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The State Bank of India offers the “SBI Green Rupee Term Deposit” scheme. Know tenure and interest rates.
SBI Green Deposit Scheme
Green Deposit Scheme: In a bid to promote green finance and support eco-friendly projects, the Reserve Bank of India (RBI) issued guidelines on April 11, 2023, for the acceptance of Green Deposits. This aim to mobilise funds exclusively for financing eligible green activities and projects, thereby helping to develop a robust green finance ecosystem in the country.
What Is SBI Green Rupee Term Deposit
The State Bank of India (SBI) has the “SBI Green Rupee Term Deposit” (SGRTD) scheme. This deposit scheme is designed to attract deposits to help the bank finance green initiatives. It is available across digital channels, including Internet Banking and the YONO app.
Features Of SBI Green Rupee Term Deposit
Eligible Customers: The SGRTD scheme is open to Resident Individuals, Non-Individual customers, and NRIs. For NRI customers, the product is available in both NRO and NRE deposits.
Deposit Amount: The minimum deposit amount is Rs 1,000, with no upper limit.
Eligible Products: The SGRTD scheme is available for Term Deposits and Special Term Deposits. It is not available for MOD, Tax Saving, Annuity, or Recurring Deposit schemes.
Tenor Options: – 1111 days – 1777 days – 2222 days
SBI Green Rupee Term Deposit Interest Rates:
| Retail | Bulk | |||
| Tenors | Gen. Public | Sr Citizen | Gen. Public | Sr Citizen |
| 1111 Days | 6.65% | 7.15% | 6.40% | 6.90% |
| 1777 Days | 6.65% | 7.15% | 6.40% | 6.90% |
| 2222 Days | 6.40% | 7.40% | 6.15% | 6.65% |
Additional Features
Pre-mature withdrawal: Permitted as per the guidelines for normal Time Deposits.
Loan Facility: Overdraft and Demand Loan facilities are available.
Product Availability: Initially available through branch channels, with plans to make it available via Internet Banking and the YONO app soon.
Nomination: Available for eligible customers.
TDS: Applicable as per Income Tax rules. Customers may submit Form 15G/15H for non-deduction of TDS.
Account Transfer: Accounts can be transferred to SBI branches across India.
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