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SBI Annuity Deposit Scheme
To enable the depositor to pay a one-time lump sum amount and to receive the same in Equated Monthly Instalments (EMIs), comprising a part of the principal amount as well as interest on the reducing principal amount, compounded at quarterly rests and discounted to the monthly value.
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| SBI Annuity Deposit Scheme |
Features
To enable the customer to deposit a one-time lump sum amount and receive re-payment of the same in monthly annuity installment comprising part of the principal amount plus interest.
Period of deposit from 36/60/84 or 120 months
Available at all branches (except specialized credit intensive branches) all over India.
Amount Based on minimum monthly annuity Rs 1000/- for the relevant period.
In no case, the Minimum Amount of deposit should be below Rs. 25,000/-
Maximum deposit amount No Limit
Rate of interest as applicable to Term Deposits.
The interest rate payable to SBI Staff and SBI pensioners will be 1.00% above the applicable rate.
The rate applicable to all Senior Citizens of age 60 years and above will be 0.50% above the applicable rate.
Payment of annuity On the anniversary date of the month following the month of deposit.
If that date is non-existent (29th, 30th & 31st), it will be paid on the 1st day of the next month.
Annuity payment, net of TDS, will be credited to the linked SB/CA account.
Nomination is Available
Overdraft/loan up to 75% of the balance amount of annuity may be granted on special cases.
After disbursal of OD/loan, further annuity payment will be deposited in the loan account only.
Universal Passbook is issued.
Transferability among our branches Allowed
Eligibility
Resident individuals, including minors
Mode of Holding Singly or jointly
Terms and Conditions
Premature closure is Permitted in case of death of the depositor. Premature payment is also allowed for deposits up to Rs. 15.00 lacs.
The pre-mature penalty is chargeable as applicable to Term Deposit.
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