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New Delhi SBI Scheme: The country's largest bank SBI offers a special scheme to its customers. By investing money in it, you get guaranteed income along with monthly interest. The name of this scheme is the SBI Annuity Deposit Scheme.

According to SBI, depositors get monthly income in the form of interest along with the principal in equal installments when they deposit the money together. Calculation of interest: Compound interest is paid every quarter on the balance amount in the account.

You get interest like SBI FD

According to SBI's website, depositors can deposit in the SBI annuity scheme for 36, 60, 84, or 120 months. This scheme is offered in all SBI branches. You can invest in it as per your choice. However, the minimum deposit has to be made as per monthly annuity of at least Rs 1000. Talking about the interest received on this scheme, customers get the same interest as on SBI's term deposit i.e. FD.
 

When will the pre-closure happen?

In the SBI Annuity Deposit Scheme, the scheme can be closed prematurely in case of the death of the depositor. Apart from this, premature maturity will be available on deposits up to Rs 15 lakh. However, a pre-maturity penalty has to be paid for this. The rate of penalty is taken at the rate applicable on bank FD.
 

In this scheme of SBI, the account can be single or joint. In this scheme of SBI, up to 75% of the annuity balance of the account can be availed as an overdraft if required.

Pay attention to paying taxes

In the SBI Annuity Deposit Scheme, annuity payments will be made on the fixed date of the next month of deposit. If that date is not available in any month, then the annuity will be received on the 1st of the next month. The annuity payment will be deposited in the linked savings account or current account after deducting TDS.

Individual nomination facilities have been introduced in this scheme. A universal passbook will also be issued to the customers. The account of this scheme can be transferred from one branch of the bank to another.