Get guaranteed monthly income through these 3 popular SBI schemes

According to a report by TV9 Gujarati, the State Bank of India (SBI) offers three main schemes for its customers for regular income, special interest for senior citizens, and environment-friendly investment. For customers who want to deposit a lump sum and receive a fixed income every month, the SBI Annuity Deposit Scheme is the best option. In this scheme, the customer deposits money once and the bank pays it as an EMI every month, which includes both the principal amount and interest.

In this scheme, customers can choose a tenure of 36, 60, 84, or 120 months. The interest earned on it is as per the bank's general retail term deposit (FD) rates, which are compounded on a quarterly basis. The minimum monthly annuity in this scheme is fixed at ₹1,000, which means that at least ₹60,000 must be deposited for 5 years. There is no limit on the maximum investment, and in special circumstances, a loan or overdraft facility of up to 75% of the remaining annuity balance is also available.

On the other hand, the bank has launched the 'SBI Patrons' facility for senior citizens aged 80 years or above. These super senior citizens get 10 bps (0.10%) additional interest compared to regular senior citizens. This benefit is available on retail term deposits of less than ₹3 crore for a tenure ranging from 7 days to 10 years. No separate product code is required for this, as this additional interest is applied automatically based on the date of birth registered in the banking system.

The third scheme is 'Green Deposit', which promotes environmental protection. The funds collected under this scheme are used for environment-friendly projects and the renewable energy sector in India. This scheme is available for specific tenures of 1111 days, 1777 days, and 2222 days. Indian citizens, minors, and non-individual customers can invest in it. Investment can be started with just ₹1,000 and there is no limit on the maximum amount. This scheme offers attractive interest rates as per general FD, senior citizens get the benefit of additional rates, and loan or overdraft facilities are also available.