SBI, India’s largest government bank, presents the SBI Annuity Deposit Scheme, a popular savings plan that guarantees a regular income. By investing in this scheme for 36, 60, 84, or 120 months, you can receive fixed monthly payments.
SBI Annuity Deposit Scheme: Guaranteed Regular Income with Flexible Tenure
The Annuity Deposit Scheme accommodates deposits for a flexible duration, ranging from 3 to 10 years. The minimum deposit amount is required to ensure a monthly payout of at least Rs 1,000 during the chosen tenure. Moreover, there is no upper limit for the deposit amount.
This scheme offers an interest rate higher than regular savings accounts and is on par with the bank’s Fixed Deposit (FD) interest rates. The interest rate applicable at the account’s opening remains consistent throughout the scheme’s duration.
Minimum Deposit Amount for Rs 1,000 Monthly Payout
For instance, if you invest Rs 10 lakh in the scheme at a 7.5% interest rate, you can expect a monthly payout of approximately Rs 11,870 (around 12 thousand). These monthly payments will be disbursed through Equated Monthly Installments (EMI).
