SBI Green Rupee term deposit: State Bank of India, the country’s largest government bank, has now launched a new fixed deposit scheme Green Rupee Term Deposit. Apart from Indian citizens, NRIs can also invest in this scheme of SBI.
Investors can invest in green rupee term deposits for three different tenors – 1,111 days, 1,777 days and 2,222 days. The bank will use the money invested in this scheme to invest in environment-friendly projects. These projects include renewable energy, energy efficient, water conservation and pollution control.
State Bank of India (SBI) Chairman Dinesh Khara said the government aims to achieve net carbon neutrality by 2070. To fulfill this, SBI has started Green Rupee Term Deposit. It has been started with the aim of making the environment safe in the future. Further, the SBI Chairman informed that this scheme has been launched through the branch only and in the coming time it will also be launched through the YONO app and online banking.
Who can spend the money?
Any Indian individual, non-individuals and NRI can invest in this FD scheme of SBI. The tenure of this scheme is 1111 days, 1777 days and 2222 days. An investor can choose any time period as per his / her choice.
How much interest will you get?
If one invests in this scheme of State Bank of India for 1111 and 1777 days, 6.65 percent interest is being given. Along with this, 6.40% interest is being given on investing for 2222 days. Banks offer higher interest rates to senior citizens. In case of bulk deposits, the interest rate is 6.15 per cent for 1,111 days and 1777 days and 5.90 per cent for 2,222 days.
You will get a chance to withdraw money ahead of time.
This scheme of SBI also has the opportunity of premature withdrawal in which you can withdraw money before time. Apart from this, the bank also gives you the facility of loan and overdraft on this FD. TDS will also be applicable on this scheme as per the income tax rules.