SBI Annuity Deposit Scheme|एसबीआइ अनुइटी डिपॉजिट स्कीम|SBI Monthly Income Scheme 2023#sbi #sbischeme

Understanding SBI Annuity Deposit Scheme
In the SBI Annuity Deposit Scheme, investors have to deposit one-time lump sum amount. After investment, investors receive re-payment of the same in monthly annuity installment comprising part of the principal amount plus interest on the reducing principal amount, compounded at quarterly rests and discounted to the monthly value.

In simpler terms, SBI Annuity Deposit Scheme allows investors to receive a predetermined monthly amount in return for their initial deposit in Equated Monthly Instalments (EMIs). So, it works on the concept of a loan. Bank provides you the loan where you repay it along with the interest on the loan in EMIs. Similarly, in an annuity deposit scheme you give a certain amount to the bank and it repays you with interest on the invested amount.
SBI Annuity Deposit Scheme: Duration of the investment scheme
Customers of SBI can take advantage of the SBI Annuity Deposit scheme for a deposit period of 3, 5, 7 and 10 years. The scheme is available at all branches of the SBI.
SBI Annuity Deposit Scheme Eligibility
All resident individuals, including minors can invest in the SBI Annuity Deposit Scheme while the mode of holding can be done singly or jointly.
SBI Annuity Deposit scheme: Rules for Premature closure
The bank allows the premature closure for the SBI Annuity scheme depositors in case of death of the subscriber. Premature payment is also allowed for deposits up to Rs 15 lakh, however, penalty is chargeable as applicable to Term Deposits.
SBI Annuity Deposit scheme: Facility for Loan
The scheme allows an overdraft or loan up to 75% of the annuity balance in certain circumstances.
SBI Annuity Deposit scheme: Tax
Interest on SBI Annuity Deposits scheme is subject to TDS.
SBI Annuity Deposit scheme: Maturity amount
In the SBI Annuity Deposit Scheme, investors receive re-payment of their invested amount in monthly annuity installment comprising part of the principal amount plus interest on the reducing principal amount. So, the maturity amount is zero.
SBI Annuity Deposit scheme: Interest rates
The interest rates provided on the SBI Annuity Deposit Scheme are as applicable to term deposits chosen by the account holder.

SBI Annuity Deposit scheme: Payment date to customers by bank
Investors will start receiving the returns starting the first month's anniversary, if the date (29th, 30th, or 31st) is non-existent, the lender will make the repayment on the first day of the following month.

Reference Link :-
https://groww.in/fixed-deposits/sbi-annuity-deposit-scheme

https://sbi.co.in/web/personal-banking/investments-deposits/deposits/annuity-deposit-scheme

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