State Bank Special FD scheme: State Bank of India (SBI), the country’s largest public sector bank, has launched a special term deposit or fixed deposit scheme named SBI Green Rupee Term Deposit (SGRTD).
The new fixed deposit scheme aims to raise funds to support eco-friendly initiatives and projects, thereby promoting the development of a green finance ecosystem in India.
The one-stop deposit scheme is open to resident individuals, non-individuals and NRI customers, SBI said in a press release.
Three different durations to choose
SGRTD offers investors the option to choose from three different durations, which are 1,111 days, 1,777 days and 2,222 days. Currently, the unique investment scheme is available through the branch network and will soon be available through other digital channels such as YONO and Internet Banking.
According to SBI, the scheme has been launched as a testament to the bank’s commitment to sustainable finance. Dinesh Khara, Chairman, SBI said, “By offering this innovative product, we are making progress towards achieving the government’s ambitious target of making our country net zero carbon by 2070.
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Interest Rate
As per information given on SBI’s website, the interest rate for retail deposits is 6.65 per cent for 1,111 days, 6.65 per cent for 1,777 days and 6.40 per cent for 2,222 days respectively.
While, the interest rate for bulk deposits is 6.15 per cent for 1,111 days, 6.15 per cent for 1,777 days and 5.90 per cent for 2,222 days.
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Senior citizens and staff, will have the opportunity to earn an additional rate of interest compared to the rate applicable to the general public. NRI Senior Citizens and NRI Staff are not eligible for additional interest rates.
State Bank of India is the largest commercial bank. It has large assets and deposits. In terms of a number of branches, customers and employees, it is the largest in the country.
