Are you looking for a steady income month after month? The Annuity Deposit Scheme offered by the State Bank of India (SBI) might be your best option. By joining this scheme, you can receive up to Rs. 11,000 monthly as a pension for 10 years.
State Bank of India offers its customers various savings and deposit schemes, providing attractive benefits for those who join. If you are interested in depositing your money in the bank and receiving steady returns, the Annuity Deposit Scheme from SBI could be the right choice. This scheme offers fixed income like a pension for a maximum of 10 years by depositing money.
The SBI Annuity Deposit Scheme also offers competitive interest rates, and you can receive cash back every month as per your requirements. According to the official website of SBI, anyone can join this annuity scheme, and the maturity period ranges from 3 years to 10 years. The amount you invest and the money you receive every month depending on the tenure you choose, which can be 36, 60, 84, or 120 months, providing flexibility based on your requirements.
In the Annuity Deposit Scheme offered by SBI, you can receive a monthly amount ranging from a minimum of Rs. 1,000 to a maximum of Rs. It depends on the amount you deposit, which needs to be a lump sum. Additionally, the annuity scheme includes an overdraft facility where you can get an overdraft of up to 75% of your deposit amount.
The bank will pay a portion of the principal plus interest based on your chosen maturity period. For instance, if you deposit Rs. 10 lakh in this annuity scheme and opt for a 10-year tenure, you can receive up to Rs. 11,870 monthly. The bank pays Rs. 11,870, with interest of Rs. 6,250 and the remaining from the original amount. At the end of the tenure, your investment amount will be zero. Additionally, by depositing in this annuity scheme, you can claim tax deductions through Section 80 TTB of the Income Tax Act.
