SBI’s Annuity Deposit Scheme : When employed people retire, they get a lump sum amount during retirement. The only problem is regular income.
In such a situation, SBI’s Annuity Deposit Scheme can be very helpful for you. In this scheme, you have to deposit lump sum money. In return, you can arrange regular income in the form of interest. Let us tell you about this scheme.
Income arrangement for 3 years to 10 years
According to the information available on SBI’s website, any person can arrange regular income for 3 years to 10 years through Annuity Deposit Scheme. In this scheme, money is deposited for 36, 60, 84 or 120 months. It is necessary to deposit at least so much money in the scheme that till the period you have chosen, you can get at least Rs 1000 every month. There is no limit on the maximum deposit.
How much interest is received
Now it comes to interest because whatever money you get from regular income is calculated according to the rate of interest. The interest rate in this scheme is higher than the savings account. The same interest is available on the deposit, which is available on the bank’s term deposit ie FD (Fixed Deposit). The interest rate applicable at the time of opening the account will be available to you for the duration of the scheme.
Premature Withdrawal Rules
You also get the option of premature deposit in the annuity deposit scheme. In case of emergency, a maximum of only Rs 15 lakh can be withdrawn from any one account. The amount which is more than 15 lakhs, will remain deposited and in return, monthly installments will be received till the stipulated time. The same rules apply regarding the penalty, which apply to FDs. However, in case of death of the account holder, the entire amount can be withdrawn by the nominee.
Can take up to 75% overdraft
In this scheme of SBI, there is a lot of work in the time of need. In this you also get the facility of loan. If needed, overdraft/loan can be availed up to 75% of the balance in the account. After taking the loan, the annuity payment will be credited to the loan account. In this scheme, universal passbook is also issued to the customer. This facility of the bank will be available in all branches of SBI.
