The biggest bank in the country, State Bank of India (SBI), introduced a new savings plan called Green Rupee Term Deposit (SGRTD).
The purpose of this savings plan is to collect funds for supporting projects that are environmentally friendly.
This special deposit contributes to the development of eco-friendly finance.
SBI shared information about this deposit through an announcement. In that announcement, they mentioned that it helps in both supporting green activities and providing financial assistance.
SBI is offering opportunities for people to contribute to a sustainable future for the country.
Now, let’s understand what a green deposit is. It’s a type of savings plan where individuals can invest their extra money in projects that are good for the environment.
This initiative aligns with the government’s target of making the country carbon neutral.
Green fixed deposits function similarly to regular savings plans, providing a fixed interest rate for a set period.
The main difference is that green deposits prioritize projects that have a positive impact on the environment.
Who can invest in this deposit? Well, it’s open to Indian residents, non-individuals, and even Non-Resident Indians (NRIs).
If you’re wondering about the interest rate, according to SBI’s announcement, the interest rate for the general public on green term deposits will be 10 basis points less than the regular rate.
To invest in this green deposit, you can use SBI’s digital platforms such as YONO and Internet Banking services.
You’ll be able to choose from three different periods: 1111 days, 1777 days, and 2222 days.
