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If you do not know about the Annuity scheme of the State Bank of India (SBI), then know today, here we have mentioned the top 15 features related to the Annuity scheme of State Bank of India (SBI).
After reading these, you may find it helpful to understand SBI’s Annuity scheme, SBI Fixed Deposit plan, and Recurring Deposit plan all three plans in a better way.
Under the annuity scheme, you can get a good return every month on a certain investment. Under this, the more amount you invest, the better the money is paid by the bank every month.
Annuity schemes may vary according to the banks. By investing in annuity schemes, people try to secure their future.
Below we have only listed the 15 annuity scheme features of the State Bank of India (SBI).
Top 15 Features of the SBI Annuity Scheme 2022
These 15 features can help you a lot to understand more about the SBI annuity scheme. Let us discuss,
- At least Rs 25,000 has to be deposited in the State Bank of India Annuity Scheme.
- Under this scheme, you will also have to deposit at least Rs 1000 every month.
- If you want to deposit the maximum amount, then you can do that too. There is no limit on maximum investment in the SBI annuity scheme.
- If you are an employee of the State bank Of India (SBI) or have been an employee in the past, then you will be given 1% more interest on the SBI annuity scheme.
- If you are a senior citizen, then you will be given 0.5% more interest than ordinary in the SBI annuity scheme.
- Your income starts after a certain time by charging interest on the amount you invest in the SBI scheme.
- You can open an SBI annuity scheme by visiting any nearest branch of SBI.
- If you have a term deposit account or plan, then the interest rates of that term deposit plan will be applicable to the SBI annuity scheme as well.
- SBI annuity scheme can be a better option to get good returns on lump-sum amounts.
- SBI scheme gives better returns as compared to a savings account.
- Along with this, if you want to take an overdraft or loan, you can do so in special circumstances up to an amount up to 75% of the balance amount of your SBI annuity.
- Under the annuity scheme, the payment is made in the savings account or current account after deducting TDS.
- You will be paid under the annuity scheme on a certain date from the next month of your deposit under the SBI annuity scheme.
- Under this scheme, you can invest in the SBI annuity scheme from 7 days to 120 months.
- As per the scheme, any citizen of India can invest in the SBI annuity scheme.
FAQ – SBI Annuity scheme
Is the annuity scheme, fixed deposit, recurring deposit plans have the same features and eligibilities?
No, all three plans have their own features and eligibilities. A few of the features may be the same but not all.
What are the current SBI Annuity interest rates for 2022?
For a normal citizen of India, the SBI annuity scheme’s interest rates start from 2.90% to 5.40% and for a senior citizen, the SBI annuity scheme’s interest rates start from 3.40% to 6.20%.