The SBI 10,000 per month scheme refers to the SBI Annuity Deposit Scheme, which allows customers to deposit a lump sum amount and receive monthly payments comprising both the principal and interest. Below are the key details:

  1. Deposit Period - 36, 60, 84, or 120 months.

  2. Minimum Deposit - Based on a monthly annuity of at least ₹1,000 for the chosen tenure.

  3. Maximum Deposit - No upper limit.

  4. Interest Rate - Same as applicable to SBI Term Deposits for both Public and Senior Citizens.

  5. Payment Date - Annuity payments start on the anniversary date of the following month after the deposit. If the date does not exist (29th, 30th, or 31st), payment is made on the 1st of the next month.

  6. Premature Withdrawal - Allowed for deposits up to ₹15,00,000 with applicable penalties. For deposits due to the death of the depositor, premature withdrawal is allowed without limit.

  7. Overdraft/Loan Facility - Up to 75% of the annuity balance may be availed. Future annuities will be credited to the loan account.

  8. Transferability - Allowed between SBI branches.

  9. Nomination Facility - Available for individuals only.

This scheme is ideal for customers seeking a steady monthly income from their investment. It is available at all SBI branches and offers flexibility with features like overdraft and premature withdrawal.