SBI Monthly Investment Plans – Monthly Income Scheme & SIP

You always want to give your family the best of everything. As a judicious move, you should secure the financial future of the family. Achieving financial goals is also helpful in fulfilling the needs and desires of you & your loved ones.

In this article, we are focusing on SBI investment plans such as Fixed Deposit, Term Deposit, Recurring Deposit and insurance investment plans that aims to accumulate wealth and achieve savings.


With a recurring deposit, you need to put a small amount of savings on a monthly basis, which gives you good returns as well. SBI recurring deposit allows you to make a minimum monthly deposit of Rs 100 for the minimum period of deposit is 12 months and the maximum is 120 months. For Senior Citizens, SBI offers 0.25% higher rate of interest than a regular customer. Nomination facility is available and Passbooks are also issued under Recurring Deposit (RD) by SBI. Loan up to 90% can be availed against the balance available in RD account.


  • Fixed Deposit

In case, you have the surplus fund in your bank account, you can put it into a fixed deposit by SBI. You can make such deposits for time duration ranging from 7 days to 10 years. With a fixed deposit in SBI, you can invest with a minimum of one thousand rupees. The interest rate applicable is up to 7% per annum and interest on deposits is compounded quarterly. Whenever, you have an urgent financial requirement, you can also take a loan up to 90% of the money invested in a fixed deposit.


  • Term Deposit

Just invest your surplus money with SBI term deposit and avail attractive features such as, guaranteed returns, Enjoy liquidity through overdraft or premature withdrawal, choice of interest payout, etc. You only need to make a minimum deposit of Rs 1,000 and there is no limit on maximum deposit. Payment of interest is available at Monthly/Quarterly/Calendar quarter basis. Senior Citizens can avail 0.25% higher interest rate for an amount above Rs 10,000. Loans or overdraft is available up to 90% of the Principal deposit.

  • Savings Account

Savings Bank Account from SBI helps you to get into the habit of savings. By putting surplus funds in your bank account, you can earn interest along with the flexibility for withdrawals. Interest at the rate of 4% per annum with the interest payable on a semi annual basis. You need to maintain the minimum balance between 10th to last day of the month and the interest (as applicable) is credited on the last day of June and December, every year.


  • SBI Insurance Investment Plans

An insurance investment plan offers you the dual benefits of insurance cover plus wealth accumulation. These types of plans provides your family the sum assured to the family, in case of your death and the maturity benefit helps you build the wealth.


  • Endowment Plans from SBI

SBI endowment plans provide the dual cover of savings and insurance. With insurance benefit, you can assure the financial protection for your family, when you are not there. With savings benefit, you can easily fulfill your family’s dreams.

SBI offers following endowment plans:

  • SBI Life – Smart Humsafar
  • SBI Life – Smart Money Planner
  • SBI Life – Smart Income Protect Plan
  • SBI Life – Smart Guaranteed Savings Plan
  • SBI Life – Shubh Nivesh
  • SBI Life – Smart Women Advantage

These plans offer death benefit, on the demise of the life insured and maturity benefit is also payable. The benefits payable are enhanced through accrued bonuses or guaranteed additions.


  • ULIP Plans from SBI

ULIP Plans provide the benefit of investing your money with fund options available that help you attain high returns. It also provides life insurance coverage that ensures financial security for your family.

SBI offers following ULIP plans:

  • SBI Life – Smart Privilege
  • SBI Life – eWealth Insurance
  • SBI Life – Smart Wealth Builder
  • SBI Life – Smart Wealth Assure
  • SBI Life – Saral Maha Anand
  • SBI Life – Smart Scholar
  • SBI Life – Smart Elite
  • SBI Life – Smart Power Insurance
  • SBI Life – CSC Saral Sanchay
  • SBI Life – Flexi Smart Plus
  • Mutual Fund from SBI

Mutual Fund from SBI offers various investment solutions, including equity, debt, hybrid, liquid & exchange traded schemes. You only need to choose a plan, in which you need to invest a fixed amount on a monthly basis that helps to achieve your financial goals.


Read our article “Best SBI Life Insurance Plans” for understanding more about Investment Plans.


Conclusion

SBI Investment plans help you to grow your wealth, so you can achieve your family’s financial goals. You can invest your money with fixed deposit, recurring deposit, term deposit, savings account deposit, and other investment plans such as Endowment, ULIP and mutual funds. You only need to invest with plans that help fulfill your financial objective and your loved ones can achieve their desires & aspirations with ease.

Harjot Singh Narula

Harjot Narula is founder and CEO of ComparePolicy.com, an IRDAI approved insurance web aggregator focussed on selling online insurance for companies. Harjot has more than a decade of experience in software development and has also spent 5 years in US working for the mortgage and risk management industry.

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