The State Bank of India (SBI) has introduced a new savings option called the SBI Green Rupee Term Deposit (SGRTD). It comes with different time periods, like 1,111 days, 1,777 days, and 2,222 days, and is available for regular people, businesses, and NRIs.
SBI Green Rupee FD Term Deposit Scheme Purpose
The main idea behind this new savings option is to collect money specifically for projects that help the environment. SBI, being the largest bank in India, wants to encourage more people and businesses to support eco-friendly initiatives. Right now, you can open this special deposit at SBI branches, and soon it will be possible through digital platforms like YONO and Internet Banking Services.
SBI Green Rupee FD Term Deposit Scheme Maturity Time Duration
This term deposit scheme will be available for three time durations – 1111 Days, 1777 Days and 2222 Days.
SBI Green Rupee FD Term Deposit Scheme Interest Rate
| Retail | Bulk | |||
| Tenors | Gen. Public | Sr Citizen | Gen. Public | Sr Citizen |
| 1111 Days | 6.65% | 7.15% | 6.15% | 6.65% |
| 1777 Days | 6.65% | 7.15% | 6.15% | 6.65% |
| 2222 Days | 6.40% | 7.40% | 5.90% | 6.40% |
According to the rules set by the Reserve Bank of India, banks can’t give different interest rates for these green deposits. But, they can allow customers to take overdrafts against the money they have in their Green Deposits. Dinesh Khara, the Chairman of SBI, mentioned that this new product shows the bank’s commitment to promoting sustainable finance. It gives individuals and businesses a chance to contribute to projects that make our country more environmentally friendly.
SBI Green Rupee FD Term Deposit Features
- Interest Rate for Special categories of Customers: Senior Citizens/ Staff/ Staff Senior Citizens are eligible for additional Interest Rate over applicable Rate for public under the Scheme. The benefit of additional interest shall not be available to NRI Senior Citizens / NRI Staff.
- Pre-mature withdrawal Allowed
- Maturity Instructions: As applicable for Term Deposit/ Special Term Deposit
- Loan facility: Loan/ Overdraft facility available against the Deposit
- TDS: TDS is applicable as per Income Tax Rules
- Others:
- Conversion from existing TDR to SGRTD and vice – versa not allowed.
- Presently, the scheme is available through branch channel and will be made available through YONO & INB shortly.
- Accounts can be transferred to pan -India branches of SBI.
