This scheme is a good way to earn extra income, the income will be in EMI.

It is said that every drop fills the pot. It also applies to the daily life of a common man. From the fixed income, he has to save a penny here and there for daily expenses and future plans, only to face the ever-increasing expenses of living like a mustard-mouth. Because the salary of the employees ends by the 10th of the month. After that 20 days are completed only through Jugaad. Here we are talking about some such schemes, which can be a great solution for the common man to spend his 20 days comfortably. One such great place is State Bank of India Annual Deposit Scheme. In this, the income is earned in monthly installments-EMI.

By making a one-time deposit into SBI’s Annual Deposit Scheme, it can be availed in equal monthly installments – EMI. In this scheme, compound interest is calculated on quarterly basis. The special thing is that there is a special discount on this earnings every month.

In the annual deposit scheme of State Bank of India, a lump sum has to be deposited at a time. You can earn interest on this amount and part of the principal amount as regular income every month. This scheme is also known as monthly annuity installment. The deposit tenure is 3 years, 5 years, 7 years or 10 years. The rate of interest is also the same as fixed deposits of the same tenure. Senior citizens get additional interest rate applicable on fixed deposits. A minimum of Rs 25,000 can be deposited in this scheme. There is no maximum amount limit. You can also borrow up to 75% of your deposit.

Earnings feature in installments
In SBI’s Annual Deposit Scheme, lump sum has to be deposited at one time.
The interest earned on it and some of the principal amount can be withdrawn in monthly installments.
In SBI’s annual deposit scheme, the amount is deposited for 36, 60, 84 or 120 months.
Maximum amount can be deposited in this scheme of SBI.
In SBI Annual Deposit Scheme, you can withdraw your deposit prematurely.
Prepayment is permitted without any limit in case of death of the depositor.
Prepayment is permitted for deposits up to Rs.15,00,000.
The rate of interest applicable to fixed deposit scheme is also applicable to this annual deposit.
The annuity is paid on the date of the month following the collection date.
In special cases, an overdraft/loan up to 75% of the annual balance may be provided.

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