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Under SBI Annuity Deposit Scheme, customers can deposit a lump sum amount with the bank and receive monthly repayments, which consist of the principal amount and the interest accumulated, which is calculated on compounding basis and discounted to the monthly value. The rate of interest for this scheme is the same as that of SBI FD interest rates for regular and senior citizens.
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SBI Annuity Deposit Scheme Interest Rate
Interest Rates On Retail Domestic term deposits below Rs. 3 crore w.e.f. 15th May 2023
| Tenure | Interest Rates (% p.a.) | |
| Regular Citizens | Senior Citizens | |
| 7 days to 45 days | 3.50 | 4.00 |
| 46 days to 179 days | 5.50 | 6.00 |
| 180 days to 210 days | 6.00 | 6.50 |
| 211 days to less than 1 year | 6.25 | 6.75 |
| 1 year to less than 2 year | 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* |
| 400 days (Amrit Kalash) | 7.10 | 7.60 |
*Including additional premium of 50 bps under “SBI Wecare” deposit scheme.
Note: Interest rates as of 14th June 2024
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Comparison of Top 20 Scheduled Banks based on FD Rates
Banks | Highest FD rate (% p.a.) | 1-year FD rate (% p.a.) | 3-year FD rate (% p.a.) | 5-year FD rate (% p.a.) | Additional interest rate for senior citizens (% p.a.) |
| Unity Small Finance Bank | 9.00 | 7.85 | 8.15 | 8.15 | 0.50 |
| North East Small Finance Bank | 9.00 | 7.00 | 9.00 | 6.25 | 0.50 |
| Suryoday Small Finance Bank | 8.60 | 8.05 | 8.60 | 8.25 | 0.50 |
| Shivalik Small Finance Bank | 8.55 | 6.00 | 7.50 | 6.50 | 0.50 |
| Utkarsh Small Finance Bank | 8.50 | 8.00 | 8.50 | 7.75 | 0.60 |
| Jana Small Finance Bank | 8.25 | 8.25 | 8.25 | 8.20 | 0.50 |
| Ujjivan Small Finance Bank | 8.25 | 8.25 | 7.20 | 7.20 | 0.50 |
| ESAF Small Finance Bank | 8.25 | 6.00 | 6.75 | 6.25 | 0.50 |
| Equitas Small Finance Bank | 8.25 | 8.20 | 8.00 | 7.25 | 0.50 |
| SBM Bank | 8.25 | 7.05 | 7.30 | 7.75 | 0.50 |
| RBL Bank | 8.10 | 7.50 | 7.50 | 7.10 | 0.50 |
| DCB Bank | 8.05 | 7.10 | 7.55 | 7.40 | 0.50 |
| Bandhan Bank | 8.05 | 8.05 | 7.25 | 5.85 | 0.50-0.75 |
| AU Small Finance Bank | 8.00 | 7.25 | 7.50 | 7.25 | 0.50 |
| YES Bank | 7.75 | 7.25 | 7.25 | 7.25 | 0.50-0.75 |
| Induslnd Bank | 7.75 | 7.75 | 7.25 | 7.25 | 0.50 |
| IDFC First Bank | 7.75 | 6.50 | 6.80 | 6.75 | 0.50 |
| Central Bank of India | 7.45 | 7.00 | 6.00 | 5.75 | 0.50 |
| Punjab & Sind | 7.45 | 6.30 | 6.00 | 6.00 | 6.00 |
| HDFC Bank | 7.40 | 6.60 | 7.00 | 7.00 | 0.50 |
The rates are updated as of 14th June 2024
Features of SBI Annuity Deposit Scheme
Some of the main features of the SBI Annuity Deposit Scheme are as follows:
- This scheme is available with deposit periods of 36, 60, 84 or 120 months (3 years, 5 years, 7
years or 10 years). - Customers can deposit amounts starting from Rs 1000, for the relevant period, in the SBI Annuity
Deposit Scheme. However, there is no upper limit on the maximum deposit amount in this
scheme. - The annuity payment of the scheme is to be on the date of the anniversary of the month, followed
by the deposit month. If that date is non-existent, that is, 29th, 30th or 31st, the annuity payment
will be made on the 1st day of the next month. - The bank may grant overdraft/loan up to 75% of the balance amount of annuity in special cases.
After overdraft/loan disbursal, annuity payment will be deposited in the loan account only. - SBI allows for premature lump-sum payment on the annuity deposit scheme, with penalty
chargeable as applicable for term deposits, for deposits of up to Rs 15 lakh. The bank also allows
premature payment, without any limit, in case of death of the depositor. - The interest rate of SBI Annuity Deposit Scheme is same as the term deposits for public and
senior citizens. Note that the monthly repayment amount for this scheme includes both the
principal and interest component of the deposit. Furthermore, the monthly repayment amount is
compounded every quarter and discounted to monthly value. - The transferability is permissible amongst SBI branches and the facility of nomination is available
in favour of the individual only. - The bank issues a universal passbook in lieu of the deposit.
- The interest earned by the depositor on this scheme is also subject to tax deduction at source
(TDS). Note that the interest income accrued from this deposit scheme is taxable as per the
depositor’s income tax slab. - Also read: Types of SBI senior citizen deposit schemes and their interest rates
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SBI Annuity Deposit Scheme Eligibility
- Resident individuals, including minors
- Mode of account holding should be single or joint
Click here: How to Apply for SBI Fixed Deposit Online?
FAQs on SBI Annuity Deposit Scheme
Q. How is an annuity deposit different from an RD account?
The annuity deposit scheme is an income generating scheme wherein the customer has to
deposit a lump sum amount with the bank and then the bank pays back in fixed monthly
instalments, comprising both the principal and interest component, till the end of the deposit tenure. On the other hand, the Recurring Deposit Scheme is an investment scheme for used
for building corpuses by depositing a fixed amount in the RD account on a monthly basis till
the end of the deposit tenure, after which the bank pays back the maturity amount.
Q. What is the return on the SBI annuity plan?
The interest rate on the SBI Annuity plan is the same as that of term and recurring deposit
schemes offered by SBI.
Q. Who is eligible to invest in the SBI Annuity Deposit Scheme?
Resident Indians, including minors are eligible for investing in this scheme. The bank allows
for single or joint holding of the deposit account.
Q. What are the tenures available for the SBI Annuity Deposit Scheme?
The tenures offered on the SBI Annuity Deposit Scheme are 3, 5, 7 or 10 years. Prospective
depositors can choose from any of the aforementioned tenures to open their deposit account.