Are you interested in depositing your money in the bank to receive a steady monthly return? If so, the State Bank of India (SBI) offers an excellent scheme called the Annuity Deposit Scheme. This scheme allows you to receive a fixed monthly income for a maximum period of 10 years.
SBI, the largest public sector bank in the country, offers various deposit schemes with different benefits for its customers. The Annuity Deposit Scheme is designed for those who want to make a lump sum deposit and receive consistent monthly returns.
By participating in the State Bank of India Annuity Deposit Scheme, you can receive a fixed income every month. The maturity tenure can be chosen from 3 to 10 years, and you will be paid monthly according to your chosen tenure. The monthly income you receive depends on the amount you deposit, and there is no upper limit on the deposit amount.
This annuity scheme also offers an overdraft facility, allowing you to get an overdraft of up to 75 % of the deposited amount. To join the SBI Annuity Deposit Scheme, you can visit the nearest bank branch and deposit a lump sum.
After that, depending on your chosen tenure, the bank will pay you a portion of the invested amount along with the interest earned every month. Keep in mind that the tenure you choose will affect your monthly income. Additionally, joining this scheme can provide tax exemptions under Section 80 TTB.
