SBI Green Rupee Term Deposit – Interest Rate, Key Features & How to apply for it?

SBI, the country’s biggest lender on Friday, January 12, 2024, unveiled the SBI Green Rupee Term Deposit (SGRTD). The goal of this is to raise money to promote eco-friendly businesses and activities, which will help India’s green finance ecosystem flourish.

SBI Green Rupee Term Deposit

The purpose of the SBI Green Rupee Term Deposit (SGRTD) plan is to raise money for environmentally friendly projects and activities, according to the State Bank of India (SBI). According to the lender, resident persons, non-individuals, and NRIs are all eligible for this deposit plan.

A green deposit, like the SGRTD, is intended for those who want to use their surplus funds to fund eco-friendly initiatives. The Indian government’s objective of attaining net carbon neutrality by 2070 is in line with this action.

The RBI published the guidelines for banks to accept green deposits in April. The framework was established with the intent to safeguard the interests of depositors, assist clients to realize their sustainability agenda, remove green-washing issues, and help augment the flow of credit to green operations.

SBI Green Rupee Term Deposit (SGRTD) Interest Rate 

It has been stated by a spokesman for the State Bank of India (SBI) that the interest rate on the SBI Green Rupee Term Deposit (SGRTD) would be 10 basis points (bps) lower than the card rate for the typical consumer.

Retail Deposits Tenors with Interest rate

  • 1111 days: 6.65%
  • 1777 days: 6.65%
  • 2222 days: 6.40%

Lumsum Deposit Tenors with Interest Rate

  • 1111 Days: 6.15%
  • 1777 Days: 6.15%
  • 2222 Days: 5.90%

SBI Green Rupee Term Deposit

According to the bank, the program is available to all persons, including non-resident Indians, and provides investors with the opportunity to choose from three separate tenors: 1,111 days, 1,777 days, and 2,222 days.

How to Invest In SBI Green Rupee Term Deposit? 

SGRTD provides investors with the opportunity to choose from three various tenors, which are 1111 days, 1777 days, and 2222 days, as stated in the press release issued by SBI on the product. 

The program is now accessible via the branch network, and it will soon be made accessible through other digital channels like as YONO and Internet Banking Services (INB).

How to Apply for SBI Green Rupee Term Deposit? 

The plan is now accessible via the branch network; however, the lender has said that it will soon be made accessible through other digital channels such as YONO and Internet Banking Services (INB).

Key features of SBI Green Rupee Term Deposit:

  • Eco-Friendly Projects
  • Competitive Interest Rates
  • Flexible Tenure Options
  • Tax Benefits
  • Online Accessibility
  • Risk-Free Nature

SBI Green Rupee Term Deposit FD Scheme Eligibility

Those who are residents, non-resident individuals, or NRI customers may invest in this unique deposit plan. 

Among the biggest public banks in India is SBI Bank. It has introduced a unique variety of FD for its clientele. The SBI Green Rupee Term Deposit Scheme is the name of the scheme. The FD is related to the Indian government’s goal of achieving net carbon neutrality in the nation by 2070. 

The money will be used by the bank to finance eco-friendly projects. The initiative is open to all residents, non-resident people, and NRIs. Three tenors are included. There are three of them: 1111, 1777, and 2222 days. 

For the deposits, you are free to choose any of them. To invest in this FD, go to the SBI branch. Other choices, such as Internet Banking Services and YONO, will soon be offered, nevertheless. The various depositor groups will have varied interest rates.

Understanding Green Deposit: 

A green deposit is a kind of fixed-term deposit intended for those who want to use their extra money to fund environmentally beneficial initiatives. Lenders are taking a big step toward the government’s aim of having the nation net carbon negative by 2070 by providing this product. 

A green fixed deposit offers investors a set interest rate for a defined period, much like a standard term deposit. 

The way the money gathered under green deposits is used is where the two diverge most, however. Green fixed deposits, as opposed to conventional fixed deposits, provide preference for funding initiatives that benefit the environment.

Benefits of Investing in SBI Green Rupee Term Deposit 

Investing in the SBI Green Rupee Term Deposit offers a unique combination of financial benefits and environmental impact. 

  • Directly supports eco-friendly projects, promoting renewable energy, afforestation, and sustainable practices.
  • Provides competitive interest rates, ensuring financial growth comparable to traditional fixed deposits.
  • Offers flexible tenure options, accommodating diverse financial goals and time horizons.
  • Qualifies for tax deductions under Section 80C, enhancing the financial advantages for investors.
  • Convenient online access for hassle-free exploration, investment, and management of deposits.
  • Maintains the low-risk profile of traditional fixed deposits, securing the principal amount.
  • Facilitates portfolio diversification by incorporating a sustainable investment component.
  • Reflects a commitment to social responsibility by supporting projects that benefit communities and promote sustainable development.

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