Sbi Annuity Deposit Scheme Details
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. It is very useful scheme for all such people who needs regular income from their deposit. Let's check all the details of sbi annuity deposit scheme.
Features:-
1. 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.2. Period of deposit: 36/60/84 or 120 months.
4. Deposit amount based on minimum monthly annuity of Rs 1000/- for the relevant period.
5. Premature payment allowed for the deposits up to Rs.15,00,000/-. Penalty chargeable, as applicable to Term Deposits. In case of death of depositor, premature payment is allowed without any limit.
6. Maximum deposit amount: No Upper Limit.
7. Rate of interest as applicable to Term Deposits for Public and Senior Citizens
8. 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.
9. Nomination is available in favour of individual only.
10. Overdraft/loan up to 75% of the balance amount of annuity may be granted on special cases.
11. After disbursal of OD/loan, further annuity payment will be deposited in loan account only.
12. Universal Passbook is issued in lieu of Term Deposit.
13. Transferability allowed among branches.
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.
FAQ on SBI Annuity Savings Scheme:-
- What is Annuity Deposit ?
In this scheme, a lump sum amount is deposited by a customer which is repaid to the customer over a period in equated monthly installment which comprises part of principle amount and interest on the reducing principle amount as well. Using the scheme customer can have fixed monthly amount against his one time deposit. Payment will start on anniversary date of the month. If date is non-existent (29th, 30th and 31st), it will be paid on 1st day of next month.
- How Annuity deposit is different from Recurring deposit account ?
In case of Recurring deposit account customer makes the payments in installments and receives the maturity amount at maturity date while Annuity deposit accepts one time deposit and that amount plus interest on reducing principle is repaid to the customer in installments over the tenor selected by him / her.
- How Annuity deposit is different from Fixed deposit account ?
In Fixed Deposit account customer makes one time Deposit and receives the maturity amount at maturity date which comprises principal and interest in case of STDR and principal only in case of TDR as interest is paid at periodic interval. Annuity Deposit accepts one time Deposit and amount is repaid to the customer over the tenor selected by him / her, along with interest, in equated monthly installments.
- What will be the maturity amount in Annuity Deposit ?
In Annuity deposit, as part of the principle and interest on reducing principle is paid in installments over a period of time hence at maturity date, the maturity amount remains 0 (Zero).
- What is the minimum and maximum limit for Annuity Deposit ?
The Minimum deposit amount for Annuity deposit is based on minimum monthly annuity Rs. 1000 for the relevant period. i.e for 3 yrs, minimum deposit amount will be Rs. 36,000. The maximum amount limit through Internet Banking will be the same as applicable for Fund Transfer within own account (See Enquiries - > Transaction limit / Charges).
- What is the minimum and maximum period of deposit ?
The Annuity deposit is available for 3 yrs / 5 yrs / 7 yrs and 10 yrs.
- Who can avail this facility ?
All resident individual customer including minors can avail this facility. NRO & NRE customer can not avail this facility.
- Can senior citizen avail additional rate of interest on Annuity Deposit ?
Yes.
- What will the rate of interest ?
As applicable to Term deposits of tenor as opted by the depositor.
- Can I set the maturity instructions for Annuity deposit account ?
No, maturity instructions are not applicable for Annuity Deposits.
- In whose name will the SBI Annuity deposit account be opened? What will be the mode of operation ?
The name(s), mode of operation and Branch of newly generated Annuity Deposit a/c will be same as in debit a/c, from which Annuity Deposit a/c is funded.
- What are the types of accounts from which I can debit an amount for the Annuity deposit ?
You can debit a savings, current, or OD account to open Annuity deposit account. The account selected for debiting should be valid transactional a/c through Internet Banking channel and should not be a stopped / dormant / locked account.
- How can I add nominees in Annuity Deposit a/c ?
While opening an Annuity Deposit account, you will be provided with an option to retain the nominee(s) for deposit a/c as in debit a/c from which it is funded.
- Can I add a new nominee online ?
No, you will have to visit your branch for adding a new nominee or Change of Nominee.
- Can I open online Annuity Deposit a/c for any other name(s), not belonging to debit a/c from which Annuity Deposit a/c is funded ?
No.You may contact the branch for the same.
- Is there any cut off time for creating Annuity Deposit account online ?
Yes. It can be created online from 8:00 AM IST to 8:00 PM IST. Requests initiated beyond this period will be scheduled for the next opening hours.
- Can I close my Annuity Deposit account online ?
No, premature payment is permitted through Branch only on in case of death depositor.
- Is SBI Annuity deposit is subject to TDS ?
Interest payable will be subject to TDS for Annuity deposit. The interest amount calculation is rounded off to the lowest rupee value, due to this there can be variation in the last annuity installment.
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