Let us know the complete details of this State Bank of India Annuity Deposit Scheme.

SBI Annuity Deposit Scheme:

In SBI Annuity Deposit Scheme, a lump sum amount has to be deposited in one go. He continues to get a fixed amount every month during the entire period.

Eligibility: Resident Individual (Singly or Jointly), Minor Deposit amount: Rs.1,000 for a fixed tenure. Based on the minimum monthly annuity of.

Interest Rate: The maximum interest rate in SBI Annuity Deposit Scheme is 6.25% and 7.25% for senior citizens.

Deposit Tenure: 36/60/84 or 120 months (3 years, 5 years, 7 years, or 10 years)

Premature payment: Rs 15 lakh. until Overdraft Loan: Up to 75% of the annuity amount

Annuity Payment: On a monthly basis Payment date: 29, 30, and 31 or 1st of the following month

In this, you will get the benefit of compounding every three months on the interest received on a Fixed Deposit and fixed interest will be given every month

SBI has given a wonderful gift for the new year to its customers by increasing its Fixed Deposit interest rates by 65 bps.