deposit Scheme: In the country's largest bank SBI, customers get the facility to earn interest by depositing money in many special deposit schemes apart from term deposit. One of these schemes is SBI annuity deposit scheme. The specialty of this scheme is that a lump sum deposit has to be made in it, after that you will get guaranteed income with interest every month. In this scheme, the customer is given interest every month along with the principal amount. This interest is calculated on the amount left in the account on compounding every quarter. According to SBI's website, the interest on the deposit is the same as that on the bank's term deposit i.e. FD.
SBI Scheme: For how long the deposit
According to SBI's website, in this scheme the customer has to make a lump sum deposit once and after that the principal amount and interest is received in the form of monthly installments. In this scheme, lump sum deposit can be made for 36, 60, 84 or 120 months. There is no limit on the maximum deposit in this. At the same time, the minimum annuity is Rs 1000 per month. This scheme is available in all SBI branches.
When does the monthly payment start
In this scheme of SBI, the annuity will be paid from the scheduled date next month after the deposit. If that date (29, 30 and 31) is not there in any month, then the annuity will be received on the 1st of the next month. The annuity payment will be credited to the linked savings account or current account after deducting TDS. In the SBI Annuity Deposit Scheme, regular customers and senior citizens get interest on term deposits. A nomination facility is available in this. A universal passbook will also be issued to the customer. There is also a facility for transfer from one branch to another.
Loan facility also
In the SBI Annuity Deposit Scheme, if needed, an overdraft/loan of up to 75% of the balance amount of annuity can be availed. After taking loan/overdraft, the annuity payment will be credited to the loan account. At the same time, the scheme can be closed prematurely in case of death of the depositor. Apart from this, pre-payment can also be made for deposits up to Rs 15 lakh. At the same time, pre-maturity penalty will also have to be paid at the same rate as is charged on FD. That is, pre-maturity penalty is charged in this scheme as per term deposit. Indian residents can open this account. This facility is also available for minors. This account can be opened in both single and joint mode.
