In sbi annuity deposit scheme, an investor can invest in a lump sum and receive re-payment of the same in monthly annuity instalment comprising part of the principal amount plus interest
How does it work:-
• The scheme allows depositors to make one deposit at the outset. This is returned to depositor in form of regular payments over a period of time.
• The time period could range between 3 years to 10 years. Different time period options that depositors have are 36 months (three years), 60 months (five years), 84 (seven years) months and 120 months (10 years).
• Let us take an illustration to understand this. Suppose you want a monthly annuity of ₹5,000 (plus interest) for the next 5 years, then you need to deposit ₹3,00,000 (5,000 X 12 X 5) at the start of three years with SBI annuity deposit scheme.
Difference with other forms of deposits:-
In case of FD, a depositor makes a deposit of a particular amount and becomes entitled to receive a higher amount (deposit along with interest) at the end of the maturity period.
In case of annuity deposit, on the other hand, one large sum is deposited and the returns are staggered over a long period.
What is the minimum and maximum period of deposit :-
The Annuity deposit is available with a tenure of 36 months, 60 months, 84 months, or 120 months
What is the minimum and maximum limit for annuity deposit :-
The minimum deposit amount for annuity deposit is based on minimum monthly annuity rs. 1000 for the relevant period. I.E for 3 yrs, minimum deposit amount will be rs. 36,000.
There is no maximum deposit limit in this scheme.
What will the rate of interest :-
The interest rate provided on the SBI Annuity Deposit Scheme will be as applicable to term deposits of the term chosen by the account holder
Additionally, senior citizens receive an additional interest rate that is applicable to term deposits.
How much will I get on maturity by investing in an annuity deposit scheme:-
The investor will be paid principal and interest on the reducing principal over the tenure of the scheme. Hence the maturity amount will be zero.
Loan Facility:-
An overdraft/loan of up to 75% of the balance amount of the annuity can be issued for specific circumstances such as education, marriage, or any other emergency.
Premature closure:-
Premature closure is authorized in the event of the depositor's death, and premature payment is permissible for deposits up to Rs. 15.00 lacs, according to SBI's terms and conditions.
Premature withdrawals are subject to the same premature penalty as term deposits.
According to SBI's current premature closure guidelines, for term deposits above ₹5.00 lacs, the applicable penalty will be 1% (all tenors)
Benefits of the SBI Annuity Scheme:-
Flexible Tenure:-The SBI annuity scheme gives depositors a range of options for the length of their investment, from 3 years to 10 years.
Safe Lock-in:-The mode of payment in the SBI annuity scheme is made in advance only when the depositor passes away. This makes sure that the lock-in is safe and that the depositor, or their nominee, gets a steady stream of income.
No Upper Limit:-The SBI annuity deposit scheme does not have any upper limit on the amount of deposition, which makes it an attractive investment option for high-net-worth individuals.
Loan Facility:-The scheme lets depositors take out a loan or overdraft of up to 75% of the amount.
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10 сен 2024
