SBI Bank has launched SBIGreen Rupee Term Deposits to mobilise funds for financing green activities and projects and developing a green finance ecosystem in the country. As such, the amount mobilised under Green Deposit can be used to finance eligible green activities/projects only.
Accordingly, a new deposit scheme “SBI Green Rupee Term Deposit” has been introduced to mobilise deposits to support Bank in financing green initiatives.
Table of Contents
What is Green Deposit?
A Green Deposit is an interest-bearing deposit, which is received by the regulated entities (RE) for a fixed period. The proceeds from these deposits are set aside towards green finance as per RBI’s notification dated April 11, 2023.
Are Green Deposits covered under the DICGC?
The deposits raised under the Green deposits are covered by the Deposit Insurance and Credit Guarantee Corporation.
SBI Green Rupee Term Deposit -Special FD Scheme
| Condition | eligibility |
| Who can invest? | Resident Individuals, Non-Individual NRI Customers (In case of NRI Customer the product shall be available in NRO and NRE deposit) |
| Amount of Deposit ( INR Only): | Minimum – 1,000/- Maximum – No Limit |
| Eligible Products | Term Deposit and Special Term Deposit |
| Investment Duration | 1111 Days 1777 Days 2222 Days |
| Rate of Interest ( for general public -Retail) | 1111 Days -6.65% 1777 Days – 6.65% 2222 Days- 6.40% |
| Rate of Interest ( for Senior Citizen -Retail) | 1111 Days –7.15% 1777 Days – 7.15% 2222 Days- 7.40% |
| Rate of Interest ( for general public -Bulk) | 1111 Days -6.15% 1777 Days – 6.15% 2222 Days- 5.90% |
| Rate of Interest ( for Senior Citizen -Bulk) | 1111 Days -6.65% 1777 Days – 6.65% 2222 Days- 6.40% |
| Pre-mature withdrawal | As per guidelines applicable for premature withdrawal of normal Time Deposit. |
| Loan Facility | Overdraft/ Demand Loan/ facility available Green Deposit is allowed. |
| where to buy? | branch, INB and YONO app. |
| TDS | TDS is applicable as per Income Tax Rules. Customers may submit Form 15G/ 15H as per rules for non-deduction of TDS. |
| Transfer of Account: | The account can be transferred to branches of SBI pan-India. |
How to Plan Your Investment?
You can always work with a Certified Financial planner and plan your finances, including Emergency funding, building a corpus for house purchase, and taking care of your health needs so that you can plan a better retirement income in your second inning, leading to a more secure and financially stable retirement.
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