SBI Annuity Deposit Scheme Calculator 2024

SBI Annuity Deposit Scheme by SBI aims to provide monthly annuity to investors. They are provided with an annuity payment monthly over a fixed period if they invest a lump sum amount. At the end of the vesting period, no lump sum maturity value is provided. Instead, the initial investment plus interest is paid back monthly for the investor's lifetime. Generally, the monthly annuities are compounded every quarter, and discounts are also considered.

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Depending on the initial investments made, the SBI Annuity Deposit Scheme Calculator can determine the amount of annuity an investor can receive monthly and the applicable interest rate.

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.

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 2 distinct phases: the accumulation phase and the payout phase. During the accumulation phase, investors are required to 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.

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 be holding 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 the facility of transferability.

  • Maximum deposit amount = No Limit.

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

  • 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.

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:

Tenor 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 29th January 2024.
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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; not available 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.

Need for SBI Annuity Deposit Scheme Calculator

Any individual who is looking to invest in SBI Annuity Deposit Schemes should use the annuity calculator 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.

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How to use SBI Life Annuity Deposit Scheme Calculator?

The SBI Annuity Deposit Scheme Calculator is easy to use, which is why investors like it. You can find the SBI Annuity Plan Calculator for free on the company's website. It's available anytime, so you don't have to worry about specific hours to use it.

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

Step 1: Visit the SBI Life website: Go to https://www.sbilife.co.in/en/learn/tools-calculators

Step 2: Choose "Tools and Calculators": Select the "Retirement Planner" option under the "Learn" section.

Step 3: Enter your details: Fill in your current age, desired retirement age, expected monthly expenses in retirement, etc.

Step 4: Click "Calculate": The tool will estimate the required investment amount per month/year to achieve your desired retirement income with the chosen options.

Note: At any time, if the investor is faced with any confusion, he may dial the toll-free helpline number of SBI 1800 267 1800. This number is accessible only from 8.30 am to 9.30 pm.

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.

Benefits of the Annuity Calculator

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

  • It is a freely available digital 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.

  • It 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.

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 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.

FAQ's

  • Is the SBI Annuity Deposit Scheme Calculator 2024 free to use?

    Yes, it's a free online tool on the SBI Life website.
  • Can I compare different scenarios using the SBI Annuity Deposit Scheme Calculator 2024?

    Yes, adjust options and see updated calculations.
  • Can I factor in inflation for future income needs?

    No, these calculators use current figures. Consider inflation separately for long-term planning.
  • Is the SBI annuity deposit scheme good?

    Yes, the SBI annuity deposit scheme is good as it offers assured returns as EMIs for the lump sum investments made by an investor. SBI Life Annuity is also the safest investment one can make for peace of their mind.
  • Which is better FD or annuity?

    Annuity plans are comparatively better investments than FDs. Returns on annuity schemes are compounded based on market conditions, while the FD interest rate returns depend on fixed annual rates until their maturity.
  • What is the SBI eAnnuity deposit?

    This is the digitalized format of the SBI Annuity Deposit Scheme. Here, all the lump sum investments by the investor and the monthly annuity returns are paid directly to the investor online in real time. This facility is available online anytime and anywhere.
  • Is SBI annuity taxable?

    Yes, the SBI annuity plan is taxable under the IT Act of 1961 and is also subjected to Tax Deductions at Source (TDS) deductions.
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