You can also get a pension every month from the State Bank of India, the largest bank in India. For this, SBI offers an Annuity Deposit Scheme. Through this scheme, the bank pays a fixed amount to its customers every month. Currently, to get a pension you may have to deposit a lump sum amount in the bank. According to the information included on the State Bank of India website, a certain amount is paid to the account holders of the Annuity Deposit Scheme every month. If you also want to take advantage of this scheme of SBI, then let us know what is its process and how much interest can be received on it.
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When you can deposit a lump sum amount in SBI's Annuity Deposit Scheme, the bank issues a portion of the interest and principal earned on that amount to you every month. In this way, the money you have deposited in this scheme is being refunded with interest. The bank says that the payment of interest starts from the day when one month of the method of depositing your money is completed.
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Terms and conditions of SBI's Annuity Deposit Scheme: How much amount can be deposited for how long and how much interest is being offered on it. You can deposit at least Rs 25,000 in SBI Annuity Deposit Scheme. At the moment, there is no maximum limit. Talking about the maturity period, you can invest in it for 3 years, 5 years, 7 years and 10 years. On the SBI annuity scheme, you can get as much interest as on fixed deposits depending on the duration. After the recent amendments, SBI is paying 6.25% on fixed deposits ranging from 3 to 10 years.
Withdrawal of money before maturity - According to the official website of State Bank of India, the nominee is allowed to withdraw money if the account holder dies before the maturity of the SBI Annuity Deposit Scheme.
