SBI Annuity Deposit Scheme offers regular monthly income with one time investment

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State Bank of India-SBI also offers various schemes along with banking services. The annuity deposit scheme is one of them. All you have to do is deposit money once in this scheme … the money will come into the account for a while every month. This means that the money will be credited to the account in the form of equity monthly installments. This scheme is useful for those who have received large sums of money at once and want some money every month after retirement. The amount deposited depends on the amount of money received each month, depending on the period chosen.

SBI Annuity Deposit Scheme: Here are the details of SBI Annuity Deposit Scheme

Deposits can be made in SBI Annuity Deposit Scheme for a period of 36 months, 60 months, 84 months and 120 months. The scheme is available at all SBI branches. If you join this scheme in one branch, you can transfer to another branch. Anyone can join this scheme. Miners can also join the scheme. It is possible to join this scheme as a single or joint.

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You can get at least Rs.1,000 per month through this scheme. A minimum deposit of Rs. 25,000 is required under this scheme. Maximum deposit can be made anywhere. The interest rate applicable to regular customers and senior citizens is the same as in the SBI Annuity Deposit Scheme. If deposited on any date, the money will be credited to the account on the same date from next month. Or will be credited a day in advance.

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Nomination facility is available in SBI Annuity Deposit Scheme. There is also an overdraft or loan facility. Loan or overdraft can be taken up to 75% of the balance amount in special circumstances. If you take a loan or overdraft, the money from the next month will be credited to the loan account. Premature closure is permissible if the depositor dies.

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