How To Invest Money In SBI: The State Bank of India offers customers a variety of facilities (SBI). Today, we’ll tell you about an SBI program that allows you to make money each month. The unique feature of this government program is that you must deposit a large quantity of money. You will then continue to receive a guaranteed monthly income plus interest.
After subtracting TDS, the annuity payment will be credited to the associated savings or current account. Additionally, you may be eligible for a 75% loan and an overdraft on the remaining sum. This account can be opened either individually or jointly.
According to this plan, you must pay the annuity on a set day each month. You will receive this money on the first of the following month if your annuity is on the 29th, 30th, or 31st of any given month.
You have the option to deposit money in this plan for 36, 60, 84, or 120 months. There is currently no maximum deposit amount in this, and the minimum monthly investment is 1000 rupees.
The State Bank website claims that this government program offers higher interest rates than a savings account. Customers benefit from interest on this that is comparable to FD and term deposit interest. Any branch may apply for this program.
This SBI program is known as the Annuity Deposit Plan (SBI annuity deposit scheme). Customers who participate in the SBI Annuity Deposit Scheme receive both the principal and interest payments each month. Customers can benefit from compound interest.