A nationwide lockdown has been put in place to prevent corona proliferation. There is a lockdown in most parts of the world to stop the spread of this virus. Due to this, the livelihood of the people has also been affected. Many people have lost their jobs and many people have been cut in salary. If you are retiring at such a time, then you would like to invest the lump sum amount received at the time of retirement so that your money is safe in this time of difficulty and you get a fixed pension amount every month. The Annuity Deposit Scheme of the country's largest bank is a similar scheme. In this scheme you have to deposit a fixed amount once. After this, the bank gives you a fixed amount every month like pension or EMI.

For your information, after investing in SBI Annuity Deposit Scheme, the amount you get every month includes a part of principal or a principal amount and interest. Under this scheme, interest is calculated on a quarterly basis. Under this scheme, the date on which you deposit a lump sum, from next month you will get monthly pension on the same date. However, it is important to know here that if you have deposited rupees on the 29th, 30th or 31st of any month and there is no falling of any of these dates in the next month, then you will get money on the first date of the next month.

Interest

On investing in this scheme, you get interest only from the rate of interest received on the term deposit. According to the SBI website, the bank is currently paying interest at the rate of 5.7 percent on deposits maturing over a period of one to ten years.

Let's know important things related to the scheme

1. Under SBI Annuity Deposit Scheme, the amount can be deposited for 36/60/84 or 120 months i.e. three years, five years, seven years or ten years.
2. At least Rs 25,000 can be invested in this scheme.
3. There is no maximum limit to invest in this scheme.
4.SBI employees and pensioners will get interest at one percent higher than the interest received by others. At the same time, senior citizens will get 0.50 percent more interest than others.
5. In the event of death of the investor, this scheme can be discontinued before the fixed time period.

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