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Creating Your Own Pension
Not everyone has a government pension waiting for them. The SBI Annuity Deposit Scheme allows you to create your own. You deposit a large lump sum upfront, and the bank pays you back in Equated Monthly Installments (EMIs) over a set number of years.
How Is This Different From POMIS?
This is a crucial distinction. With POMIS, you only receive the interest every month, and your original principal is returned at the end. With an Annuity scheme, your monthly payout includes the interest PLUS a small chunk of your original principal. By the end of the tenure, your principal is exhausted.
It's a complex reverse-EMI calculation. Simply use our SBI Annuity Calculator to see exactly what your monthly cash flow will look like.
Frequently Asked Questions
Usually, premature withdrawal is only permitted in the case of the depositor's death, though you can often take a loan against the deposit.