Organization : State Bank of India
Service Name : Annuity Deposit Scheme
Details : https://sbi.co.in/web/personal-banking/investments-deposits/deposits/annuity-deposit-scheme
Website : https://www.sbi.co.in/
Annuity Deposit Scheme :
** To enable the depositor to pay one time lump sum amount and to receive the same in Equated Monthly Instalments (EMIs), comprising a part of the principal amount as well as interest on the reducing principal amount, compounded at quarterly rests and discounted to the monthly value.
Related : SBI Exporters Gold Card Scheme : www.statusin.in/19955.html
** Payment of interest will start on the anniversary date of the month following the month of deposit.
** If that date is non-existent (29th, 30th & 31st), it will be paid on the 1st day of the next month.
Deposit amount :
** Minimum- Based on minimum monthly annuity Rs 1000/- for the relevant period. In no case Minimum Amount of deposit should be below Rs. 25,000/-
Maximum: No Limit
Tenure : 36/60/84 or 120 months
Rate of interest : As applicable to the Term Deposits of tenure as opted by the depositor.
Premature Payment : Permitted only in case of death of depositor.
Loan facility :
Overdraft/loan up to 75% of the balance amount of annuity may be granted on special cases. After disbursal of OD/loan, further annuity payment will be deposited in loan account only.
Most Important Terms & Conditions :
** Depositor pays one time lump sum amount and receives Equated Monthly Installments (EMIs), comprising a part of the principal amount as well as interest on the reducing principal amount, compounded at quarterly rests and discounted to the monthly value.
Deposit Amount Maximum: No Limit Minimum- Based on minimum monthly annuity Rs 1000/- for the relevant period. In no case Minimum Amount of deposit should be below Rs. 25,000/-.
** Tenure 36, 60, 84 and 120 months.
** Premature payment – Permitted only in case of death of depositor.
** Loan facility – Overdraft/loan upto 75% of the balance amount of annuity may be granted on special cases. It will be the same as applicable to TRD/STDRs. After disbursal of OD/loan, further annuity payment will be deposited in loan account only.
** Nomination facility available.
SBI MODS :
** SBI Multi Option Deposit Scheme (MODS) are Term Deposits linked to the Savings or Current Account (individual).
** Unlike normal Term Deposits which are fully liquidated anytime you need funds;
** you can withdraw from a MODS account in multiples of 1000 as per your fund need.
** The balance amount in your MODS account will continue to earn the Term Deposit rates applicable at time of initial deposit.
** You can create a MODS Account through OnlineSBI or by visiting your nearest branch.
Minimum Term Deposit Amount for MOD Creation – Rs. 10,000/- (in multiple of Rs. 1,000/- each thereafter.
Maximum Term Deposit Amount for MOD Creation – No Limit
Rate of Interest – As applicable to Term Deposits.
Tenure :
** Minimum tenor is 1 years and maximum is 5 years.
Premature withdrawal : Allowed and for this, rules for TDR/STDR is applicable.
Tax Deducted at Source : Applicable
Loan facility : Not Available
Nomination facility : Available
Most Important Terms & Conditions :
** Combination of SB account & TDR / STDR.
** Deposits are completely liquid
** Withdrawals in multiples of Rs. 1000/-.
** Flexibility in Period of Term Deposit 1 Yr. to 5 Yrs.
** Nomination facility available.