State Bank of India (SBI) runs a number of deposit schemes under its Personal Finance portfolio. Deposit Schemes of SBI include Fixed Deposit Scheme ranging from Recurring Deposit Scheme (RD), Tax Saving Scheme to Multi Option Deposit Scheme and others.
Even when it comes to selection of Fixed Deposit, SBI has many options available to it. SBI’s Annuity Deposit Account is also a type of Fixed Deposit. In this, users have to deposit a lump sum amount and they get funds through EMI. It includes interest along with principal and decreasing principal.
Learn about key points about SBI’s Annuity Deposit Account:
The minimum amount to be deposited under SBI’s Annuity Deposit Account is Rs 25,000. However, there is no fixed limit for depositing in this scheme. There is also facility of nomination facility in SBI’s Annuity Deposit Scheme.
SBI’s Annuity Deposit Account Scheme includes several periods of investment, in which 36 months, 60 months, 84 months and 120 months are prominent.
The interest rate available on this is the same, which is applicable on fixed deposit account with term or maturity period, which also the depositor chooses. SBI has amended Retail Fixed Deposit rates which are effective from July 30, 2018. The following interest rate is provided on FD below 1 crore.
In such a fixed deposit account, premature payment is allowed in the case of the death of the depositor.
According to SBI, 75 percent of the deposit amount is allowed in special cases.