Investment is a best option to earn returns, however, many times people find it difficult to select the best investment scheme as it is important to invest in the right place. State Bank of India (SBI) has come up with an innovative option for its customers where they can invest their money without any hassle. You can invest in the annuity scheme of SBI for a period of 36, 60, 84, or 120 months.
In this, the rate of interest on the investment will be the same as for the term deposit of the chosen period. For example, if you make a fund deposit for ten years, then you get the interest according to the rate applicable to the fixed deposit of ten years. If you want to earn a monthly income of Rs 10,000 then you will have to make a deposit of Rs 5,07,964.
On the amount that you deposited, you will get a return from the interest rate of 7 percent, which comes to Rs 10,000 every month.
What the rules to invest in this scheme?
A minimum amount of Rs 1,000 can be deposited in the SBI annuity scheme each month. There is no limit for maximum investment within this scheme. In annuity payment, the interest starts on the amount deposited by the customer after a fixed time.
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