INSUBCONTINENT EXCLUSIVE:
Under this kind of FD account, premature payment is permitted only in case of death of depositor.SBI or State Bank of India offers annuity
deposit account, which is a variant of fixed deposit or term deposit
The account enables the depositor to pay a one-time lump sum amount and receive the same in equated monthly instalments (EMIs), comprising a
part of the principal amount as well as interest on the reducing principal amount, according to the bank's website - sbi.co.in
know about SBI's annuity deposit account:1
Under SBI's scheme, the minimum amount of deposit is Rs
However, there is no maximum limit of deposit amount for this scheme
A nomination facility is applicable in SBI's annuity deposit account.2
A term of 36 months, 60 months, 84 months or 120 months (3 years, 5 years, 7 years or 10 years) is available for SBI's annuity deposit
The rate of interest charged is same as applicable to the fixed deposit account of the term opted by the depositor
The following FD interest rates are for deposits below Rs
1 crore:TenorsRevised For Public w.e.f
28.11.2018Revised for Senior Citizens w.e.f
Overdraft/loan up to 75 per cent of the balance amount of annuity can be granted on special cases, according to SBI's website
After disbursal of /loan, further annuity payment is deposited in loan account only.
