SBI Annuity Deposit Scheme Calculator 2024

The SBI Annuity Deposit Scheme Calculator is a powerful tool designed to assist you in planning your financial future. This useful calculator enables you to estimate the potential returns, monthly payouts, and overall growth of your investments. This enables you to make informed investment decisions tailored to your unique financial goals and circumstances.

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SBI Annuity Calculator

Your Age

18 Years 59 Years
Enter Your Age

Monthly Investment

₹500 ₹10L
Enter Investment Per Month

Expected Return on Investment

5% 15%
Expected Return on Investment

Percentage of Corpus Allocated for Pension

40% 100%
Enter Corpus Percentage

Expected Return from Pension

5% 15%
Enter Annuity Return
₹0
Your Monthly Pension
₹0
Your Monthly Pension
Your Pension Calculation
Your Pension Calculation
Total Investment
Returns Earned
Maturity Amount
Maturity Amount split (Lumpsum & Pension)
60%
Lumpsum Amount
At the age of 60 Yrs
40%
Pension Wealth
At the age of 60 Yrs

What is the SBI Annuity Deposit Scheme?

The SBI Annuity Deposit Scheme is a Fixed Deposit (FD) Scheme offered by the State Bank of India (SBI) that offers a steady and reliable stream of income over a predetermined period.

Under this scheme, you deposit a lump sum amount with the SBI bank. In return, you receive regular fixed payments after retirement at specified intervals, typically on a monthly basis. 

These payments, known as annuities, are a combination of both the principal amount and the interest earned on it. 

The scheme is particularly beneficial for retirees and those looking for a guaranteed source of income, as it helps ensure financial stability and regular cash flows.

About the SBI Annuity Deposit Scheme Calculator

The SBI Annuity Deposit Scheme Calculator is a tool that can be used to calculate the monthly annuity payouts that you will receive under the scheme.

For using the Annuity Deposit Scheme Calculator, NRIs need to provide the following details.

  • Deposit Amount: The amount of money that you wish to deposit.

  • Tenure: The Period for which you wish to receive the annuity payments.

  • Interest Rate: The interest rate that you are expecting.

The calculator estimates the monthly payouts that you can expect to receive from the scheme.

By using this calculator, you can plan your retirement better and make informed decisions about whether the SBI Annuity Deposit Scheme aligns with your financial goals.

SBI Annuity Deposit Scheme Interest Rates in 2023

The SBI Annuity Deposit Scheme Interest Rates in 2023 are as follows:

Period of Deposit Rate of Interest for General Citizens (in % p.a.) Rate of Interest for Senior Citizens (in % p.a.)
36 months 6.50% 7.00%
60 months 6.50% 7.50%
84 months 6.50% 7.50%
120 months 6.50% 7.50%

Calculation of Monthly Pension from SBI Annuity Plan Calculator

The SBI Annuity Deposit Scheme Calculator uses the following formula to calculate the monthly income from the scheme:

Monthly Pension Amount = (Deposit amount + Total interest earned over the tenure) / (Tenure * 12)

Where,

  • Deposit Amount = Lump sum amount that you deposit in the scheme

  • Total Interest Earned over the Tenure = Interest that you earn on your deposit over the Tenure of the scheme

  • Tenure = Period of time for which you deposit your money in the scheme

Illustration of Calculation from SBI Annuity Plan Calculator

If the details of your SBI annuity deposit scheme are as follows:

  • Deposit Amount = Rs. 1,00,000

  • Tenure = 5 years

  • Interest rate = 6%

Then, your monthly pension amount would be calculated as follows:

  • Monthly Pension Amount = (1,00,000 + (100000 * 6 * 5 / 100)) / (5 * 12)

= Rs. 2,166.67

pension-ki-no-tensionpension-ki-no-tension

Steps to Use the SBI Annuity Deposit Scheme Calculator

To use the SBI Annuity Plan Calculator, follow the steps mentioned below:

Step 1: Go to the Policybazaar Annuity Deposit Scheme Calculator website.

Step 2: Enter the following details:

  • Deposit amount

  • Tenure

  • Interest rate

Step 3: Click on the "Calculate" button to see the estimated monthly annuity payments.

Benefits of the SBI Annuity Plan Calculator

The Policybazaar Annuity Calculator offers a number of benefits, including:

  • Accessible and Easy to Use: The calculator is available online and can be used from anywhere with an internet connection. It is also easy to use, with a simple and straightforward interface.

  • Accurate Results: The SBI Annuity Deposit Scheme Calculator uses complex mathematical formulas to calculate the estimated monthly annuity payments. This ensures that the results are accurate and reliable.

  • Comprehensive: The calculator takes into account all of the relevant factors, such as the deposit amount, Tenure, and interest rate, when calculating the monthly annuity payments. This provides you with a complete picture of your investment.

  • Helpful for Planning: The calculator can be used to plan for your retirement or other financial goals. For example, you can use the SBI Annuity Deposit Scheme Calculator to calculate how much money you need to deposit to generate a desired monthly income in retirement.

  • Informed Decision-Making: This calculator empowers you to make informed decisions about whether the SBI Annuity Deposit Scheme aligns with your financial goals and income needs, as you can see the expected returns in advance.

  • Transparency: It provides transparency in the calculation process, so you have a clear understanding of how your investments will grow over time and the income you can expect.

  • Convenience: The SBI Annuity Deposit Scheme Calculator saves time and effort by quickly providing estimates without the need for manual calculations.

Wrapping Up

The SBI Annuity Deposit Scheme Calculator is a valuable financial tool that helps you make informed decisions, achieve your financial goals, and get a steady income after retirement. It offers transparency, customization, and ease of use. This makes it an essential resource for you to consider investments in the SBI Annuity Deposit Scheme.

FAQ's

  • How is the SBI annuity deposit calculated?

    The SBI annuity deposit can be calculated using an SBI Annuity Deposit Scheme Calculator or you can use  the following formula:

    Monthly annuity payment = (Deposit amount + Total interest earned over the tenure) / (Tenure * 12)

    Where,

    • The deposit amount is the lump sum amount that you deposit in the scheme.

    • Total Interest earned over the Tenure is the Interest that you earn on your deposit over the Tenure of the scheme.

    • Tenure is the Period of time for which you deposit your money in the scheme.

  • What is the monthly deposit scheme for SBI in 2023?

    The monthly deposit scheme for SBI in 2023 is called the SBI Recurring Deposit (RD) scheme. It is a savings scheme that allows you to deposit a fixed amount of money every month for a predetermined period of time. At the end of the Tenure, you receive the principal amount plus the Interest accrued on it.
  • What is the SBI new annuity deposit scheme?

    The SBI New Annuity Deposit Scheme (ADS) is a fixed deposit scheme that allows customers to deposit a lump sum amount and receive regular monthly payments over a period of 3, 5, 7, or 10 years. The monthly payments consist of a portion of the principal amount and the Interest earned on the remaining principal amount.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
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