To secure your future, it is very important to invest in things that would give you a long-term and steady return. Oftentimes, people invest in the wrong places only to regret it later. In such cases, it is important to know and understand the right place to invest.
Today, we are going to tell you a scheme that you should consider investing in. Through the annuity scheme of SBI, you can start getting monthly income after a certain time.
Exceptional scheme from State Bank of India (SBI)
You can invest in the annuity scheme of SBI for a period of 36, 60, 84, or 120 months. In this, the rate of interest on the investment will be the same as for the term deposit of the chosen period. For example, if you make a fund deposit for ten years, then you get the interest according to the rate applicable to the fixed deposit of ten years.
How can you earn a monthly income of Rs 10,000?
If you want to earn a monthly income of Rs 10,000 then you will have to make a deposit of Rs 5,07,964. On the amount that you deposited, you will get a return from the interest rate of 7 percent, which comes to Rs 10,000 every month.
What the rules to invest in this scheme?
A minimum amount of Rs 1,000 can be deposited in the SBI annuity scheme each month. There is no limit for maximum investment within this scheme. In annuity payment, the interest starts on the amount deposited by the customer after a fixed time.
RD trust more than annuity scheme
Generally, middle-class people do not have large sums of money. In such a situation, most people secure their future by investing in a recurring deposit (RD). The money is collected through small savings in RD and then returned to the investor by applying interest on it.