If you make a deposit under this scheme you'll receive a monthly annuity that includes both the principal and interest received on the deposit.
State Bank of India, the largest lender in the public sector in India, offers an annuity deposit plan that enables the depositor to make a single lump sum payment and receive the money in Equated Monthly Instalments (EMIs), which include some of the principal as well as interest on the decreasing principal amount, compounded at quarterly rests and discounted to the monthly value. In other words, if you deposit money under the SBI Annuity Account plan, you will receive a monthly annuity that will include both the principal and interest received on your deposit.
Key features of SBI Annuity Deposit Scheme:
The system allows for deposits to be made for 36, 60, 84, or 120 months. The scheme's minimum monthly annuity is Rs 1000, and contributions up to Rs 15,00,000 may be paid prematurely. The deposit amount has no upper limit. Additionally, investors have the opportunity to borrow up to 75% of the remaining annuity balance in exceptional circumstances. (Also Read: LIC Saral Pension Plan: Invest Rs 3 lakh and receive Rs14,760 in pension; check eligibility)
Interest rate of SBI Annuity Deposit Scheme:
The interest rate is the same as that for term deposits for the general public and senior citizens. Recall that the SBI recently increased the highest interest on fixed deposits it gives, bringing it to 6.1% for the general public and 6.9% for senior persons. The interest rate will change from term to tenure because deposits are permitted under this programme for four tenures. For deposits made for 36 months, the interest rate is 6.25 percent; for deposits made for 60 months, the interest rate is 6.10 percent for the general public and 6.5 percent for senior citizens; and for deposits made for 84 months and 120 months, the interest rate is 6.1 percent for the public at large and 6.9 percent for seniors.
In the event of the depositor's passing, premature closure is permitted. For deposits up to Rs 15 lac, premature payment is also permitted.
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 "SBI Annuity Deposit Plan: Invest once and receive monthly pension in EMIs; check key features, interest rate")
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