It is said that a pot fills up drop by drop. This is also applicable to the daily life of a common man. He has to save every penny from his fixed income to meet his daily expenses and for future plans, only then he is able to face the ever increasing inflation like the mouth of Surasa. Because the salary of the employed people ends by the 10th of the month. After this, 20 days are completed only by Jugaad. Here we are discussing about some such schemes, which can be a great Jugaad for the common man to spend 20 days peacefully. One such great Jugaad is the Annuity Deposit Scheme of State Bank of India. In this, income is generated in monthly installments-EMI.
By depositing money once in SBI’s annuity deposit scheme, it can be availed in equal monthly installments – EMI. In this scheme, compound interest is calculated on quarterly basis. The special thing is that special discount is also available in this monthly income.
In the State Bank of India Annuity Deposit Scheme, a lump sum amount has to be deposited at one time. You can take interest on this amount and a part of the principal as regular income every month. This scheme is also called monthly annuity installment. The period of deposit is 3 years, 5 years, 7 years or 10 years. The interest rate is also the same as the fixed deposit of the same period. Senior citizens get additional interest rate applicable on fixed deposit. A minimum of Rs 25,000 can be deposited in this scheme. There is no limit on the maximum amount. You can also take a loan up to 75 percent of your deposit amount.
Features of earning in installments
In SBI Annual Deposit Scheme, a lump sum amount has to be deposited in one go.
The interest and principal amount received on this can be taken in monthly installments.
In SBI Annual Deposit Scheme, money is deposited for 36, 60, 84 or 120 months.
Any maximum amount can be deposited in this SBI scheme.
In SBI Annual Deposit Scheme, you can withdraw your deposit amount before time also.
Premature redemption is allowed without any limit in case of death of the depositor.
Premature payment is allowed for deposits up to Rs 15,00,000.
The same interest rate which is applicable on the fixed deposit scheme is applicable on this annual deposit.
Annuity is paid on the due date of the month following the deposit.
In special cases, overdraft/loan up to 75% of the annuity balance can be provided.
Tags: Earn money, How to earn money, Money Making Tips, State Bank of India
FIRST PUBLISHED : February 29, 2024, 13:55 IST