State Bank of India (SBI), the nation’s largest bank, has introduced an exclusive fixed deposit scheme, the SBI Green Rupee Term Deposit (SGRTD). This initiative aims to gather funds for supporting environmentally conscious projects, contributing to the growth of a sustainable finance ecosystem in India.
Green Rupee Term Deposit (SGRTD)
Eligibility and Tenors:
Eligibility: Open to residents, non-individuals, and NRI customers.
Tenors: Choose from three options – 1111 days, 1777 days, and 2222 days for added flexibility.
Investment Process:
Currently available through branches, it will soon be accessible through digital channels like YONO and Internet Banking Services.
Interest Rates:
SGRTD offers rates 10 basis points below the card rate for retail and bulk deposits.
Rates for Retail Deposits:
- 1111 Days: 6.65%
- 1777 Days: 6.65%
- 2222 Days: 6.40%
Rates for Bulk Deposits:
- 1111 Days: 6.15%
- 1777 Days: 6.15%
- 2222 Days: 5.90%
Additional Benefits:
Enjoy additional interest rates over the standard rate. (NRI Senior Citizens / NRI Staff excluded).
Flexibility and Services:
Maturity Instructions: Follow regular term deposit instructions.
Loan Facility: Avail loan/overdraft against the deposit.
TDS: Applicable as per income tax rules.
What is Green Deposits?
Green deposits are interest-bearing deposits wherein the proceeds are dedicated to supporting green finance, as per RBI’s April 11, 2023 notification. The Deposit Insurance and Credit Guarantee Corporation covers deposits under this framework.
Embrace a greener future with SBI’s Green Rupee Term Deposit, a unique opportunity to invest in environmentally friendly initiatives while securing attractive returns.
