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SBI MIS or SBI Monthly Income Schemes are fixed deposit monthly income policies that allow depositors to pay a lump sum amount as a one-time payment to receive a monthly payout in installments during the tenure of the policy. This policy has a fixed EMI that consists of partially reducing principal and interest components. This is especially beneficial for people who want to earn a regular payout every month from their investment. Know more about this plan in this post.
People looking for a regular monthly payout during the tenure of an investment must consider the beneficial SBI Annuity Deposit Scheme. Unlike the other banks, this monthly pay-out scheme from SBI offers a fixed EMI that includes the interest on the deposited amount and the interest accrued on it.
Through this post, we aim to throw light on different aspects of investing in an SBI Fixed Deposit. You will learn about the SBI Fixed Deposit interest rate, its features, benefits, and eligibility.
Have a look at the various benefits of SBI Fixed Deposit Monthly Income Scheme(MIS) that makes it a perfect plan for those on a monthly income:
Before you take a call on whether to invest in an SBI Fixed Deposit Scheme, check out the features of this beneficial scheme:
Below are some of the different types of SBI FD schemes:
Let’s check the details of the plan:
Criteria | Detail |
Minimum Deposit | INR 1,000 |
Tenure | Min – 5 years, Max – 10 years |
Loans facility | Not available |
Premature withdrawal facility | Not available |
Other Features | – Interest compounded quarterly
– Tax benefits available u/s 80 C |
Criteria | Detail |
Minimum Deposit | INR 1,000 |
Tenure | Min – 6 months, Max – 10 years |
Loans facility | Can avail of up to 90% of the total amount |
Premature withdrawal facility | – Available with a 0.5% penalty on amounts equal to or less than INR 5 lakhs
– For FD amount greater than INR 5 lakh, a penalty of 1% is imposed |
Other Features | – Auto-renewal of scheme available
– Interest compounded quarterly – The scheme can be linked to your SBI account (Savings or Current) |
Criteria | Detail |
Minimum Deposit | INR 10,000 |
Tenure | Min – 1 year, Max – 5 years |
Loans facility | Available |
Premature withdrawal facility | – Can be made in multiples of INR 1,000 (TDR/STDR rules) |
Other Features | – Available with nomination facility
– The scheme can be linked to your SBI account (Savings or Current) |
Criteria | Detail |
Minimum Deposit | INR 25,000 for a monthly annuity of INR 1000 |
Tenure | Ranges between 36 months to 120 months |
Loans facility | Available up to 75% |
Other Features | – A one-time payment option is available
– Allows the facility of nomination |
Criteria | Detail |
Minimum Deposit | INR 1000 |
Tenure | Min – 7 days, Max – 10 years |
Loans facility | Available up to 90% of the deposit amount |
Premature withdrawal facility | – A 0.5% penalty is imposed on amounts equal to or less than INR 5 lakhs for premature withdrawal
– For FD amount greater than INR 5 lakh, a penalty of 1% is imposed |
Other Features | – Allows the facility of nomination
– Can be converted from regular term deposit to cumulative term deposit – Scheme can be auto-renewed |
To enroll for an SBI Annuity Fixed Deposit an interested investor must fulfill the following criteria:
There is no difference between the interest rate applied for a domestic term deposit and an Annuity Deposit Scheme
Have a look at the revised SBI MIS fixed deposit interest rates effective from 15th February 2023:
Policy Tenure | Revised Interest Rate for Senior Citizens |
Revised Interest Rate for General Public |
36 Months | 7% |
6.5% |
60 Months | 7.5% |
6.5% |
84 Months | 7.5% |
6.5% |
120 Months | 7.5% |
6.5% |
You can open an SBI FD account online via Internet Banking by following the steps below:
An applicant can also open an SBI FD account through the SBI mobile app. Here are the steps:
To open an SBI FD account offline, you must visit the nearest branch of SBI Bank. From the bank help desk, you can collect the FD application form. Duly fill out the form and submit it along with the deposit amount. You will be given an FD receipt as proof once your account is successfully processed.
Below are the documents required to open an FD account in the SBI:
One can calculate the SBI fixed deposit interest using the online SBI FD maturity value calculator. However, keep a few things in mind while using this online interest rate calculator. Firstly, the interest it compounds is quarterly. Secondly, the interest rate or value calculated by this calculator is indicative, you can get the actual rate printed on your fixed deposit receipt.
To Conclude
In a nutshell, grab the best opportunity to get the high SBI Fixed Deposit interest rate by depositing in SBI Annuity Deposit Scheme. It is a perfect deposit to expand your monthly income that gives better returns than traditional bank fixed deposits.
The best FD options for monthly income are:
#1 SBI Annuity Deposit
#2 Kotak Bank FD
#3 Axis Bank FD
#4 IDFC Bank FD
#5 HDFC Bank FD
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.
Expectations are abuzz in the Insurance sector as the newly elected government is gearing up to present its first Union Budget on July 23, 2024. The budget this year is likely to offer a vital opportunity for the Insurance sector to get a step closer to the 'Insurance for All by 2047' goal set by IRDAI. It is likely to address the key challenges towards achieving this goal while enhancing economic significance and growth in the future. Penetrating the rural market will remain a priority while emphasizing life insurance as a way of mobilizing savings.
Let us take a look at the highlights of the Union Budget 2024 and other previous year's Budgets and how they influenced the insurance sector.
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