SBI Annuity Scheme Calculator 2024, Through the Annuity Deposit Scheme offered by the State Bank of India, you can deposit a lump sum payment and receive a monthly payment that includes both the principal and interest accrued on the declining principal amount retained with the bank. Annuity instalments are another name for them. There are four different tenure options for the deposits: three, five, seven, or ten years. Additionally, the interest rate is the same as that of the term deposit for the same time frame. Additionally, an extra interest rate applicable to term deposits would be given to senior persons. Although there is no upper limit to this scheme, a minimum deposit of Rs. 25,000 is required. You may be eligible for a loan of up to 75% of the remaining sum in a number of circumstances. It can be transferred to any SBI branch.
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SBI Annuity Deposit Scheme Interest Rates (2024)
| Period | Interest Rate for General Citizens | Interest Rate for Senior Citizens |
| 7 – 45 days | 2.90% | 3.40% |
| 46 – 178 days | 3.90% | 4.40% |
| 179 – 364 days | 4.40% | 4.90% |
| 1 – 2 years | 5% | 5.50% |
| 2 – 3 years | 5.10% | 5.60% |
| 3 – 5 years | 5.30% | 5.80% |
| 5 – 10 years | 5.40% | 6.20% |
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Features of the SBI Annuity Deposit Scheme
The characteristics of the SBI Annuity Scheme are listed below:
- The scheme requires a minimum deposit of Rs. 25,000.
- In addition, the program is readily available at every branch in India, with the exception of those that offer specialised credit.
- For the applicable tenure, the minimum on-premise monthly annuity payment is Rs. 1,000.
- The scheme offers the same interest as a term deposit.
- The payable interest rate would be 1% higher than the applicable rate for SBI employees and pensioners.
- The current or savings account would probably receive credit for the TDS net annuity payment.
- With the release of a universal passbook, the nomination feature is readily available, and transferability between SBI branches is acceptable.
- The scheme’s annuity payment is due on the month’s anniversary, which is followed by the deposit month.
Components of the SBI Annuity Scheme
Premature Payment
In the event that the scheme depositor passes away, an early payment may be made under this plan. may take the deposit out early by seeking approval from the joint account holders or the deceased’s lawful heirs. The bank has the right to follow the same regulation.
Facility for Loan
In some circumstances, the plan permits a borrowing or overdraft of up to 75% of the annuity value. Periodic annuity payments will be deposited into the borrower’s loan account after the loan has been disbursed.
Taxes on the Interest Earned
Interest on annuity deposits is liable to TDS. The final annuity instalment may vary since the calculated interest is rounded to the next rupee value.
Interest Rates
The return on the SBI annuity FD account is similar to that of other SBI term deposits, depending on the customer’s selected period. One basis point is equivalent to one-tenth of a percentage point.
Maturity Amount
In an annuity deposit scheme, the principal and interest on decreasing principal are paid in instalments over time, resulting in a zero maturity amount.
Eligibility
All Indian citizens, including minors, are eligible to participate in the SBI annuity plan. The annuity FD plan is not available to NRE or NRO customers.
Eligibility for the SBI Annuity Deposit Scheme
Anyone hoping to participate in an SBI annuity plan must be an adult, including minors. Both solo and combined holdings are possible. Clients who are classified as NREs or NROs are not permitted to use the facility.
Benefits of the SBI Annuity Scheme
The following are some advantages of investing in the SBI annuity scheme:
- 1) Investment period: In addition to maturity options, the SBI annuity scheme offers a variety of tenure opportunities. When searching for a flexible plan, a depositor has options ranging from days to ten years.
- 2) Mode of Payment: To guarantee a secure lock-in, the full amount would only be paid in advance after the depositor’s death.
- 3) Deposit Amount: There is no cap on the total amount of deposits under the SBI annuity deposit plan.
- 4) Loan Opportunity: The depositor may overdraft a loan facility up to 75% of the account’s remaining balance under the plan.
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FD Rates Comparison for Different Banks in India
| Name of bank | Tenure of FD | Interest rates |
| Axis Bank | 6 months – 5 years | 5.75% – 7.00% |
| Bank of Baroda | 3 months – 10 years | 4.50% – 6.50% |
| Bank of India | 3 months – 10 years | 4.50% – 6.00% |
| Bandhan Bank | 3 months – 10 years | 3.00% – 7.85% |
| Canara Bank | 3 months – 10 years | 5.50% – 6.70% |
| Co-operative Bank | 1 year – 5 years | 6.00% – 6.35% |
| DBS Bank | 3 months – 10 years | 3.00% – 6.50% |
| Equitas Bank | 7 days – 10 years | 3.50% – 7.25% |
| HDFC Bank | 3 months – 10 years | 4.50% – 7.00% |
| ICICI Bank | 3 months – 10 years | 4.50% – 6.90% |
| IDBI Bank | 3 months – 20 years | 4.50% – 4.80% |
| Indian Bank | 3 months – 10 years | 3.50% – 6.10% |
| Indian Overseas Bank | 3 months – 10 years | 4.50% – 6.50% |
| LIC | 1 year – 5 years | 7.25% – 7.75% |
| Punjab National Bank | 3 months – 10 years | 4.50% – 6.50% |
| Post Office | 1 year – 5 years | 6.90% – 7.50% |
| RBL Bank | 3 months – 20 years | 4.75% – 7.00% |
| SBI Bank | 3 months – 10 years | 3.00% – 6.50% |
| UCO Bank | 3 months – 10 years | 4.50% – 6.10% |
| Union Bank of India | 3 months – 10 years | 3.00% – 6.70% |
| Yes Bank | 3 months – 10 years | 4.75% – 7.00 % |
Why Do People Use Annuity Deposit Calculators?
Annuity plan premiums are computed using Annuity Deposit Calculators. An online tool called the SBI Annuity Scheme Calculator is used to assess the premiums for SBI’s annuity schemes. This makes it simple to evaluate different plans and select the one that best fits your needs. Additionally, the majority of annuity plans provide a consistent and reliable income stream during retirement. You may find out how much a person might need to spend to guarantee a worry-free retirement by using the SBI Annuity Plan Calculator. The SBI Annuity Calculators’ greatest features are their speed, ease of use, and accurate results. Online resources aid in the resolution of intricate computations and assist investors in making wiser financial choices.
How to use SBI Annuity Deposit Scheme Calculator 2024?
These SBI Annuity Deposit Scheme Monthly Income Calculators are quite popular among investors since they are very simple to use. These calculators are publicly accessible on the company’s official website and are available to everybody. You can use these calculators as often as you like and at any time.
To utilise the SBI Annuity Deposit Scheme Calculator 2024, follow these steps:
- Visit the enterprise’s official internet site and pick the “annuity plus” button.
- Subsequently, discover and click on the “top rate calculation” button.
- The following level is to provide private statistics together with the investor’s name, gender, e-mail address, and cellular range.
- If the investor needs to purchase an annuity for one or more people, they’ll additionally want to disclose these statistics.
- Filing annuity specifics, which include whether or not the insured wishes to pay the funding in instalments or as a lump fee, is the following step.
- Click on the “calculate premium” tab now.
- The screen that appears in front of you shows the premium amount that must be paid in order to purchase the annuity.
- The investor can choose whether or not to buy the annuity plan based on the premium amount. The investor must submit all of their information if they choose to proceed with the plan.
- The investor can submit the annuitant details, including the policyholder’s name, once the plan has been finalised. The policyholder may be the individual who purchases the annuity policy or the plan’s beneficiary.
- In order to finalise the acquisition, the investor must make the payment online.
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Faq’s
Q. What distinguishes an RD account from an annuity deposit?
Ans: Customers who open an RD account are required to pay in instalments, and on the maturity date, they are shown the maturity amount. Customers can make a one-time investment into an annuity, and the money will be returned to them in increments over the predetermined length of time, along with interest on a declining principal.
Q. What is the smallest amount I can deposit into the SBI Annuity Deposit Plan?
Ans: The minimum deposit amount for this scheme is Rs. 25,000, but there is no maximum amount you can deposit.
Q. Can I start an annuity deposit account by taking out a loan from another account?
Ans: Yes, you can start a deposit account by debiting your savings, current, or OD accounts.
Q. Can I use the SBI annuity deposit plan to make early payments?
Ans: Premature payments are typically not approved by the bank, although in the event of the depositor’s death, clients may make them.
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