Everything About SBI MIS Scheme
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Who does not want a stable and regular income? It not only provides financial stability but also a sense of security to the beneficiary.
The SBI MIS (Monthly Income Scheme) is a trustworthy way to earn fixed monthly returns. Ideal for retirees, conservative investors, or anyone looking for a low-risk option, this scheme by the State Bank of India ensures steady income with minimal market exposure. It is a smart pick for those who want to safeguard their capital while earning stable returns. In this blog, we will discuss the SBI MIS Scheme in detail.
What is the SBI MIS Scheme?
The Full Form of the MIS scheme is the “State Bank of India Monthly Income Scheme.” The SBI Monthly Income Scheme (MIS) is a type of fixed deposit where you invest a lump sum amount for a set period and get monthly returns. These include both interest and a small part of your original amount.
The interest rate usually ranges between 3.50% to 7.5%, and senior citizens get a higher rate. This scheme is perfect for people who need a steady monthly income, like retirees or those without a fixed salary.
Key Features of the SBI Monthly Income Scheme
Here are the key features of the SBI MIS scheme:
- Needs Minimum DepositStart investing with just ?1,000, making it easy for anyone to begin.
- Early Withdrawal Option In case you need funds before maturity, you can withdraw early. You just have to pay a penalty mentioned as: 0.50% for deposits up to ?5 lakhs 1% for ?5 lakhs to ?2 crores and above
- Attractive Interest RatesEarn interest between 3.3% to 7.5%, helping your money grow steadily. It varies in two cases: 3.8% to 7.5% for senior citizens. Up to 7.65% for fixed schemes.
- Loan Facility AvailableGet a loan against your deposit with EMI options, requiring a 10-15% margin depending on the deposit period.
- Easy NominationNominate a beneficiary easily for better financial planning.
- Passbook ProvidedTrack your investments easily with a regularly updated passbook.
Suitability of the SBI Monthly Income Scheme
- Make Payments EasilyYou can skip the login process and pay directly.
- Save Time You can complete your premium payment in just a few steps.
- Access Anytime You can pay whenever it is easy for you, even on holidays.
- Use a Secure Platform You can make the payment through LIC’s official, trusted website.
- Choose Your Preferred Method You can pay using UPI, debit card, credit card, or net banking.
- Get Instant Confirmation You can receive a receipt immediately after the payment.
Other Methods For LIC Premium Payment Online And Offline
To pay LIC premium online and offline by using some other methods, you can use any of the following ways:
- It is ideal for conservative investors looking for safe and steady returns.
- It is suitable for retirees who need a regular monthly income.
- It serves as a good option for those who want to have some extra income.
SBI Annuity Deposit Scheme Interest Rates 2025
The interest rates under this scheme depend on the investment duration and the age of the investor. Senior citizens enjoy slightly higher rates than others.
| Deposit Tenure | Interest Rate (General) | Interest Rate (Senior Citizens) |
|---|---|---|
| 7 to 45 days | 3.50% | 4.00% |
| 46 to 179 days | 5.50% | 6.00% |
| 180 to 210 days | 6.25% | 6.75% |
| 211 days to less than 1 year | 6.50% | 7.00% |
| 1 to 2 years | 6.80% | 7.30% |
| 2 to 3 years | 7.00% | 7.50% |
| 3 to 5 years | 6.75% | 7.25% |
| 5 to 10 years | 6.50% | 7.50% |
Types Of SBI MIS Schemes
Here are some of the SBI Monthly Income Scheme with its key features:
| Name of the Scheme | Key Features |
|---|---|
| SBI Fixed Deposit Monthly Income Schemes |
|
| SBI Mutual Fund Monthly Income Fund |
|
| SBI Life Insurance Money Back/Income Plan |
|
| SBI Life- Wealth Creation Plan |
|
| SBI Life-Saving Plan |
|
| SBI Life- Retirement Plan |
|
Steps to Apply For the SBI MIS Scheme Online
To apply for the SBI MIS Scheme online, follow the given steps:
- Step 1 :Log in to SBI Internet Banking at SBI.
- Step 2 :Navigate to the ‘Fixed Deposit’ or ‘Annuity Deposit’ options to open an MIS account.
- Step 3 :Fill in deposit details and tenure, then confirm and submit.
- Step 4 :You can use the YONO SBI App (for Android or iOS) as another option.
Steps to Apply For the SBI MIS Scheme Offline
Here are the steps to apply for the SBI Monthly Income Scheme:
- Step 1 :Visit the nearest SBI branch.
- Step 2 :Carry the required documents such as: PAN card, ID proof, Address proof, and A passport-size photo.
- Step 3 :Fill out the MIS application form provided at the branch. Bank staff can assist you if needed.
- Step 4 :Now, choose your deposit amount and tenure (36, 60, 84, or 120 months).
- Step 5 :Submit the form with documents to the bank officer.
- Step 6 :Make your first deposit via cash, cheque, or bank transfer.
- Step 7 :Collect your passbook or receipt after successful submission.
- Step 8 :Set a nominee (optional) for added safety.
State Bank of India Monthly Income Scheme Calculation Formula
The SBI monthly income payment is calculated using a formula:
A = P (1 + r/n) ^ (n × t)
Where:
- “A” is the monthly payout you’ll receive
- “P” is the amount you invested (principal)
- “r” is the interest rate per year, divided by 12 to get monthly
- “n” is how many times you get paid (in months)
- “t” is the time or duration of your deposit in years
This formula helps figure out how much you’ll get every month from your deposit.
Conclusion
The SBI MIS Scheme gives you a safe and steady monthly income. It works well for retirees and anyone who wants regular returns from their savings. You can choose a flexible tenure, apply easily either online or by visiting a branch, and enjoy reliable monthly payouts.
Started by the trusted SBI, this scheme helps you grow your money with less worry. If you are looking for a simple way to earn a monthly income, the SBI MIS Scheme is a smart choice.
FAQs
The SBI MIS (Monthly Income Scheme) allows you to invest a lump sum and receive regular monthly payouts that include both interest and a part of your principal.
It is ideal for retirees, conservative investors, or anyone looking for a fixed and regular monthly income.
You can start investing with as little as ₹1,000.
You can choose from multiple options that include 36, 60, 84, or 120 months (3, 5, 7, and 10 years).
Yes, premature withdrawal is allowed, but penalties may apply based on the deposit amount.
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