The name of this name scheme of SBI is SBI Annuity Deposit. Let us know what are the benefits you get in this scheme…
New Delhi. A person always wants to invest his deposits in such a place, in which his money is safe and at the same time can get a certain return. But sometimes investing in the wrong place creates problems instead of profit. The country’s largest bank State Bank of India (SBI) is one of the safest options. SBI gives its customers the option of saving from Fixed Deposit (FD) to Public Provident Fund (PPF).
You can earn every month by investing in some schemes of the bank. The name of this name scheme of SBI is SBI Annuity Deposit. Let us know what are the benefits you get in this scheme…
What is SBI Annuity Deposit?
This is a type of fixed deposit i.e. FD. In this, you deposit the entire amount together with the bank and then monthly you will get the interest money. This will include both your principal and interest. This plan is for 5 years, 7 years and 10 years. In this, you can invest according to the need of your time period.
Know how much you can invest?
There is no limit to deposit money in this. In this, there is an option to withdraw money on time on investment up to Rs 15 lakh. This option is not available in the amount above this. Apart from this, even on the death of the depositor, he can withdraw his investment prematurely i.e. before maturity.
How much interest do you get?
Interest is available at the rate of 5.30 percent on investment from 3 years to less than 5 years. At the same time, for investing for more than 5 years but less than 10 years, interest is available at the rate of 5.40 percent.
Overdraft facility is available in
this scheme 75 percent of the amount invested in overdraft or loan is also available. SBI gives Universal Passbook under this scheme, so that you can transfer money between branches as well.