SBI Green Rupee Term Deposit is a new concept introduced by the State Bank of India (SBI), which intends to fund eco-friendly projects and at the same time, to give attractive returns. People, companies, and NRIs are welcome to participate in this scheme and contribute to environmental sustainability while the bank pays competitive interest rates.
What’s in the SBI Green Deposit Scheme?
You’ve got it: Under this scheme, funds deposited with the bank will exclusively be earmarked for financing green initiatives such as renewable energy projects, pollution-control, and sustainable infrastructure. All of this follows the Reserve Bank of India (RBI) 2023 guideline, which states that banks should support green projects through dedicated delivery channels.
Key Features of SBI Green Rupee Term Deposit
- Eligibility: Open to resident individuals, non-individual entities, and NRIs (through NRO/NRE accounts).
- Minimum Deposit: Just ₹1,000, with no upper limit.
- Tenure Options: Flexible tenures of 1111 days, 1777 days, and 2222 days.
- Premature Withdrawal: Allowed, subject to standard term deposit rules.
- Loan Facilities: Overdraft and demand loan options are available against the deposit.
- Tax Implications: TDS applies as per standard deposit regulations.
Why Invest in the SBI Green Deposit Scheme?
1. Competitive Interest Rates
Investors can earn up to 7.4% interest per annum, with higher rates for senior citizens:
- 1111 Days: 6.65% (General), 7.15% (Senior Citizens)
- 2222 Days: 6.40% (General), 7.40% (Senior Citizens)
2. Contribute to Environmental Sustainability
By investing in this scheme, your money directly funds green projects, helping combat climate change and promoting clean energy solutions.
3. Safe & Trusted Investment
As India’s largest government-backed bank, SBI ensures security and reliability, making it a low-risk investment option.
4. Flexible & Convenient
Whether you prefer online banking, the Yono app, or visiting a branch, investing is hassle-free.