People plan to secure their future through investing, but sometimes investing in the wrong place creates problems instead of benefits. It is very important that you invest in the right place. You should consider investing in it, through which you will start receiving monthly income after a certain period of time. Here we are telling you about SBI's annuity scheme.
SBI's plan
The SBI scheme can be invested in for a period of 36, 60, 84, or 120 months. The interest rate on this investment will be the same as for the term deposit of the selected period. Assuming that you deposit funds for five years, you will get interest-only according to the interest rate applicable on five-year term deposits. Everyone can avail of this scheme.
This is all SBI has to invest in this scheme
If an investor wants a monthly income of Rs 10,000 per month, he has to deposit Rs 5,07,964. The deposit will be returned at an interest rate of 7%, which is about Rs. 10,000 per month. If you have Rs 5 lakh to invest and you want to increase your income in the future, this is a good option.
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A minimum of Rs 1,000 per month can be deposited in the SBI Annual Plan. There is no limit to the maximum investment. In annual payment, interest starts on the amount deposited by the customer after a certain period of time. This plan is very good for the future.
There is usually a lump sum for the middle class. In such a situation, more people secure their future by investing in Recurring Deposit (RD). The amount can be collected through small savings in RD and again it is given to the investor with interest. This is why recurring times are very popular among the common people.
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