SBI Annuity Deposit Scheme Calculator – Interest Rates, Eligibility, & more

What is an Annuity Deposit Scheme?

An annuity is like a fixed payment that an investor receives every month from an annuity deposit scheme over a certain time period. In return of the regular pay, the investor has to invest a lump sum initial payment to the annuity account or make payments in installments as per convenience.

The interest under this plan, which is called diminishing interest on principal, as well as the principal amount is returned to the investor in the form of regular monthly annuity. Investors generally invest on the annuity plans to support them later in life when they are retired. The annuity payout may serve as pension once the investors retire and hence annuities mostly last for lifelong.

There are several Annuity Investments Plans available in the market that an investor can choose to invest on.

6 Different Types of Annuity deposit scheme

Below are some of the various Annuity Investment Plans that an investor can choose from:

Lump-Sum Annuity – Here the investor receives the entire annuity amount in lump sum
Periodic Annuity – The investor receives regular flow of income as periodic instalments, such as monthly payout or payout received after a period of time
Immediate Annuity – Here the annuity is paid to the investor immediately after he/she makes the initial lump sum payment
Deferred Annuity – This annuity comes in two phases – accumulation and payout. The plan first accumulates the investment amount for a certain period of time and offers incremental repayment later
Fixed Annuity – Under this annuity plan, the payout is fixed and remains same throughout the payout period
Variable Annuity – This is the riskiest annuity plan which depend on market conditions

Features of the SBI Annuity Deposit Scheme 

Below are some features of SBI Annuity Deposit Schemes:

The scheme allows investors to start the policy with a minimum deposit amount of INR 25,000
It is easily accessible across all Indian branches except for the ones that allow specific credit intensive
The interest offered under the scheme is the same as that of a term deposit
Further benefits are offered for provided to ex -employees of SBI in the form of 1% payable interest above the applicable rate
The scheme can be transferred in any SBI branch across India, whereas the nomination facility can also be accessed easily by issuing the universal passbook

Eligibility for the SBI Annuity Deposit Scheme 

Anyone including minors can have SBI Annuity Deposit Scheme who can hold the account individually or jointly with anyone else. However, NRE and NRO are not eligible for this scheme.

 

An Indian Resident individual (can also be minor).
The investor can be holding a Single or Joint Account.
NRIs with NRE or NRO Accounts are not eligible.

Components of the SBI Annuity Scheme

Component	Details
Premature payment	The scheme allows premature payment in case of death of depositor for which the concurrence of the legal nominees of the deceased is required
Loan facility	Loan is available on up to 75% of the balance in the account under some
Interest rate	The account provides a return that is comparable to other term returns of SBI.
Maturity amount	The return amount as well as the interest amount are offered in instalments over a time period.
Eligibility	All Indian citizens are eligible including minors.
Taxes on earned interest	The interest offered is as per the TDS in annuity deposits

Benefits of the SBI Annuity Scheme 

Here are some benefits of SBI Annuity Scheme:

The scheme allows varied options in terms of tenure of policy and maturity. An investor can choose from different alternatives if they want flexible tenure ranging from few days up to 10 years
The payment of the annuity ensures a safe lock-in period and is made in advance after the depositor is no more
There is no upper deposit limit under this scheme
The scheme allows up to 75% loan facility of the total amount

SBI Annuity Deposit Scheme Interest Rates 2024

Let’s take a look at the annuity interest rates of the SBI Annuity Deposit Scheme as recorded for the mentioned period of investments:

Time Period of Annuity Deposits	Interest Rates for General Citizens	Interest Rate for Senior Citizens
7-45 Days	3.00%	3.50%
46-179 Days	4.50%	4.40%
180- 210 Days	5.25%	5.75%
211 Days-1 Year	5.75%	6.25%
1 Year- 2 Years	6.75%	7.25%
2 Year- 3 Years	6.75%	7.25%
3 Year- 5 Years	6.25%	6.75%
5 Year- 10 Years	6.25%	7.25%

Note: Interest rates as of 24th January 2023.

FD Rates Comparison for Different Banks in India

Name of bank	Tenure of FD	Interest rates
Axis Bank	6 months – 5 years	5.75% – 7.00%
Bank of Baroda	3 months – 10 years	4.50% – 6.50%
Bank of India	3 months – 10 years	4.50% – 6.00%
Bandhan Bank	3 months – 10 years	3.00% – 7.85%
Canara Bank	3 months – 10 years	5.50% – 6.70%
Co-operative Bank	1 year – 5 years	6.00% – 6.35%
DBS Bank	3 months – 10 years	3.00% – 6.50%
Equitas Bank	7 days – 10 years	3.50% – 7.25%
HDFC Bank	3 months – 10 years	4.50% – 7.00%
ICICI Bank	3 months – 10 years	4.50% – 6.90%
IDBI Bank	3 months – 20 years	4.50% – 4.80%
Indian Bank	3 months – 10 years	3.50% – 6.10%
Indian Overseas Bank	3 months – 10 years	4.50% – 6.50%
LIC	1 year – 5 years	7.25% – 7.75%
Punjab National Bank	3 months – 10 years	4.50% – 6.50%
Post Office	1 year – 5 years	6.90% – 7.50%
RBL Bank	3 months – 20 years	4.75% – 7.00%
SBI Bank	3 months – 10 years	3.00% – 6.50%
UCO Bank	3 months – 10 years	4.50% – 6.10%
Union Bank of India	3 months – 10 years	3.00% – 6.70%
Yes Bank	3 months – 10 years	4.75% – 7.00 %

Why Are Annuity Deposit Calculators Used?

Annuity Deposit Calculators are used to calculate the premiums of annuity plans. The SBI Annuity Scheme Calculator is an online tool that is used to evaluate the premiums of annuity plans offered by SBI. This makes it easy to compare various plans and buy the one that suits you best.

Also, most annuity schemes allow a regular and steady source of income after retirement. By using the SBI Annuity Plan Calculator, you can determine the sum that an individual might have to pay to ensure a worry-free retirement.

The best thing about the SBI Annuity Calculators is that they offer accurate results and they are quick and easy to use. The online tools help in solving the complex calculations and support an investor to take better financial decisions.

5 Benefits and Need of SBI Annuity Deposit Calculator

Below are some of the benefits of using the SBI Annuity Deposit Scheme Calculator:

This is a digital tool available freely online and can be used at the convenience of the investor
SBI Annuity calculator can be operated easily and in a hassle-free manner
The calculator offers accurate calculations and can be used as many times as required by the investor
The calculator helps investors in getting a clear picture of the investment that they need to make to receive a guaranteed amount for their retirement in the future
With the SBI Annuity Calculator, the investor can save from the tedious task of making manual calculations to ensure investment possibilities.

How to use SBI Annuity Deposit Scheme Calculator 2024?

It is very easy to use the SBI Annuity Deposit Scheme Monthly Income Calculators and that is the reason why these calculators are so popular among investors. Anyone can use these calculators that are freely available on the official website of the company. These calculators can be used anytime and as many times as you want.

Here are the steps that can be taken to use the SBI Annuity Deposit Scheme Calculator 2024:

Visit the official website of the company and click on the tab of ‘Annuity Plus’
Now, go to the ‘Premium Calculation’ button and click on it
Next step is to add personal details like investor name, email id, mobile number, gender, etc.
The investor might also have to inform if the person wants to buy annuity for one or two people
The next step is to submit annuity details such as, if the insured wants to pay the investment as a lump sum amount or in the form of installments
Now, go to the ‘Calculate Premium’ tab and click it
You can see the premium amount that is required to pay for purchasing the annuity on the page displayed in front of you
Based on the premium amount, the investor can decide if he/she wants to purchase the annuity plan. In case the investor wants to go with the plan, the person is required to enter his/her complete details
Once the plan is fixed, the investor can submit the annuitant details, such as the name of the policyholder. The policyholder can be the purchaser of the annuity policy or a person who is the beneficiary of the plan
As a final step, the investor must pay the investment via online mode to complete the purchase
Further, in case of any doubt or confusion, the investor may dial the SBI toll-free helpline number – 1800 267 1800 during 8.30 am to 9.30 pm
Read More: What is an Annuity? What are its Benefits and Different Types of Annuities?

Important Things to Consider at the Time of Buying SBI Annuity Deposit Plan
If you are planning to buy the SBI Annuity Deposit Plan, here are the things to remember:

Large premiums of annuity deposits attract greater payouts as the annuity amount
Annuity benefits that are received by investors are based on the chosen annuity type along with other things like annuity payout frequency, and the applied interest on the annuity
SBI Annuity deposit benefits come under the category of taxable income. Hence, they are subject to Income Tax laws
The payouts can be received in advance as per the choice of the investors
Monthly, quarterly, half-yearly, and yearly payment options are available for the annuity payouts