ANNUITY DEPOSIT SCHEME

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Annuity Deposit Scheme

To enable the depositor to pay one-time lump sum amount and to receive the same in Equated Monthly Instalments (EMIs), comprising a part of the principal amount as well as interest on the reducing principal amount, compounded at quarterly rests and discounted to the monthly value.

Features

  • To enable the customer to deposit one time lump sum amount and receive re-payment of the same in monthly annuity instalment comprising part of the principal amount plus interest.
  • Period of deposit from 36/60/84 or 120 months
  • Available at all branches (except specialized credit intensive branches) all over India.
  • Amount Based on minimum monthly annuity Rs 1000/- for the relevant period.
  • In no case Minimum Amount of deposit should be below Rs. 25,000/-
  • Maximum deposit amount No Limit
  • Rate of interest as applicable to Term Deposits.
  • The interest rate payable to SBI Staff and SBI pensioners will be 1.00% above the applicable rate.
  • The rate applicable to all Senior Citizens of age 60 years and above will be 0.50% above the applicable rate.
  • Payment of annuity On the anniversary date of the month following the month of deposit.
  • If that date is non-existent (29th, 30th & 31st), it will be paid on the 1st day of the next month.
  • Annuity payment, net of TDS, will be credited to linked SB/CA account.
  • Nomination is Available
  • Overdraft/loan up to 75% of the balance amount of annuity may be granted on special cases.
  • After disbursal of OD/loan, further annuity payment will be deposited in loan account only.
  • Universal Passbook is issued.
  • Transferability among our branches Allowed

Eligibility

  • Resident individuals, including minors
  • Mode of Holding Singly or jointly

Terms and Conditions

  • Premature closure is Permitted in case of death of depositor. Premature payment is also allowed for deposits up to Rs. 15.00 lacs.
  • Pre- mature penalty is chargeable as applicable to Term Deposit.

Interest Rates

6.25%

1 year to less than 2 year

6.25%

2 years to less than 3 years

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