SBI Annuity Deposit Scheme Calculator 2024

The SBI Annuity Deposit Scheme Calculator 2024 is a free online tool that can be used to calculate the fixed annuity amount that you can expect to receive from the State Bank of India (SBI) Annuity Deposit Scheme. You can also use the calculator to see how your annuity payments will be affected by changes in your age, investment amount, or interest rate. The SBI Annuity Deposit Scheme is a popular option for retirees seeking a guaranteed income stream.

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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 SBI Annuity Deposit Scheme Calculator?

The SBI Annuity Payments Calculator is a financial tool that helps you to calculate the following details under the SBI Annuity Deposit Scheme.:

  • Annuity Maturity Amount

  • Monthly Annuity Payout

  • Interest Earned

  • Lump Sum Amount Invested

The SBI Payout Annuity Calculator takes into account the following factors:

  • Deposit amount

  • Duration of the scheme

  • SBI Annuity Deposit Scheme Interest Rates

People also read: HDFC Life Annuity Rates For NRI

What is SBI Annuity Deposit Scheme?

SBI Annuity Deposit Scheme is a retirement plan offered by the State Bank of India (SBI). Under this scheme, you can deposit a lump sum amount with the bank and receive Equated Monthly Instalment (EMI) payments for a fixed period. 

The EMIs of this annuity plan consist of the following amounts:

  • Principal Amount

  • Interest in the Decreasing Principal Amount

Features of the SBI Annuity Deposit Scheme

Let us learn the essential features of the SBI Annuity Deposit Scheme from the table mentioned below:

Features Details
Scheme Type Annuity Investment Option
Premium Payment Mode Lump Sum/ One-Time
Annuity Payout Mode Monthly instalments
Deposit Period 36/ 60/ 84/ 120 months
Minimum Deposit Amount It depends on a minimum monthly amount of Rs. 1,000
Maximum Deposit Amount No Limit
Annuity Interest Rates Same as interest rates of FDs (for the General Public and Senior Citizens)
Interest Rate Compound Interest is Compounded Quarterly
Premature Payment Withdrawal Available for deposits of up to Rs. 15 lakhs The penalty is charged the same as for Term Deposits/ Fixed Deposits 
Nomination Facility Available (in favour of an individual)
Overdraft/ Loan Facility 75% of Annuity Deposits can be availed of as Loan/ Overdraft

What are the Benefits of the SBI Annuity Deposit Scheme Calculator?

To invest in SBI Annuity Deposit Schemes, you should use the annuity calculator because of the following benefits: 

  • SBI Annuity Payments Calculator is a quick, convenient, and accurate digital financial tool

  • They can make complex calculations within minutes and help determine the best investment plan for you

  • It is a freely available digital tool available online that you can use at your convenience

  • SBI Annuity Deposit Scheme Calculator 2023 can be operated with above mentioned 3 easy steps

  • It gives you a clear picture of the investment amount you need to make in the present to guarantee a safe retirement in the future

  • SBI Payout Annuity Calculator saves you the tedious process of going through all the tedious calculations by yourself

investment plans for nrisinvestment plans for nris

People also read: Annuity Calculator For NRI

How to Use SBI Annuity Deposit Scheme Calculator?

You can follow the below mentioned 3 simple steps to use the SBI Payout Annuity Calculator:

Step 1: Go to the online Policybazaar SBI Annuity Deposit Scheme Calculator

Step 2: Select the following details in the annuity payments calculator:

  • One-Time Lump Sum Amount

  • Period of Deposits (from 3/ 5/ 7/ 10 years)

  • Expected Rate of Return on Investment

Step 3: The Policybazaar SBI Annuity Deposit Scheme Calculator will automatically show the following values to you: 

  • Expected Fixed Monthly Pension Amount

  • Total Amount Invested

  • Interest Earned from SBI Annuity Scheme

Vary the input values to compare to explore various investment scenarios and decide on the best investment option for you.

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

How Does SBI Annuity Deposit Scheme Calculator Work?

The working process of the SBI Annuity Payments Calculator is as follows:

Formula for Monthly Payout Annuity Calculator of SBI Annuity Deposit Scheme:

A = P * (r * (1 + r)^n) / (((1 + r)^n) - 1)
Where:
  • A = Monthly annuity amount
  • P = Lump sum deposit amount
  • r = Quarterly interest rate (annual interest rate divided by 4)
  • n = Number of quarters

SBI Annuity Deposit Scheme Interest Rates 2023~ w.e.f. 15 June 2023

Take a glance at the following annuity interest rates of the SBI Annuity Deposit Scheme as recorded for the mentioned period of investments:

Period of Annuity Deposits Interest Rates for General Citizens (in % p.a.) Interest Rates for Senior Citizens (in % p.a.)
7-45 Days 3.00% 3.50%
46-179 Days 4.50% 5.00%
180- 210 Days 5.25% 5.75%
211 Days-1 Year 5.75% 6.25%
1 Year- 2 Years 6.80% 7.30%
2 Years- 3 Years 7.00% 7.50%
3 Years- 5 Years 6.50% 7.00%
5 Years- 10 Years 6.50% 7.50%

Disclaimer: Policybazaar does not endorse, rate, or recommend any particular company or product. The policyholder bears the investment risk in the investment portfolio.

To Sum It Up!

SBI offers an annuity plan that aims to secure your retirement years and make your post-retirement life tension-free and enjoyable with pension plans. Using the SBI Annuity Calculator will help you make intelligent and knowledgeable decisions. This will ensure not to let any confusion dwell in your mind and make you confident in your investment.

People also read: Pros and Cons of the NPS For NRI

FAQ's

  • Which is better, FD or annuity?

    FDs can be a suitable choice if you prioritize stability, capital preservation, and a fixed return. On the other hand, if you seek regular income, customization options, and potentially higher returns, annuities may be more appropriate.

    Whether a fixed deposit (FD) or an annuity is better depends on your financial goals, risk tolerance, and personal circumstances.

  • How is the SBI Annuity Deposit calculated?

    The calculation of the SBI Annuity Deposit Scheme uses the following monthly annuity calculation formula:

    A = P * (r * (1 + r)^n) / (((1 + r)^n) - 1)

    • A = Monthly annuity amount

    • P = Lump sum deposit amount

    • r = Quarterly interest rate (annual interest rate divided by 4)

    • n = Number of quarters

  • What is the minimum deposit in the SBI Annuity Deposit Scheme?

    The minimum deposit amount of the SBI Annuity Deposit Scheme depends on the minimum monthly annuity amount of Rs. 1000.
  • Can I open SBI annuity deposit online?

    Yes, you can open an SBI annuity deposit online. To do so, you must have an active SBI Internet banking account.
  • What are the benefits of the SBI Annuity Deposit Scheme?

    The significant benefits of the SBI Annuity Deposit Scheme are as follows:
    • Guaranteed income

    • Availability of Loan and Overdraft facility

    • Interest earned on an annuity deposit scheme is tax-deferred until you start taking withdrawals

    • Your investment is protected by the Deposit Insurance and Credit Guarantee Corporation (DICGC) for up to Rs. 5 lakhs

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
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Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer. Tax benefit is subject to changes in tax laws.

pension ki no tension
Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.

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