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Business News/ Money / Personal Finance/  SBI vs Bank of Baroda green fixed deposits (FDs): Check tenure, interest rate, and other details here
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SBI vs Bank of Baroda green fixed deposits (FDs): Check tenure, interest rate, and other details here

State Bank of India (SBI) and Bank of Baroda (BoB) launch green deposit schemes to fund environment-friendly projects

SBI vs Bank of Baroda green fixed deposits (FDs): A green deposit refers to an interest-bearing deposit received by regulated entities for a specified duration.Premium
SBI vs Bank of Baroda green fixed deposits (FDs): A green deposit refers to an interest-bearing deposit received by regulated entities for a specified duration.

SBI vs Bank of Baroda green fixed deposits (FDs): State Bank of India (SBI), and Bank of Baroda (BoB) have launched a special fixed deposit (FD) scheme to mobilise funds to support environment-friendly initiatives and projects.

What are green deposits?

A green deposit refers to an interest-bearing deposit received by regulated entities for a specified duration, with the funds designated for allocation towards green finance per the RBI's notification dated April 11, 2023.

The RBI recently published a document providing comprehensive responses to a series of inquiries that investors may have regarding green deposits.

SBI, BoB Green Term Deposit

Bank of Baroda has introduced the BOB Earth Green Term Deposit Scheme Both existing and new customers can open a Green Deposit at any Bank of Baroda branch in India.

Currently, SBI Green Rupee Term Deposit (SGRTD) 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).

Tenors of SBI, BoB Green Term Deposit

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

Under the bob Earth Green Term Deposit Scheme, the Bank of Baroda has introduced some innovative tenures such as a tenure of 1 year, 1.5 years, 1111 days, Tenure 1717 days, and 2201 days.

SBI Green Rupee Term Deposit vs BOB Earth Green Term Deposit Scheme: 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.

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

1111 Days- 6.65 %

1777 Days- 6.65 %

2222 Days- 6.40 %

bob Earth Green Term Deposit Scheme: Interest Rates

1 year i.e. 12 months 6.75

1.5 years i.e. 18 Months 6.75

777 days 7.15

1111 days 6.40

1717 days 6.40

2201 days 6.40

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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: 13 Mar 2024, 02:45 PM IST
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