In a noteworthy move towards environmental sustainability, State Bank of India (SBI), the nation’s largest public sector bank, has introduced the SBI Green Rupee Term Deposit (SGRTD).
This specialized deposit scheme aims to mobilize funds for eco-friendly projects and initiatives in the country.
1. Eligibility for SBI Green Rupee Term Deposit: Open to All
The SBI Green Rupee Term Deposit is accessible to Indian residents, NRIs, and NRO account holders, providing a broad spectrum of participants.
2. Flexible Investment Periods
Investors can choose from three distinct time frames for their SBI Green Rupee Term Deposit: 1,111 days, 1,777 days, and 2,222 days, offering flexibility to align with individual financial goals.
3. Convenient Application Process
Interested individuals can apply for the SGRTD through the extensive branch network of the bank. Additionally, SBI plans to integrate the scheme into digital channels such as YONO and internet banking services for more accessible participation.
4. Interest Rates on SBI Green Rupee TD
While offering slightly lower interest rates compared to regular SBI FD deposits, the SGRTD provides competitive returns:
- 1111 days: 6.65%
- 1777 days: 6.65%
- 2222 days: 6.40%
5. Loan Services Against Deposits
Investors can avail themselves of loan and overdraft services against the deposited amount, adding a layer of financial flexibility to the scheme.
6. Tax Deducted at Source (TDS)
TDS is applicable in accordance with income tax rules, ensuring compliance with regulatory standards.
7. Special Rates for Senior Citizens and Employees
SBI emphasizes that senior citizens and employees are eligible for higher interest rates under the Senior Citizen Scheme. However, this benefit is not extended to NRI senior citizens or NRI employees.
