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SBI: State Bank of India (SBI), the country's largest public sector bank, offers a wide variety of deposit schemes. It provides various benefits to its customers through the respective schemes. SBI has an excellent scheme available for those who want to make a lump sum deposit and get consistent returns every month. By joining this scheme one can receive monthly pension money for a maximum period of 10 years. Let's know the details of this scheme now.

By joining the State Bank of India Annuity Deposit Scheme (State Bank of India Annuity Deposit Scheme), we can receive as much money as we need every month as a fixed income. According to the website of the State Bank of India. Anyone can join this scheme. Maturity tenure can be chosen from 3 years to 10 years. You will be paid monthly according to the tenure you choose. You can choose a maturity period like 36 months, 60, 84, or 120 months. As you like, you can choose the tenure at your convenience and get as much money as you need in the form of a pension every month.
By joining this annuity plan, you can get anything from a minimum of Rs.1000 to a maximum of Rs. There is no upper limit. Customers should remember that your monthly income depends on how much you deposit. If you deposit a large sum of money at once you are likely to have a large amount of money coming in every month. This annuity scheme has an overdraft facility. You can get an overdraft of up to 75 percent of the deposited amount.
To join the SBI Annuity Deposit Scheme you can go to the nearest bank branch and join. One lump sum deposit is required in this scheme. After that, depending on the tenure you choose, the bank will pay you a portion of the invested amount along with the interest earned on it every month. Keep in mind that the tenure you choose will affect your monthly income. If you deposit Rs.10 lakh in this annuity scheme, you will get up to Rs.11,870 per month. While the interest on the first month's payment is Rs.6,250, the bank will pay you Rs.5,620 on the invested amount. Joining this scheme can also avail tax exemptions under Section 80 TTB.