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Business News/ Money / Personal Finance/  SBI launches special fixed deposit (FD) scheme: Ten things to know about SBI Green Rupee Term Deposit (SGRTD)
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SBI launches special fixed deposit (FD) scheme: Ten things to know about SBI Green Rupee Term Deposit (SGRTD)

State Bank of India (SBI) has launched the SBI Green Rupee Term Deposit (SGRTD) scheme to mobilise funds for environment-friendly initiatives and projects, supporting the growth of a green finance ecosystem in India

SBI Green Rupee Term Deposit scheme is open to resident individuals, non-individuals, and NRI customers.Premium
SBI Green Rupee Term Deposit scheme is open to resident individuals, non-individuals, and NRI customers.

State Bank of India (SBI), the country’s largest Bank has launched a special fixed deposit (FD) scheme. SBI Green Rupee Term Deposit (SGRTD) has been launched to mobilise funds to support environment-friendly initiatives and projects, thereby fostering the growth of a green finance ecosystem in India, as per the release shared by the bank

“We are happy to launch the SBI Green Rupee Term Deposit Scheme, a testament to our commitment to sustainable finance. By offering this innovative product, we stride towards fulfilling the ambitious goal of the Government of India of making our nation net carbon zero by 2070, fostering a greener and environmentally responsible financial future for all," said Dinesh Khara, Chairman, SBI.

Here are ten things to know about SBI Green Rupee Term Deposit (SGRTD)

1)SBI Green Rupee Term Deposit (SGRTD) Eligibility

SBI Green Rupee Term Deposit scheme is open to resident individuals, non-individuals, and NRI customers.

2)SBI Green Rupee Term Deposit (SGRTD) tenors

SGRTD offers investors the flexibility to choose from three distinct tenors: 1111 days, 1777 days, and 2222 days.

3)SBI Green Rupee Term Deposit (SGRTD): How to invest?

Currently, the scheme is available through the branch network, and it will soon be made available through other digital channels such as YONO and Internet Banking Services (INB).

SBI Green Rupee Term Deposit (SGRTD): Interest rate

According to the SBI's website, SGRTD will offer 10 basis points (bps) interest rates below the card rate for retail and bulk Deposits for respective tenor.

4)SBI Green Rupee Term Deposit (SGRTD): Interest rate for retail deposits

1111 Days- 6.65 % 

1777 Days- 6.65 %

2222 Days- 6.40 %

5)SBI Green Rupee Term Deposit (SGRTD): Interest rate for bulk deposits

1111 Days- 6.15 %

1777 Days- 6.15 %

2222 Days- 5.90 %

6)SBI Green Rupee Term Deposit (SGRTD): Additional benefit for senior citizens

Senior Citizens/ Staff/ Staff Senior Citizens are eligible for an additional interest rate over the applicable rate for the public. (NRI Senior Citizens / NRI Staff not eligible).

7)SBI Green Rupee Term Deposit (SGRTD): Pre-mature withdrawal

Pre-mature withdrawal allowed

8)SBI Green Rupee Term Deposit (SGRTD): Maturity Instructions

As applicable for term deposit/ special term deposit

9)SBI Green Rupee Term Deposit (SGRTD): Loan facility

Loan/ overdraft facility available against the deposit

10)SBI Green Rupee Term Deposit (SGRTD): TDS

TDS is applicable as per income tax rules

What is Green Deposit?

Green deposit means an interest-bearing deposit, received by the regulated entities (RE) for a fixed period the proceeds of which are earmarked for being allocated towards green finance as per RBI's notification dated April 11, 2023.

Recently, the RBI released a document giving detailed replies to a set of queries investors may have concerning green deposits.

Are Green Deposits covered under the DICGC?

The deposits raised under the framework are covered by the Deposit Insurance and Credit Guarantee Corporation.

SBI latest FD rates

After the latest hike, SBI offers rates ranging from 3.5 to 7% on deposits maturing in seven days to ten years. Senior citizens will get 50 basis points (bps) extra on these deposits.

 

 

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ABOUT THE AUTHOR
Sangeeta Ojha
A business media enthusiast. Writes on personal finance, business and banking.
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Published: 12 Jan 2024, 03:01 PM IST
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