SBI money-making offer! Get monthly income via Annuity Deposit Scheme at onlinesbi.com

SBI Annuity Deposit Scheme: Investors are always looking at safe ways to make money. So there is gold and various small savings schemes of government, bank FDs and RDs and more.

In State Bank of India plan called SBI Annuity Deposit Scheme, an investor needs to invest a lump sum amount (not less than Rs 25,000) to create a minimum income for himself of Rs 1,000 per month after the maturity period. Photo: Reuters

SBI Annuity Deposit Scheme: Investors are always looking at safe ways to make money. So there is gold and various small savings schemes of government, bank FDs and RDs and more. Here we will be telling you about money making abilities of a State Bank of India (SBI) plan called SBI Annuity Deposit Scheme. In short, it can be described a well devised money making opportunity. In SBI annuity plan, an investor needs to invest a lump sum amount (not less than Rs 25,000) to create a minimum income for himself of Rs 1,000 per month after the maturity period. It depends upon the investor as to how much monthly income he wants,as there is no cap on maximum investment! One can invest in this SBI Annuity Deposit Plan for 36, 60, 84 or 120 months, which means one 3 years, 5 years, 7 years or 10 years,

As per the official website of SBI — onlinesbi.com or sbi.co.in — the biggest feature of SBI Annuity Deposit Scheme is that it enables SBI customers to deposit one time lump sum amount and receive re-payment of the same in monthly annuity installments comprising part of the principal amount plus interest. This SBI annuity scheme is ideal for people who want to use their savings for additional monthly income generation.

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SBI Annuity Deposit Scheme Features
Highlighting the features of SBI Annuity Deposit Scheme; Manikaran Singhal, a SEBI registered tax and investment expert said, "In this SBI Annuity Plan, a fixed amount is provided to the depositor in equated monthly installments (EMIs), which consists of the principal amount along with the interest. Hence, the deposits made by the account holders are returned to them in the form of a monthly installment, with interest. The bank starts paying the interest to the account holder on the same date the account was opened starting next month."

SBI Annuity Deposit Scheme Interest Rate
Singhal went on to add that the SBI annuity plan will fetch same interest rate that the SBI Fixed Deposit interest rate is. For senior citizen depositors, there is an additional 0.5 per cent SBI Annuity Plan rate of interest made available by the largest commercial bank in India.

Alert! No Premature Withdrawal Allowed!
One thing that investors should know, as per information available at onlinesbi.com, premature withdrawal under the SBI annuity deposit scheme is only allowed in the case of the death of the depositor. Among other facilities, depositors get a nomination facility. As a depositor, you also get an overdraft or loan facility of up to 75 per cent of the balance amount of annuity. Once the loan amount has been disbursed, further annuity payment is deposited in the loan account.

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