SBI BANK BRAKING NEWS…
State Bank of India offers its customers a Annuity Deposit Scheme (SBI Annuity Deposit Scheme) under which a fixed monthly income is made every month. Under this SBI scheme, depositors receive fixed income every month. For this, they have to deposit the amount once in the bank only once. This special SBI scheme is for people who want to get fixed income every month with the help of their savings. Let us know about other information under this scheme including the term of interest.
According to information provided on the official website of the SBI, under this scheme, fixed monthly payments are made to the depositors as monthly monthly income (EMI). There is also interest with principal amount. In this way the account holder gets interest along with his deposit. Under this scheme, the bank will start paying interest from the next month of deposit deposit. Suppose you were deposited under this scheme on February 28, then you will start receiving deposits from March 27.
How much interest will you get?
The interest accrued on this plan is the same as a fixed or term deposit. Also, it depends on whether the depositor chooses a period for the scheme. After the recently revised interest rate, this bank pays interest at the rate of 6% on maturity FD between 1 and 10 years. In such case, 30 months, 60 months, 120 months on SBI annuity deposit scheme. For 120 months interest will be paid at the rate of 6%.
Duration: The SBI Annual Deposit Scheme gives customers the option of maturity period. Depositors have the option of choosing between 3 to 5 years, 7 years and 10 years.
Premature payment: According to the SBI website, premature payments under the SBI Annual Deposit Scheme will be available only after the death of the depositor.
Other Features: Under this scheme, depositors get nominations. As a depositor you will also get overdraft or loan facility. The loan amount can be as much as 75 percent of the deposit.
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