SBI Annuity Deposit Scheme Apply Online | SBI Annuity Deposit Scheme Interest Rate | SBI Annuity Deposit Scheme Interest Rate Calculator
State Bank Of India annuity deposit scheme will be helpful for all of the people who want to get a monthly pension type scheme at the end of their retirement and you will be eligible for the SBI annuity scheme after you follow the eligibility criteria. There will be an interest rate available in this scheme and the senior citizens will also be getting an extra return on their investment. Given below, we are saying most of the information related to the same for all of the people who are looking forward to this SBI Annuity Deposit Scheme 2022. We will also share with you all the specifications of the Eligibility, Interest Rate Calculator & Benefits.
Table of Contents
SBI Annuity Deposit Scheme 2022
SBI Annuity Deposit Scheme will help people to get repayment of the one-time lump sum amount that they have transferred into the account. You will be able to get the repayment in the format easily. You can apply for this scheme easily if you visit the official website and you will be able to take into consideration the interest-free benefits available in the SBI annuity deposit scheme for the year 2022. It will be available in all of the branches of the State Bank of India and you will have to take into consideration a minimum monthly annuity of Rupees thousand for the relevant period. There is no limit for the maximum deposit.
Eligibility Criteria
The following people can easily apply for the State Bank Of India annuity deposit scheme 2022:-
- Resident individuals, including minors
- Mode of Holding Singly or jointly
Features Of The Scheme
There are a lot of features included in the SBI Annuity Deposit Scheme and given below we are sharing all the details:-
- 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: 36/60/84 or 120 months
- Available at all branches
- Deposit amount based on a minimum monthly annuity of Rs 1000/- for the relevant period
- Premature payment allowed for the deposits up to Rs.15,00,000/-. Penalty chargeable, as applicable to Term Deposits. In case of the death of the depositor, premature payment is allowed without any limit.
- Maximum deposit amount: No Upper Limit
- Rate of interest as applicable to Term Deposits for Public and Senior Citizens
- 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.
- Nomination is available in favour of individuals only
- Overdraft/loan up to 75% of the balance amount of annuity may be granted on special cases.
- After disbursal of OD/loan, further annuity payments will be deposited in the loan account only.
- Universal Passbook is issued in lieu of Term Deposit
- Transferability allowed among branches
Benefits Of The Scheme
There are a lot of benefits which will be provided to the development of the SBI Annuity Deposit Schemes and given below we are sharing all of the details:-
- The State Bank Of India annuity scheme will be available for different tenure to the customers and you will be easily able to choose the tenure of your choice.
- There is no deposit limit available in this scheme for the SBI customer.
- The payment will be made after the depositor has passed away.
- The interest rate is available in this scheme and it is the best in the market as compared to all of the other banks.
- You can easily opt for a loan on the basis of this scheme.
SBI Annuity Deposit Scheme Interest Rates 2022
The people can take into consideration the following interest rate for the State Bank Of India annuity deposit scheme 2022:-
| Tenure | Normal Citizens | Senior Citizen |
| 7 days to 45 days | 2.90% | 3.40% |
| 46 days to 178 days | 3.90% | 4.40% |
| 179 days to 364 days | 4.40% | 4.90% |
| 1 year to 2 years | 5% | 5.50% |
| 2 years to 3 Years | 5.10% | 5.60% |
| 3 Years to 5 Years | 5.30% | 5.80% |
| 5 years to 10 Years | 5.40% | 6.20% |
Terms and Conditions
Given below, we are sharing the details of the terms and conditions that we must follow in order to apply for the State Bank Of India annuity deposit scheme:-
- Premature closure is Permitted in case of death of the depositor. Premature payment is also allowed for deposits up to Rs. 15.00 lacs.
- Pre- mature penalty is chargeable as applicable to the Term Deposit.
FAQs
You will have to visit your nearest SBI branch in order to get most of the information related to the SBI annuity deposit scheme.
The maturity sum will remain zero because part of the principle and interest upon the reducing principle over a period will be paid in instalment at the maturity date
You will have to take into consideration various interest rates as chosen by the tenure of the term deposits.
There is no limit for the maximum monthly annuity deposit.