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.
People make plans to secure their future through investment, but sometimes, investing in the wrong place creates problems instead of benefits. In such a situation, it becomes very important that you invest in the right place. Here’s is something that you should consider investing in, through which you start getting monthly income after a certain time. Here we tell you about the annuity scheme of SBI.
Excellent scheme from SBI
This scheme of SBI can be invested in for a period of 36, 60, 84 or 120 months. In this, the rate of interest on the investment will be the same which is for the term deposit of the chosen period. Let’s say you make a fund deposit for five years, then you will get the interest only according to the interest rate applicable to the fixed deposit of five years. Everyone can take advantage of this scheme.
What to do for a monthly income of Rs 10,000
If an investor wants a monthly income of Rs 10,000 every month, then he will have to deposit Rs 5,07,964. On the amount deposited, he will get a return from the interest rate of 7 percent, which is around Rs 10,000 every month. If you have over Rs 5 lakh to invest and you want to increase your income in future, then this is a better option for you.
Know the rules if you want to invest
A minimum of Rs 1,000 can be deposited in SBI annuity scheme every month. There is no limit for maximum investment in this. In annuity payment, the interest starts on the amount deposited by the customer after a fixed time. These schemes are great for the future, but it is not possible for the middle class to raise so much money together.
Generally, middle-class people do not have lump sums. In such a situation, most people secure their future by investing in a recurring deposit (RD). The amount is collected through small savings in RD and then returned to the investor by applying interest on it. Because of this, the recurring deposit is very much liked among the common people.