State Bank of India offers its customers a Annuity Deposit Scheme (SBI Annuity Deposit Scheme) under which a fixed monthly income is made every month. Under this SBI scheme, depositors receive fixed income every month. For this, they have to deposit the amount once in the bank only once. This special SBI scheme is for people who want to get fixed income every month with the help of their savings. Let us know about SBI Bank Account Breaking News 2020 (Latest) and other information under this scheme including the term of interest.
According to information provided on the official website of the SBI, under this scheme, fixed monthly payments are made to the depositors as monthly monthly income (EMI). There is also interest with principal amount. In this way the account holder gets interest along with his deposit. Under this scheme, the bank will start paying interest from the next month of deposit deposit. Suppose you were deposited under this scheme on February 28, then you will start receiving deposits from March 27.
How much interest will you get?
- The interest accrued on this plan is the same as a fixed or term deposit. Also, it depends on whether the depositor chooses a period for the scheme. After the recently revised interest rate, this bank pays interest at the rate of 6% on maturity FD between 1 and 10 years. In such case, 30 months, 60 months, 120 months on SBI annuity deposit scheme. For 120 months interest will be paid at the rate of 6%.
- Duration: The SBI Annual Deposit Scheme gives customers the option of maturity period. Depositors have the option of choosing between 3 to 5 years, 7 years and 10 years.
- Premature payment: According to the SBI website, premature payments under the SBI Annual Deposit Scheme will be available only after the death of the depositor.
- Other Features: Under this scheme, depositors get nominations. As a depositor you will also get overdraft or loan facility. The loan amount can be as much as 75 percent of the deposit.
SBI Customers Alert! Do you hold a savings account with State Bank of India? Then this news is important to you. The State Bank of India (SBI), India’s largest lender, has issued an urgent public notice to its account holders in regard to their incomplete KYC. Bank has asked all such SBI account holders to complete their KYC and avoid inconvenience in the future in their banking procedures.
In recent years, banks have been more vigilant in keeping records updated and they call for many rounds of KYC (Know Your Customer).
Additionally, SBI has also stated in the public notice that the customers who fail to complete one’s KYC (Know Your Customer) or submit their documents before 28.02.2020 will have their bank accounts with SBI freezed.
The SBI is also sending text messages and e-mails to such SBI accountholders whose KYC is incomplete. Hence, if you are SBI account holder and have received such a mail or text message on your mobile phone, you are advised not to ignore this SBI communication as you have still around a week in your hand.
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