State Bank of India is one of the Major Banks in India that offer many schemes and policies to its account holders. SBI Monthly Income Plan also known as SBI Annuity Deposit Plan offers an attractive SBI Monthly income scheme interest rate to its scheme holders.
This article is mainly about the SBI Annuity Deposit Scheme and the SBI Monthly income plan interest rate offered by the State Bank of India in 2021.
SBI Monthly Income Scheme (SBI Annuity Deposit)
SBI Monthly income scheme will benefit the scheme holders in the form of SBI Monthly income plan Interest rate. Under this deposit scheme, the scheme holder has to deposit a lump sum amount for a pre-determined time frame. SBI Income scheme interest rate is applicable on this scheme that can offer the scheme holders a definite amount earned on Principal Amount.
SBI Income plan Interest rate is provided on the principal amount on monthly basis. The SBI Income Plan interest rate is beneficial for those people who want to have a regular income through their capital.
Eligibility to earn SBI Monthly Income Plan Interest Rate
The SBI Monthly income plan 2023 provides a monthly benefit to its scheme holder in the form of an SBI Monthly income scheme interest rate. The SBI Monthly Interest rate is offered via Equated Monthly installments (EMIs). The SBI monthly income scheme interest rate will also include the benefits of compounding on the principal amount.
Let’s have a look at the eligibility criteria to avail of this benefit-
- To gain the benefits of the SBI Monthly income plan interest rate under the SBI Monthly income scheme, you must be a resident individual, A minor can also access this scheme benefits.
- You can hold the account jointly or individually under SBI Monthly income Scheme.
The amount and Upper Limit
SBI’s Monthly income plan offers the scheme holders a benefit via the SBI Monthly Income scheme interest rate. However, only when the scheme holders submit a minimum amount of INR 25,000 to their Account.
You can get additional benefits through SBI Monthly income plan interest rate as there is no upper cap for the amount to be deposited by an individual.
SBI Monthly Income Scheme Tenure
An SBI Monthly income scheme holder can access the benefits of SBI Monthly income plan interest rates for the following period.
- 3 years
- 5 years
- 7 years
- 10 years
The minimum time limit to avail of the SBI Monthly scheme interest rate is 3 years and the maximum period is 10 years under the SBI Monthly income scheme.
SBI Monthly Income Plan Interest Rate
The State Bank of India offers the SBI Monthly income scheme interest rates similar to the Interest rate applicable on Term deposits and Fixed Deposit schemes in SBI.
The SBI Monthly income scheme interest rate will be offered to the scheme holder according to the maturity period of his scheme. For example, if you opt for a 3-year Maturity period then you will gain SBI Monthly income scheme interest rate decided for 3 years maturity period.
The Monthly income plan interest rate will be pre-determined by the State Bank of India. SBI Monthly income scheme interest rate is offered more on deposits with maximum maturity period.
Here is the table for the SBI Monthly Income plan interest rate offered under SBI Monthly Income Scheme (For non-senior citizens)-
|Tenure (years)||SBI Monthly Income Scheme Interest Rate|
The SBI Monthly income plan interest rate is higher for the period of 5 years to 10 years maturity period. This interest rate applies to the non-senior citizens of India. SBI offers different SBI Monthly income plan interest rates to the senior citizens of India.
SBI Monthly Scheme Interest Rate for Senior Citizens
State Bank of India always provides some additional benefits to senior citizens. Under the SBI Monthly income scheme, it offers the senior citizen a higher interest rate than the generally applicable interest rate.
The senior citizens will receive additional 50 basis points and also 1% more SBI Monthly income Plan interest rate than the generally applicable interest rate.
Key features of SBI Monthly income scheme
- You can deposit a lump sum amount to get the additional SBI monthly scheme interest rate on the said deposit.
- You can deposit the amount for a maturity period of 36 Months/60 Months / 120 months.
- You can transfer the SBI Monthly scheme within different SBI branches
- INR 1000 Monthly Annuity
- SBI Monthly income scheme allows premature payment on the amount deposited up to INR 15,00,000
- There is no upper cap on the amount one can deposit
- SBI Monthly income scheme interest rate will be offered according to the Maturity period of the deposit
- Different SBI Monthly income scheme interest rates for the general public and senior citizens
- Nomination facility is offered to the individual scheme holder only.
- Facility to avail loan/ overdraft up to 75% of the deposited amount
- The facility of Universal passbook
SBI Monthly Income Scheme Interest Rate – FAQs
Q1. What is SBI Annuity Deposit Scheme?
Ans. SBI Annuity Deposit scheme is a monthly income scheme under which the scheme holder has to submit a definite amount to avail of the benefits of interest rates.
Q2. What is the meaning of an Annuity deposit?
Ans. An annuity deposit represents a lump sum amount deposited by a person which is repaid in installments by the Banks.
Q3. How much amount can I deposit under the SBI Annuity Deposit Scheme?
Ans. There is no upper limit to the amount one can deposit under the SBI Monthly income Scheme.
Q4. What is the minimum amount I can deposit under the SBI Monthly Income Scheme?
Ans. You can deposit INR 25,000 under the SBI Monthly income scheme.
Q5. Is there a calculator to calculate the estimated amount under SBI Monthly income scheme?
Ans. Yes, you can visit the website of the State Bank of India to access the Calculator.
Q6. What is the highest interest rate under SBI monthly income scheme?
Ans. The highest interest rate is 5.40% that is offered by the State bank of India on the maturity period of 5-10 years.
Q7. Can I open a joint account under SBI Monthly Income Scheme?
Ans. Yes, you can open an account jointly under SBI Monthly income scheme.