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
Monthly Deposit: Minimum Rs. 1000 with no upper limit.
Deposit Period: Flexible, typically 36, 60, 84, or 120 months.
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.
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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.
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.
There is no upper limit.
Interest rates are applicable too.
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.
Nomination is only favourable in terms of individuals.
Overdraft/loans up to 75% of the balance amount of annuity can be granted on special cases.
All resident individuals, including minors, are eligible to apply for this scheme.
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.
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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.- Flexible Tenures: Available for 36, 60, 84, or 120 months.
- Eligibility: Open to all SBI customers, including minors (through guardians).
- Loan/Overdraft Facility: Customers can avail up to 75% of the balance amount in their annuity deposit.
What is SBI 10000 Per Month Scheme?
anita
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2024-12-26T19:33:36+00:00 2024-12-26T19:33:36+00:00Comment
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