PNB FD vs SBI Annuity Deposit: The big public sector banks of the country i.e. State Bank of India and Punjab National Bank keep on coming up with different schemes for their customers from time to time. SBI and PNB launch all their schemes according to the needs of the people. Some people want to invest their money in such a way that they can get lump sum amount in future. On the other hand, some people want to invest their retirement money in such a way that they get a fixed amount every month which they can use as pension or salary. SBI’s SBI annuity deposit scheme and PNB’s FD scheme are two very popular investment schemes. There are many questions in the minds of investors regarding both the schemes. If you also want to invest in any one scheme in both, then we are telling you the difference between the two-
What is PNB FD Scheme?
You can leave for a long time by investing money in PNB’s FD Scheme. After this, you get the principal amount and interest together on maturity. This scheme is very good for those people who are looking for a safe investment option for the expenses of children’s education, marriage etc. Today itself, the bank has decided to increase its FD rates by 75 basis points. After this, customers will get 6.30% on 1 year FD, 6.30% on 1 to 599 days FD, 7.00% on 600 days FD, 6.30% on 601 day to 2 year FD, 2 to 3 year FD The bank is offering 6.25%, 6.10% on FDs of 3 to 5 years and 6.10% on FDs of 5 to 10 years.
What is SBI Annuity Scheme?
At the same time, through SBI Annuity Deposit Scheme, customers can get income in the form of installment every month by depositing lump sum money in the bank. Interest is calculated on the rate of interest on compounding every three months on bank deposits. After this, you get a fixed amount every month in your account. Through this scheme, you can get a minimum monthly income of Rs 1,000. After investing in this scheme, you get monthly income with interest mostly on 29th, 30th or 31st. The annuity amount is deposited in your savings account after deducting TDS. On the other hand, you can invest in annuity scheme for 36, 60, 84 or 120 months. There is no maximum investment limit in this scheme. Any Indian citizen can invest in this scheme and the investors used to get a universal passbook.
Which one is more beneficial for you to invest in
If you want to get a hefty corpus in future, then investing in a fixed deposit scheme is more beneficial for you. On the other hand, those who want to get a small amount every month as pension or regular income after retirement, then SBI Annuity Scheme is more beneficial for you.
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