SBI launches Green Rupee Term Deposit

Green deposit means an interest-bearing deposit, received by the regulated entities for a fixed period. The proceeds of which are earmarked for being allocated towards green finance.

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SBI Green Rupee Term Deposit has been launched to mobilise funds to support environment-friendly initiatives and projects, thereby fostering the growth of a green finance ecosystem in India.

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

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

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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.

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Interest rate | SGRTD will offer 10 basis points (bps) interest rates below the card rate for retail and bulk Deposits for respective tenor.

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Interest rate for retail deposits | 1111 Days- 6.65 per cent, 1777 Days- 6.65 per cent, 2222 Days- 6.40 per cent.

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Interest rate for bulk deposits | 1111 Days- 6.15 per cent, 1777 Days- 6.15 per cent, 2222 Days- 5.90 per cent.

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Senior citizen savings scheme account, all you need to know

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Pre-mature withdrawal | Pre-mature withdrawal is allowed.

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Maturity Instructions | As applicable for term deposit/ special term deposit.

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Loan facility | Loan/ overdraft facility available against the deposit.

Source: Freepik

TDS | TDS is applicable as per income tax rules.

Source: ANI