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SBI annuity deposit scheme: Investors can get a monthly amount after depositing a one-time lumpsum. It can be invested for a period of 3 years, 5 years, 7 years and 10 years. Here’s everything you need to know about the scheme.To enable the depositor to pay one-time lump sum amount and to receive the same in Equated Monthly Instalments (EMIs), comprising 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.
SBI Annuity Deposit Scheme enables the depositor to pay one-time lump sum amount and to receive the same in Equated Monthly Instalments (EMIs), comprising 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.
SBI Annuity Scheme 2021
The State Bank of India (SBI) offers annuity deposit scheme in which the customers can get a fixed amount every month after depositing a one-time lumpsum payment. As per SBI official website, a fixed amount is provided to the account holder in equated monthly instalments (EMIs). The EMIs 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.
sbi annuity deposit scheme interest rate 2021
|Income Tax Slab||Applicable Tax Rate for Senior Citizen (60 years- 80 years of age)||Applicable Tax Rate for Super Senior Citizen (80 years or above)|
|Up to 3 Lakh||Nil||Nil|
|Rs. 3 lakh- Rs. 5 lakh||10% of the amount exceeding Rs. 3 Lakh||Nil|
|Rs.5 Lakh- Rs 10 Lakh||Rs. 20,000 + 20% on the total taxable amount exceeding Rs. 5 lakh||20% on the total taxable amount exceeding Rs. 10 lakh|
|Above 10 Lakh||Rs. 1.2 lakh + 30% on the total taxable amount exceeding Rs. 10 lakh||Rs. 1 Lakh + 30% on the total taxable amount exceeding Rs. 10 lakh|
SBI Annuity Scheme Features
- To enable the customer to deposit one time lump sum amount and receive re-payment of the same in monthly annuity instalment comprising part of the principal amount plus interest.
- Period of deposit from 36/60/84 or 120 months
- Available at all branches.
- Amount Based on minimum monthly annuity Rs 1000/- for the relevant period.
- In no case Minimum Amount of deposit should be below Rs. 25,000/-
- Maximum deposit amount: No Upper Limit
- Rate of interest as applicable to Term Deposits.
- The interest rate payable to SBI Staff and SBI pensioners will be 1.00% above the applicable rate.
- The rate applicable to all Senior Citizens of age 60 years and above will be 0.50% above the applicable rate.
- 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.
- Annuity payment, net of TDS, will be credited to linked SB/CA account.
- Nomination is Available
- 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.
- Transferability among our branches Allowed
SBI Annuity Deposit Scheme: Eligibility
-Resident individuals, including minors
-Mode of Holding Singly or jointly
SBI Annuity Deposit Scheme: Terms and Conditions
-Premature closure is Permitted in case of death of depositor. Premature payment is also allowed for deposits up to Rs. 15.00 lacs.
Benefits of SBI Annuity Deposit Scheme
Now, before you make the investment decision to invest in the SBI annuity deposit scheme listed below are some benefits that you should know:
- Tenure of the Scheme: The SBI annuity deposit scheme approaches along with different tenures as well as maturity options. Any depositor looking forward to this scheme can select from the alternatives that are from 3, 5, 7 and 10 years.
- Deposit Amount: The good news within this SBI annuity deposit scheme by no means there is such limit for the depositors, however, any depositor needs to deposit in the scheme with the minimum sum of Rs 25,000.
- Payment: Within the SBI annuity deposit scheme, the full payment will be done in advance only when the depositor passes away.
- Interest: The interest rate offered by the SBI annuity deposit scheme is mostly similar to that of its term deposits or fixed deposits. The rate of interest is on the premise of the term chosen by the investor. With the recent rates of fixed deposits, the State Bank of India provides 5.9% on those deposits, which are maturing within 1 to 10 years. So, the SBI annuity deposit scheme for 3,5,7 and 10 years will fetch the rate of interest 5.9%. In case if the tenure is less than a year and up to 6 months the interest rate of 5.5% will be offered. The senior citizens will be offered the rate of interest of 6.4% for a year up to 10 years.
- Loan: Within this scheme, an overdraft or the loan facility will be received by the depositor up to 75% of the balance sum. In case you opt for a loan, which is disbursed then any future payment from the SBI annuity deposit scheme will be deposited in the account of the loan.