New Delhi: India’s largest lender State Bank of India (SBI) enables the depositor to pay one-time lump sum amount and to receive the same in Equated Monthly Instalments (EMIs) under the SBI Annuity Deposit Scheme.
The monthly payment under the SBI Annuity Deposit Scheme comprises a part of the principal amount as well as interest on the reducing principal amount, compounded at quarterly rests and discounted to the monthly value.
Resident individuals, including minors can invest in this scheme while the mode of Holding can be done Singly or jointly. The scheme is available at all branches of the SBI.
Here is all you want to know about the SBI Annuity Deposit Scheme
The Period of deposit is 36, 60, 84 or 120 months.
Deposit amount is based on minimum monthly annuity of Rs 1000 for the relevant period.
Under the SBI Annuity Deposit Scheme, Premature payment is allowed for the deposits up to Rs 15,00,000 while enalty chargeable, as applicable to Term Deposits.
In case of death of depositor, premature payment is allowed without any limit.
For maximum deposit amount there is no Upper Limit.
The Rate of interest as applicable to Term Deposits for Public and Senior Citizens.
Payment of annuity on the anniversary date of the month following the month of deposit. If that date is non-existent (29th, 30th & 31st), it will be paid on the 1st day of the next month.
Nomination is available in favour of individual only.
Overdraft/loan up to 75% of the balance amount of annuity may be granted on special cases.
After disbursal of OD/loan, further annuity payment will be deposited in loan account only.
Universal Passbook is issued in lieu of Term Deposit.
Transferability of the scheme is allowed among branches.