Green Rupee Fixed Deposit: The State Bank of India (SBI) introduced the SBI Green Rupee Term Deposit (SGRTD) to mobilize funds for initiatives supporting environmental causes and fostering the growth of India’s green finance sector.
In addition to promoting economic growth, it is imperative to prioritize environmental conservation. Keeping this in consideration, SBI has introduced an innovative program called ‘SBI Green Rupee Term Deposit’.
Under this program, investors not only deposit their funds, but also support eco-friendly initiatives directly. These initiatives cover a wide range of areas including renewable energy, energy efficiency, water conservation, and pollution control. By participating in this scheme, investors not only see their money grow, but also play a role in fostering a healthier planet.
There are three tenure options available for the ‘SBI Green Rupee Term Deposit’: 1111 days, 1777 days, and 2222 days, with interest rates set at 6.65% and 6.40% respectively. Senior citizens can benefit from special interest rates of 7.15% for 1111 days and 1777 days, and 7.40% for 2222 days.
To invest in this scheme, you can visit any SBI branch or use the Yono app. Keep in mind that there is a penalty for premature withdrawal, ensuring the stability and security of your investment. Additionally, a loan facility is available, which can be extremely useful in times of emergency.
Who is eligible to invest in SBI Green Rupee Term Deposit
Residents, entities other than individuals, and NRI Customers are all qualified to participate in this unique deposit scheme. As per the statement released by SBI, “This groundbreaking product highlights SBI’s dedication to fostering sustainable finance and promoting involvement in eco-friendly initiatives, offering chances for both individuals and organizations to contribute to the nation’s goal of a sustainable future for everyone.”
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SBI Green Rupee Term Deposit (SGRTD) details: How to invest and tenure
According to the SBI press statement, SGRTD provides investors with the option to select from three different periods: 1111 days, 1777 days, and 2222 days. This program can be accessed through the branch network, and will soon be accessible through other digital platforms like YONO and Internet Banking Services (INB).
SBI Green Rupee Term Deposit (SGRTD) interest rate
As per information on the SBI website, Senior Citizens, Staff, and Staff Senior Citizens are entitled to receive a higher interest rate compared to the general public. However, this additional interest benefit is not extended to NRI Senior Citizens or NRI Staff.
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% |
SBI latest FD interest rates
| Tenors | Revised Rates for Public w.e.f. 27/12/2023 | Revised Rates for Senior Citizen w.e.f. 27/12/2023 |
|---|---|---|
| 7 days to 45 days | 3.50 | 4.00 |
| 46 days to 179 days | 4.75 | 5.25 |
| 180 days to 210 days | 5.75 | 6.25 |
| 211 days to less than 1 year | 6.00 | 6.50 |
| 1 Year to less than 2 years | 6.80 | 7.30 |
| 2 years to less than 3 years | 7.00 | 7.50 |
| 3 years to less than 5 years | 6.75 | 7.25 |
| 5 years and up to 10 years | 6.50 | 7.50* |
What is Green deposit
As per the RBI notification released on April 11, 2023, a “green deposit” refers to an interest-bearing deposit that is received by regulated entities (RE) for a specific duration, with the funds designated for allocation towards green finance. Regulated entities must offer both cumulative and non-cumulative green deposits. Depositors have the option to renew or withdraw the green deposits upon maturity, and these deposits are denominated solely in Indian Rupees.
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