SBI Monthly Income Schemes

Various SBI Monthly Income Scheme (MIS) 2024

1. SBI Fixed Deposit Monthly Income Schemes

Key Features and Benefits

• The minimum tenure of deposit is 7 days
• The maximum tenure of the deposit is 10 years
• The minimum deposit amount is Rs. 1000
• There is no upper boundary on the maximum deposit amount.
• This investment option is available at all branches.
• A deposit of Rs. 2 crores and above is categorised as a bulk deposit
• Interest on a term deposit will be paid quarterly from the issue date or at maturity along with the principal. But, if the depositor requests, the interest may be credited at monthly, half-yearly, or yearly intervals for term deposits of duration twelve months and above.
• Transfer of the fixed deposit is allowed only among branches.
• TDS is applicable according to the income tax rules. The depositor should submit Form 15G or 15GH for exemption from tax deduction according to the IT rules.

2. SBI Mutual Funds Monthly Income Funds

SBI Mutual Funds, one of India’s primary mutual fund houses, offers various monthly income funds to investors seeking regular income. Some examples include the SBI Magnum Fund, SBI Conservative Hybrid Fund, SBI Equity Savings Fund, and SBI Corporate Bond Fund.

Key Features and Benefits

• SBI Mutual Funds invests in both debt and equity instruments focusing on regular income and potential capital growth.
• SBI mutual funds aims to provide steady monthly income through dividends from the fund’s investment.
• It offers a diverse spectrum, from conservative to aggressive, based on equity-debt allocation.
• It is professionally managed by experienced fund managers who actively allocate assets.
• Provides a regular supply of income and potential for capital appreciation, suitable for various investor types. Thus this type of investment provides income with the potential for growth.
• The portfolio is highly diversified with a mix of debt and equity. This enables risk reduction.
• Provides dividend payout options like monthly, quarterly, or reinvestment.
• These funds are curated to provide a balance between income generation and growth, making them suitable for a broad range of investors, including those in their retirement years or those who need a regular income stream.

3. SBI Life Insurance – Money Back / Income Plans

A. SBI Life - Smart Money Planner

Key Features and Benefits:

• Regular income is ensured in equal installments during the benefit payment period.
• Flexibility to select between single or limited premium payment.
• Life coverage remains accessible for the entirety of the policy duration.

B. SBI Life - Smart Income Protect

Key Features and Benefits

• Dual benefit of insurance cover and regular income
• Guaranteed annual payouts
• Improve your coverage through three rider options at a nominal cost.
• Life cover throughout the policy term.
• Vested reversionary bonuses plus terminal bonus, if any, are credited as a lump sum at maturity.

4. SBI Life – Wealth Creation Plans

A. SBI Smart InsureWealth Plus

Key Features and Benefits:

• Orderly Investment Insurance Plan with market-linked returns and life cover.
• Provides you with an option of 3 investment strategies to suit your needs - Trigger strategy, Auto Asset Allocation Strategy, and Smart Choice Strategy.
• Regular monthly payout to meet expenses through routine monthly withdrawals.
• Return of mortality charges (ROMC) on the maturity of the inforce policy.

B. SBI Saral InsureWealth Plus

Key Features and Benefits:

• Easy Insurance for life coverage.
• Option to choose from 8 diverse funds to suit your risk tolerance levels.
• Systematic monthly withdrawals to facilitate regular payouts.

5. SBI Life – Savings Plans

This plan provides financial protection that ensures your family’s safety on the death of the life assured.

A. SBI Smart Platina Assure

• Get life cover along with an assured return.
• Enjoy guaranteed additions of 5.75% and 6.25% at the end of each policy year
• Just pay for 7 or 10 years and enjoy the perks throughout the policy term of 15 or 20 years respectively.
• Option to choose monthly or yearly premium payment frequency according to convenience.
• Earn tax benefits according to the prevailing norms under the Income Tax Act of 1961.

B. SBI Shubh Nivesh

• Provides protection, regular income, and savings to build a secured financial corpus for life.
• Tripe advantage of insurance cover, savings, and regular income.
• Insurance covers up to 100 years of age in endowment with a whole life option.
• Improve your coverage via three rider options at a nominal cost.

C. SBI Smart Platina Plus

• Life insurance coverage during the whole policy term.
• Two income plan options - Life income and guaranteed income
• Maturity benefit (For In-force policies): For both the income plan options, 110% of the total premiums paid would be refunded at the end of the policy term.
• Survival benefit (For In-force policies): For both the income plan options, a guaranteed income will be paid during the payout period if the life assured is surviving.
• Death benefit: Upon the death of the life assured at any time during the policy term, the amount assured on death is payable as a lump sum to the nominee or legal heir of the life assured and the policy terminates.
• Guaranteed income benefit: Enjoy the privilege of fixed, regular income during the payout period chosen.
• Choice of frequency of income benefit: Yearly, half-yearly, quarterly or monthly
• Financial protection along with tax benefits

6. SBI Life – Retirement Plans

SBI Smart Annuity Plus

Key features and benefits:

• Guaranteed lifetime regular income available from age 30
• Opportunity to choose the frequency of annuity payouts - Monthly, quarterly, half-yearly, or yearly.
• You will experience the advantage of higher annuity payouts for a huge premium.
• Option to avail the benefit of the annuity at a compound increasing rate.

Disclaimer:

FAQs on SBI Monthly Income Scheme:

Disclaimer:

This content is provided for information only and contains information which has been gathered from other sources. We do not guarantee the veracity of the information provided or contained in it as such data may vary from time to time. The user is expected to verify with the respective source before making any decisions or actions.