With this scheme of SBI, you will earn thousands of rupees every month... whether old or young, everyone can take advantage

SBI runs many types of schemes. One of these schemes is the SBI Annuity Deposit Scheme. This scheme can give you a fixed income every month. Whether old or young, everyone can take advantage of this scheme. For those people who have retired, but do not have any means of earning income every month, this scheme can be very helpful.

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.

In this scheme of SBI, money 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 money will apply to it. To take advantage of the scheme, you can go to any branch of SBI. There is no limit on the maximum deposit in this. After depositing the amount, a universal passbook is issued to you.

There is no limit on the maximum deposit 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 after the deposit. After depositing the amount, a universal passbook is issued to you.

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 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 payment is allowed on deposits up to Rs 15 lakh. But a penalty charge can be taken in this. This applies 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 annuity will continue to be received in return. At the same time, in case of death of the depositor, the scheme can be closed prematurely at any time.

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