INSUBCONTINENT EXCLUSIVE:
Under State Bank of India (SBI) annuity deposit scheme, a nomination facility is also available.SBI or State Bank of India, country's
largest lender, offers annuity deposit scheme, which is a type of fixed deposit (FD) or term deposit
The scheme enables depositor to pay a one-time lump sum amount and receive same in equated monthly instalments (EMIs)
It comprises a part of principal amount as well as interest on reducing principal amount, according to bank's official website - sbi.co.in
Amount: One needs to deposit a minimum amount of Rs
Tenure: A term of 36 months, 60 months, 84 months or 120 months (3 years, 5 years, 7 years or 10 years) is available under SBI's deposit
Rate of Interest: The rate of interest is same as applicable to fixed deposit account of term opted by depositor
The following FD interest rates are for deposits below Rs
1 crore, according to sbi.co.in:TenorsRevised For Public w.e.f
28.11.2018Revised for Senior Citizens w.e.f
Premature withdrawal: Under SBI annuity deposit scheme, premature payment is permitted only in case of death of depositor.5
Other facilities: Overdraft or loan up to 75 per cent of balance amount of annuity can be granted on special cases, said SBI
After disbursal of loan, further annuity payment is deposited in loan account only
The bank also offers a nomination facility with this scheme.
