SBI Green Rupee Term Deposit: State Bank of India (SBI), India’s largest bank, has launched a new fixed deposit scheme, Green Rupee Term Deposit, which is a significant step towards a sustainable financial future for India. This eco-conscious investment opportunity is open to Indian citizens, non-individuals and non-resident Indians and is available in three different tenures: 1,111 days, 1,777 days and 2,222 days.
Funds raised through Green Rupee Term Deposit will be allocated to environmentally impactful projects, such as renewable energy, energy efficiency, water conservation and pollution control. Dinesh Khara, Chairman of SBI highlighted the bank’s commitment to support the government’s ambitious goal of making India a net carbon zero nation by 2070.
Khara emphasized the importance of green rupee term deposit as a step towards building an environmentally responsible financial landscape. Initially accessible through the branch network, the scheme is expected to expand to digital platforms like the ‘YONO’ app and online banking in the near future.
Investment Eligibility:
Green Rupee Term Deposit are open to any Indian, Non-Individuals and Non-Resident Indians. Investors can choose from three different tenures: 1,111 days, 1,777 days or 2,222 days to suit their personal preferences.
SBI Green Rupee Term Deposit Interest Rates:
General customers investing for 1111 days and 1777 days will receive an attractive 6.65 percent annual interest, while those opting for the 2222-day tenure will enjoy a competitive 6.40 percent interest rate. Additionally, senior citizens will receive enhanced interest rates. Bulk deposits for 1111 days and 1777 days offer a 6.15 percent annual interest rate, and for the 2222-day tenure, a 5.90 percent annual interest rate.
Features of SBI Green Rupee Term Deposit Scheme:
Investors in the Green Rupee Term Deposit have an early withdrawal option, which enables them to withdraw funds before the maturity date. In addition, SBI offers loans and overdrafts on this fixed deposit, enhancing its versatility. The scheme is subject to income tax rules and TDS is applicable.
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SBI Green Rupee Term Deposit not only offers a financially rewarding investment avenue, but also aligns with the growing global focus on sustainability and responsible banking practices. Stay tuned as the program will also be extended to digital platforms to make it easier for more people to participate in this environmentally conscious financial initiative.