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It is said that every drop fills a pot. This also applies to the everyday life of the common man. Of the fixed income, he has to save every penny here and there to meet his daily expenses and for future plans, only then he is able to face the ever-increasing prices like the mouth of Sursa. Because the salary of employed people ends by the 10th of the month itself. After this, 20 days are completed only through Jugaad. Here we are discussing about some such schemes, which can be a great solution for the common man to spend his 20 days peacefully. One such great jugaad is the Annuity Deposit Scheme of State Bank of India. In this, income is earned in monthly installments-EMI.
By depositing money once in SBI’s Annuity Deposit Scheme, it can be availed in equal monthly installments – EMI. In this scheme, compound interest is calculated on quarterly basis. The special thing is that there is a special discount on this earning every month.
In State Bank of India Annuity Deposit Scheme, a lump sum amount has to be deposited at one time. You can take interest on this amount and some part of the principal amount as regular income every month. This scheme is also called monthly annuity installment. The tenure of deposit is 3 years, 5 years, 7 years or 10 years. The interest rate is also similar to that of fixed deposits of the same period. Senior citizens get additional interest rate applicable on fixed deposits. A minimum of Rs 25,000 can be deposited in this scheme. There is no limit on the maximum amount. You can also take a loan up to 75 percent of your deposit amount.
Specialty of earning in installments
In SBI Annual Deposit Scheme, a lump sum amount has to be deposited at one time.
The interest received on this and some amount of principal amount can be taken in monthly installments.
In SBI Annual Deposit Scheme, money is deposited for 36, 60, 84 or 120 months.
The maximum amount that can be deposited in this scheme of SBI is Rs.
In SBI Annual Deposit Scheme, you can withdraw your deposit amount before time also.
Premature payment is allowed without any limit in case of death of the depositor.
Premature payment is permitted for deposits up to Rs 15,00,000.
The interest rate which is applicable on fixed deposit scheme is also applicable on this annual deposit.
Annuity is paid on the date of the month following the date of deposit.
In special cases, overdraft/loan up to 75 percent of the annuity balance can be provided.
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Tag: business news in hindi, earn money, how to earn money, tips to earn money, state Bank of India
first published : February 29, 2024, 13:55 IST
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