SBI Annuity Deposit Scheme Calculator 2024

The SBI Annuity Deposit Scheme offers monthly annuity payments to investors who invest a lump sum amount. After a fixed period, instead of a lump sum maturity value, the initial investment plus interest is paid back monthly for the investor's lifetime. The SBI Annuity Deposit Scheme calculator can help you determine monthly annuity amounts and interest rates based on initial investments.

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  • Multiple Annuity Options

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Disclaimer: ^^ Guaranteed income starts after the deferment period, which depends on the annuity amount chosen at the time of purchase of policy and the amount of premium paid. The policy remains in force until the lifetime of Primary Annuitant and after the death of Primary Annuitant until the lifetime of Secondary Annuitant. The option chosen is joint life plan and life annuity with 100% return of premium is also available.

What is an Annuity Deposit Scheme?

An Annuity Deposit Scheme is a financial arrangement where an individual deposits a lump sum of money with an insurance company or financial institution in exchange for a series of periodic payments. In layman's terms, the annuity meaning can be understood as an EMI paid to an investor every month, over a fixed period, in return for an initial lump sum investment made by him. 

  • The investor can make the initial investment at his convenience. 

  • The principal and interest (diminishing interest on principal) are both returned to the investor in the form of a monthly annuity. 

  • Investors commonly choose these investments with the aim of securing a post-retirement pension. As such, annuities typically provide lifelong benefits.

Moreover, you can use the SBI annuity deposit scheme calculator to calculate your monthly annuity payments and applicable interest rates based on your initial investment amount. 

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

Types of Annuity Deposit Schemes

There are various types of annuities, each with its own features and benefits, such as:

  1. Lump-Sum Annuity

    When opting for this particular annuity plan, investors have the flexibility to receive the entire payment as a lump sum instead of in instalments. This is one of the most common types of annuities that people invest in.

  2. Periodic Annuity

    This type of annuity ensures investors receive a regular income stream in the form of periodic instalments. These payouts can be monthly or at the end of specific predetermined periods, such as 1 year, 10 years, etc. 

  3. Immediate Annuity

    Payments begin immediately after the initial premium is paid by the investor in lump sum form. 

  4. Deferred Annuity

    This investment model comprises of 2 distinct phases: the accumulation phase and the payout phase. During the accumulation phase, investors must make premium payments over a specified period. These payments are then used to purchase a specific annuity. Once the purchase is finalized, the investor starts receiving regular annuity payments.

  5. Fixed Annuity

    In this particular annuity scheme, the payments are set at a fixed rate and will remain the same throughout the entire payout duration. This ensures a reliable and steady income stream but with limited potential for capital gains.

  6. Variable Annuity

    This is a high-risk type of investment. The annuity will depend on the market conditions and will increase or decrease according to the fund's performance in the market.

You can use the SBI Annuity Deposit Scheme calculator to calculate your monthly annuity payments.

Eligibility Conditions for SBI Annuity Scheme

Let us look at the important eligibility conditions required to join the SBI Annuity Deposit Scheme:

  • Indian Resident individual (can also be minor).

  • The investor can hold a single or joint account.

  • NRIs with NRE or NRO Accounts are not eligible.

Features of the SBI Annuity Deposit Scheme

The features of the SBI Annuity Deposit Scheme are mentioned as follows:

  • Investment Deposit Period: 3/5/7/10 Years.

  • The flexibility of the investment period with multiple tenures and maturity options is available.

  • The term deposit interest rates are applicable in this scheme.

  • The scheme is available at all SBI branches with a transferability facility.

  • Maximum deposit amount = No Limit.

  • Loans or overdrafts of up to 75% on the remaining annuity balance are granted.

  • A nomination facility is available.

  • Premature deposits are allowed up to Rs. 15 lakhs.

  • Premature closure of the scheme is allowed in case of the death of the depositor.

  • You can also access the free online tool called the SBI annuity deposit scheme calculator to estimate your monthly annuity payments and applicable interest rates based on your initial investment amount. 

SBI Annuity Deposit Scheme Interest Rates 2024

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

Tenure General Public (%) Senior Citizen (%)
7 days to 45 days 3.50 4.00
46 days to 179 days 4.75 5.25
180 days to 210 days 5.75 6.25
211 days to less than 1 year 6.00 6.50
1 Year to less than 2 years 6.80 7.30
2 years to less than 3 years 7.00 7.50
3 years to less than 5 years 6.75 7.25
5 years and up to 10 years 6.50 7.50

Note: Interest rates as of 4th April 2024
Disclaimer: Policybazaar does not endorse, rate, or recommend any particular company or product. The policyholder bears the investment risk in the investment portfolio.

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Components Of The SBI Annuity Scheme

  • Interest Rate: Rates vary with tenure; 1/10th of the annuity scheme's percentage point equals one basis point.

  • Eligibility: Open to all Indian residents, including minors; unavailable for NRIs.

  • Taxation: TDS charges apply; interest rounded off to the next rupee may impact the last installment.

  • Premature Payment: Allows early installment payment upon the investor's death; heirs or joint account holders can claim returns.

  • Maturity Amount: Principal and interest paid over the tenure reduce the maturity amount to zero at the end.

SBI Annuity Deposit Scheme Calculator

Any individual who is looking to invest in SBI Annuity Deposit Schemes should use the SBI Annuity Scheme for the following reasons:

  • SBI Annuity Scheme Calculator is an online tool that calculates the premiums required to purchase an annuity. 

  • It can be used to determine the sum an individual will need to ensure a comfortable retirement.

  • SBI Annuity Deposit Scheme Calculator is a quick, convenient, and accurate online tool.

  • It can make complex calculations within minutes and help an investor determine his financial future.

How To Use Policybazaar’s SBI Life Annuity Deposit Scheme Calculator?

The stepwise method to use the SBI Annuity Deposit Scheme Calculator 2024 is listed below:

Step 1: Input your current age in years

Step 2: Specify the amount you are willing to invest in the National Pension Scheme every month

Step 3: Provide the expected rate of return on your investments

Step 4: Decide the percentage of the accumulated corpus that you want to allocate for receiving a pension in the future

Step 5: Enter the expected rate of return for the pension phase

Step 6: The calculator will show you the estimated monthly pension, lump sum amount, and pension wealth

Benefits of the SBI Annuity Deposit Scheme Calculator

The benefits of using the SBI Annuity Deposit Scheme Calculator are: 

  • It is a freely available tool available online that investors can use at their convenience.

  • SBI Annuity Deposit Scheme Calculator 2024 can be easily operated, and all the steps to use it are clearly mentioned on the company website.

  • SBI Annuity Scheme calculator provides accurate calculations as per the needs of the investor.

  • It shows investors the exact amount that needs to be invested for a secure retirement later.

  • SBI Annuity Calculator saves the investor from the complicated process of going through all the investment possibilities by himself.

Important Things to Remember Before Buying the Plan

Here are a few important things that an investor should know before buying the SBI Annuity Deposit Plan:

  • The benefits the investor will receive from the investment will depend on the type of annuity they choose, the frequency of annuity payout, and the rate of interest applied to the annuity at the time of purchase.

  • The benefits received from the SBI Annuity Deposit Scheme are to be considered as taxable income and are, therefore, subject to Income Tax laws.

  • The payouts may be available in advance as per investors preferences.

  • Large premiums will automatically attract larger annuity payouts.

  • The investor can choose a monthly, quarterly, annual, or semi-annual frequency of payment for the annuity payouts.

To Sum It Up!

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

Frequently Asked Questions

  • How does SBI calculate the annuity amount?

    The annuity amount is calculated by the State Bank of India every quarter, and repayments are made in the form of EMIs.
  • What are the available tenures for the SBI Annuity Deposit Scheme?

    Investors can choose tenures of 36, 60, 84, or 120 months for the SBI Annuity Deposit Scheme.
  • What returns can I expect from the SBI annuity plan?

    The SBI Annuity Deposit scheme offers monthly returns, including compounded interest every quarter. Returns are determined based on the customer's selected interest rate and deposit tenure.
  • What is the annuity return rate in SBI?

    SBI Annuity Deposit Scheme interest rates are the same as SBI FD rates for regular and senior citizens. As of April 1, 2024, the SBI annuity deposit interest rates for regular and senior citizens vary depending on the deposit tenure:
    • 7 and 45 Days: 3.50% to 4.00%

    • 46 and 179 Days: 4.75% to 5.25%

    • 180 and 210 Days: 5.75% to 6.25%

    • 211 Days and 1 Year: 6.00% to 6.50%

    • 1 Year and 2 Years: 6.80% to 7.30%

    • 2 Years and 3 Years: 7.00% to 7.50%

    • 3 Years and 5 Years: 6.75% to 7.25%

    • 5 Years and 10 Years: 6.50% to 7.50%

  • What is the SBI annuity scheme 2024?

    The SBI Annuity Deposit Scheme 2024 allows you to deposit a lump sum amount with SBI and receive regular payouts (monthly) throughout the chosen tenure. These payouts combine a portion of your principal amount and the interest earned on it. The SBI annuity deposit scheme interest rates are the same as those offered for regular FDs.
  • Which is better, annuity or FD?

    Have a look at the breakdown to help you decide between annuity plan and a Fixed Deposit (FD):
    • Annuity: Offers regular income stream, good for retirement planning, can provide some tax benefits. However, you have limited access to the principal amount during the tenure.

    • FD: More flexible access to your money (depending on the FD type) and potentially higher interest rates for shorter tenures. But FDs don't provide regular income.

  • Is SBI annuity good?

    SBI annuity deposit scheme is a good option if you:
    • Need a steady stream of income.

    • Are planning for retirement.

    • Want the security of a government-backed bank.

*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 any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. The sorting is based on past 10 years’ fund performance (Fund Data Source: Value Research). For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in

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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