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SBI Annuity Deposit Scheme: If you’re on the lookout for a medium for funding the place you possibly can park your funds in a single go and get assured month-to-month returns on it, then SBI Annuity Deposit Scheme of the main public sector financial institution generally is a good choice for you.
On this scheme, you might be requested to speculate a lump sum quantity at one go, then on this quantity, you get a portion of the principal quantity again in addition to curiosity on the reducing principal quantity.
SBI Annuity Deposit Scheme
You possibly can make investments on this scheme for 120 months.
The minimal month-to-month annuity is Rs 1,000.
Whereas, untimely cost might be made on deposits as much as Rs 15,00,000.
There isn’t any restrict on the deposit quantity.
The depositor will get the ability to take overdraft or mortgage as much as 75 per cent of the full annuity stability in some circumstances.
In case of loss of life of the depositor, untimely cost might be made, on which there will probably be no restrict.
How a lot is the curiosity? (SBI Annuity Deposit Scheme Curiosity Fee)
The rate of interest on this scheme is similar as that acquired by the general public and senior residents on time period deposits.
SBI has just lately elevated the rate of interest on its fastened deposits.
Widespread traders are getting 6.1 per cent curiosity and senior residents are getting 6.9 per cent curiosity.
On this scheme, deposits might be made in 4 tenures, so completely different rates of interest will probably be relevant on completely different tenures.
Is Annuity Deposit Scheme like FD?
No, annuity deposit scheme is completely different from fastened deposit.
The depositor has to deposit cash as soon as within the FD account and will get the principal and curiosity after maturity (in case of STDR).
In case of TDR, solely the principal quantity is acquired after maturity, curiosity is acquired at sure intervals.
Whereas, in annuity deposit it’s important to deposit in a single go.
And the financial institution will make compensation to you within the tenure determined by you.
Together with this, there will probably be part of the principal quantity and curiosity.
Which means, in your one time cost, the financial institution gives you EMI each month, by which you’ll get part of your principal quantity and curiosity.
Because of this, your principal quantity will preserve reducing and by the point of maturity the quantity will turn out to be zero.
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