The country’s state-owned bank- State Bank of India (SBI) also has a scheme in which you can earn every month by investing. Its name is SBI Annuity Deposit Scheme. Let us know the features of this plan.
What is USP: Annuity Deposit Scheme is a type of Fixed Deposit i.e. FD. In this, if you deposit a lump sum amount in the bank, then you will get money on monthly basis. This will include both your principal and the interest paid by the bank. Money can be deposited in the scheme for 3 years, 5 years, 7 years and 10 years.
How much money can be deposited: The limit for depositing money is not fixed. This means that you can deposit money as per your wish. Premature payment is allowed for deposits up to Rs.15 lakh. At the same time, there is an option of premature payment without any limit on the death of the depositor.
How much is the interest – If you deposit the amount for a period of 3 years to less than 5 years, then interest will be available at the rate of 5.30 percent. At the same time, interest is available at the rate of 5.40 percent for the period from 5 years to less than 10 years.
Overdraft/loan can be taken up to 75% of the deposit amount in some cases. Under this scheme, the bank issues Universal Passbook. Apart from this, the option of transfer between branches is also available.