What is SBI 10000 Per Month Scheme?

The “SBI 10000 per month scheme” you might have heard about is not a separate product, but refers to earning a fixed monthly income using the SBI Annuity Deposit Scheme offered by State Bank of India. This is an investment plan where you deposit a one-time lump sum and SBI pays you back in equal monthly installments (annuities) which include part of your principal plus interest.

How the Annuity Deposit Scheme Works

• One-Time Deposit: You make a single lump-sum deposit with SBI.

• Monthly Payouts: SBI returns this money as monthly payments for a fixed period (like 36, 60, 84, or 120 months). These monthly payouts combine principal return + interest, calculated on a reducing balance basis.

• Tenure Options: You can choose to receive monthly annuity over 3, 5, 7, or 10 years.

There’s no fixed “Rs. 10,000 scheme” the amount you receive depends on how much you deposit and the interest rate. For example, to get about Rs. 10,000 per month, financial estimates show you would need to deposit roughly Rs. 5,07,000 (at an interest rate around 7%). This approximate calculation comes from general annuity payout examples and interest assumptions, not a guaranteed SBI promise.

Key Features

• Minimum Monthly Annuity: Rs. 1,000 per month you choose higher payouts by depositing more.

• No Upper Limit: You can invest as much as you want.

• Interest Rate: Same as SBI fixed deposit rates (varies by tenure). Senior citizens may get slightly higher interest.

• Premature Closure: Allowed up to Rs. 15 lakh (penalty applies); no limit in case of depositor’s death.

• Loan/Overdraft: Up to 75% of the annuity balance may be available in select situations.

This is all about the SBI 10000 per month scheme.

Get Upto 10 Lakhs in Your Account Instantly through NB InstaCash

 

The SBI 10000 Per Month Scheme is like a recurring deposit (RD) plan offered by the State Bank of India (SBI), allowing customers to save a minimum of Rs. 1000 monthly and earn interest over a fixed tenure. This scheme is ideal for disciplined savers seeking stable returns with low risk.

Key Features

1. Monthly Deposit: Minimum Rs. 1000 with no upper limit.

2. Deposit Period: Flexible, typically 36, 60, 84, or 120 months.

3. Payout: Principal + interest at maturity.

Open an RD account by visiting any SBI branch or use YONO/Internet Banking and link your savings account for automatic monthly deductions. The earned interests are compounded quarterly for higher returns.

Premature withdrawal is permitted for fixed deposits up to Rs. 15 lakhs, subject to applicable penalties. However, in the event of the depositor's death, premature withdrawal is allowed without any monetary limit, and the penalty is waived for the nominee/legal heir.

Who Should Invest?

Salaried professionals planning for short-term goals (e.g., vacation, down payment) and risk-averse investors preferring stable income.

Get Loan Up to 10 Lakhs Instantly to Your Account with NB InstaCash

Read more

What is the SBI Unclear Balance Meaning

I agree with Akanksha’s answer here. SBI 10000 per month scheme is nothing but an Annuity Deposit Scheme, where if you pay a one time lump sum amount, you’ll receive the same as equated monthly installments (EMIs). My father has taken this scheme, and I have a little idea about the same. It’s a profitable opportunity if you’re seeking financial stability post retirement. 

What is the SBI Per Month 10000 Scheme?

Since the previous answer has mentioned in brief about some unique features of this scheme, I’d like to add a few more points.

1. You may be allowed premature payment for the deposits up to Rs. 15,00,000. However, in case of death of the depositor, premature payment is allowed with no limit.

2. There is no upper limit.

3. Interest rates are applicable too.

4. Payment is done on the anniversary date of the month following the month of deposit. If the dates (29, 30, and 31) are non-existent, then it will be paid on the 1st of next month.

5. Nomination is only favourable in terms of individuals.

6. Overdraft/loans up to 75% of the balance amount of annuity can be granted on special cases.

7. All resident individuals, including minors, are eligible to apply for this scheme.

8. If you want premature closure, the penalty is charged as applicable to term deposit. 

These are some features you should know. I hope this gives you some insights into the SBI new scheme 10000 per month. You can also read

What is SBI Annuity Deposit Scheme Interest Rate?

I hope this helps.

Get Personal Loans at Low Interest Rates and Minimum Documentation via NB Instacash!

Let me tell you, the SBI Annuity Deposit Scheme, which enables clients to deposit a lump sum money and receive monthly payments, is the SBI 10000 per month scheme. The monthly payment here includes principal and interest. This scheme is ideal for individuals looking for a steady monthly income, such as retirees or those seeking additional financial stability.

What is the SBI 10000 Monthly Income Scheme?

Investors make a one time deposit, starting from a minimum amount that depends on the chosen tenure and desired monthly payout (e.g., Rs.10,000). The monthly amount includes the principal and interest, calculated at the prevailing term deposit interest rates.

1. Flexible Tenures: Available for 36, 60, 84, or 120 months.
2. Eligibility: Open to all SBI customers, including minors (through guardians).
3. Loan/Overdraft Facility: Customers can avail up to 75% of the balance amount in their annuity deposit.

As far as I know, the SBI per month 10000 scheme guarantees a fixed monthly payout, making it ideal for individuals with regular financial needs. Being a product of SBI, it offers top security with assured returns. You will get monthly payouts directly into your SBI savings account. I hope you found this helpful. Get Instant Approval and Disbursement of Loan at Low Interest Rate through NB Instacash Read more How to Apply for Cheque Book in SBI Offline and Online