SBI Bank Scheme : Are you looking for a secure and high-return investment option backed by a trusted institution? The State Bank of India (SBI), India’s largest public sector bank, offers an impressive savings scheme that allows individuals to deposit ₹90,000 annually and receive up to ₹24.40 lakhs on maturity. Whether you’re planning for your retirement, children’s education, or building a safety net for the future, this scheme provides a reliable and rewarding opportunity.
In this article, we dive deep into the key features, eligibility, benefits, and expected returns of this scheme. If you’re considering investing in a long-term savings plan with minimal risk, keep reading to discover how this SBI scheme could help you build wealth over time.
SBI Bank Scheme : What is the SBI Investment Scheme Offering ₹24.4 Lakhs?
The SBI savings plan we are referring to is a type of long-term investment deposit scheme that falls under a recurring deposit (RD) or a fixed deposit (FD)-linked savings model. In this plan, you deposit ₹90,000 every year, and due to compound interest accumulation and tenure-based returns, you can potentially accumulate over ₹24 lakh by the time the policy matures.
The scheme is particularly suitable for:
- Salaried professionals looking to invest yearly
- Middle-income individuals wanting long-term security
- Parents planning for their child’s education or marriage
- Anyone aiming to accumulate a substantial corpus with low risk
Key Features of the SBI ₹90,000 Annual Deposit Scheme
Here are the core highlights that make this SBI plan appealing to investors:
- Annual Contribution: ₹90,000 per year (can be split monthly or quarterly if needed)
- Scheme Tenure: 15 years or as decided at the time of account opening
- Estimated Maturity Amount: ₹24.40 lakh (approximate, depending on interest rates)
- Interest Rate: Around 7.1% per annum (compounded quarterly, subject to change)
- Compounding Frequency: Quarterly
- Tax Benefits: Eligible under Section 80C of the Income Tax Act
- Loan Facility: Available after a specific period
See More : Invest Just ₹200 in LIC’s Scheme
How Does the Scheme Work?
To understand how you can grow your savings with a yearly deposit of ₹90,000, let’s take a look at the illustrative table below assuming a 7.1% annual interest rate compounded quarterly:
Investment and Return Illustration (15 Years Tenure)
| Year | Annual Deposit (₹) | Total Deposit (₹) | Interest Earned (₹) | Total Value (₹) |
|---|---|---|---|---|
| 1 | 90,000 | 90,000 | 3,195 | 93,195 |
| 2 | 90,000 | 1,80,000 | 11,134 | 1,91,134 |
| 3 | 90,000 | 2,70,000 | 24,275 | 2,94,275 |
| 4 | 90,000 | 3,60,000 | 42,028 | 4,02,028 |
| 5 | 90,000 | 4,50,000 | 64,836 | 5,14,836 |
| 6 | 90,000 | 5,40,000 | 93,182 | 6,33,182 |
| 7 | 90,000 | 6,30,000 | 1,27,581 | 7,57,581 |
| 15 | 90,000 | 13,50,000 | 10,90,926 | 24,40,926 |
Note: The above values are approximations and may vary slightly based on prevailing interest rates and compounding frequency.
Benefits of Investing in This SBI Scheme
There are several reasons why this SBI deposit plan is gaining popularity among Indian investors:
- Assured Returns: Being offered by SBI, the investment is considered very safe with guaranteed returns.
- Wealth Creation: By depositing a relatively small amount annually, you can build a large corpus over time.
- Flexible Payment Options: Can be customized as monthly, quarterly, or annual deposits.
- Compounded Growth: With quarterly compounding, your savings grow faster than standard annual compounding.
- Tax Savings: Under Section 80C, you can claim deductions up to ₹1.5 lakh annually.
- Loan Against Deposit: In emergencies, you can avail loans against your deposit without breaking the investment.
Eligibility and Application Process
To open this savings scheme account, you need to fulfill the following criteria:
- Must be an Indian resident
- Age must be 18 years or above (minors allowed with guardian)
- Valid KYC documents (Aadhaar, PAN, address proof)
- An active SBI savings account
Steps to Apply:
- Visit your nearest SBI branch.
- Fill out the Recurring Deposit/Fixed Deposit account form.
- Submit KYC documents.
- Deposit the initial amount or set up auto-debit from your savings account.
- Collect your account passbook or confirmation slip.
Alternatively, SBI account holders can also apply online via SBI’s YONO app or Internet Banking.
Comparative Returns With Other Schemes
Let’s compare SBI’s deposit plan returns with other popular government schemes:
Comparison Table
| Scheme | Annual Investment | Tenure | Interest Rate (%) | Maturity Amount (₹) |
|---|---|---|---|---|
| SBI Deposit Scheme | ₹90,000 | 15 yrs | 7.1% | ₹24.40 lakh |
| Public Provident Fund | ₹90,000 | 15 yrs | 7.1% | ₹24.11 lakh |
| National Savings Certificate | ₹90,000 | 5 yrs | 7.7% | ₹1.30 lakh (for 1 year) |
| Fixed Deposit (SBI) | ₹90,000 | 5 yrs | 6.5% | ₹1.25 lakh (for 1 year) |
| Mutual Fund SIP (equity) | ₹90,000 | 15 yrs | ~12% (variable) | ₹39+ lakh (approx) |
Note: Mutual Funds are market-linked and returns are not guaranteed. Government-backed schemes offer safer but slightly lower returns.
Important Points to Keep in Mind
Before investing, here are a few key considerations:
- The interest rate may change as per RBI guidelines.
- Premature withdrawal may lead to penalties and reduced returns.
- Deposits must be made regularly to avoid lapses in compounding.
- Loans against deposits may come with specific terms and interest rates.
Is This SBI Scheme Right for You?
If you are looking for a safe, long-term investment that offers assured returns with minimum effort, SBI’s ₹90,000 annual deposit scheme could be an ideal choice. It combines the safety of a government-backed institution with the power of compounding, allowing you to create a significant savings corpus over 15 years.
However, make sure to analyze your financial goals, compare it with other instruments, and assess the liquidity needs before investing.
is the rs 90000 annuallydepost sbi schemesfor fifteen years will give fixed interestrate which is availableat the time of opening or it will be flexible that can be changed during the fixed period of 15 yrs. pl. clearify and be transparent .thanks waiting for an early responses
Now my age is 67 years whether iam entitled to invest in this scheme.