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6 min read
Updated on Jan 23, 2023
To allow people a financially secured and comfortable post retirement life, State Bank of India (SBI) introduced the SBI Annuity Deposit Scheme. The scheme allows investors to avail monthly annuity payment over a fixed period of time by investing a lump sum amount.
Under the annuity plans, the investor doesn’t receive any maturity amount at the end of the term. Here, the initial investment known as the principal amount as well as the interest earned on the investment is paid back to the investor as a monthly annuity for his/her lifetime. In most annuity plans, the monthly pay or annuity is compounded on a quarterly basis while taking into account the discounts offered.
With the help of the SBI Annuity Deposit Scheme Calculator, an investor can determine the precise annuity amount that they could earn every month by investing in an annuity plan. Hence, they can calculate the annuity on the basis of the investment amount as well as the rate of interest that is applied. Let us understand the SBI annuity deposit scheme and the SBI annuity calculator in detail below.
An annuity is like a fixed payment that an investor receives every month from an annuity deposit scheme over a certain time period. In return of the regular pay, the investor has to invest a lump sum initial payment to the annuity account or make payments in installments as per convenience.
The interest under this plan, which is called diminishing interest on principal, as well as the principal amount is returned to the investor in the form of regular monthly annuity. Investors generally invest on the annuity plans to support them later in life when they are retired. The annuity payout may serve as pension once the investors retire and hence annuities mostly last for lifelong.
There are several Annuity Investments Plans available in the market that an investor can choose to invest on.
Below are some of the various Annuity Investment Plans that an investor can choose from:
| Time Period | Interest Rates 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% |
Annuity Deposit Calculators are used to calculate the premiums of annuity plans. The SBI Annuity Scheme Calculator is an online tool that is used to evaluate the premiums of annuity plans offered by SBI. This makes it easy to compare various plans and buy the one that suits you best.
Also, most annuity schemes allow a regular and steady source of income after retirement. By using the SBI Annuity Plan Calculator, you can determine the sum that an individual might have to pay to ensure a worry-free retirement.
The best thing about the SBI Annuity Calculators is that they offer accurate results and they are quick and easy to use. The online tools help in solving the complex calculations and support an investor to take better financial decisions.
It is very easy to use the SBI Annuity Deposit Scheme Monthly Income Calculators and that is the reason why these calculators are so popular among investors. Anyone can use these calculators that are freely available on the official website of the company. These calculators can be used anytime and as many times as you want.
Here are the steps that can be taken to use the SBI Annuity Deposit Scheme Calculator 2023:
Below are some of the benefits of using the SBI Annuity Deposit Scheme Calculator:
Read More: What is an Annuity? What are its Benefits and Different Types of Annuities?
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No, NRIs cannot invest in SBI Annuity Deposit Schemes. Only resident Indians are allowed to invest in these schemes.
Yes. SBI Annuity Deposit Scheme offers special rates for all senior citizens.
Yes. It is possible for an investor to change his nominee. The investor may visit the nearest branch office of SBI to get it done.
The term period of SBI Annuity Deposit Schemes can range from 3, 5, 7, or 10 years, as per the convenience of the investor.
The customer, under the SBI annuity deposit scheme, can deposit a one-time lump sum amount to receive monthly returns. The amount that is received includes the principal amount together with the interest accrued.
The interest payable under the SBI annuity deposit scheme is subject to TDS.
PayBima Team
PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.
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