Some Indian banks have special savings plans to help the environment. They’re collecting money to support projects that make India cleaner and healthier.
Two big banks doing this are the State Bank of India (SBI) and Bank of Baroda.
State Bank of India (SBI) Green Savings Plan
SBI, India’s biggest government bank, has started something called SBI Green Rupee Term Deposit (SGRTD).
It’s a special way to save money and help the environment. Anyone from India or abroad can put money into this plan.
You can choose to invest your money for 1,111 days, 1,777 days, or 2,222 days. You can do this at any SBI branch or soon through online banking too.
The interest rates are a bit lower than regular savings, ranging from 6.15% to 7.40% annually. Also, you can take a loan or overdraft against the money you put in.
Bank of Baroda’s (BOB) Earth-Friendly Savings Plan
Bank of Baroda (BOB) has launched a similar plan called Earth Green Term Deposit Scheme. It’s aimed at raising money for eco-friendly projects.
BOB offers an annual interest rate of 7.15% on this plan. Anyone, whether you’re an Indian resident or someone living abroad, can join.
Debdutt Chand, CEO of Bank of Baroda, says this plan gives people a safe and reliable way to save while helping the environment.
The money collected through this scheme will go into green projects. You can open a Green Deposit account at any Bank of Baroda branch in India.
Interest Rates Comparison
SBI Green Savings Plan
1) 1,111 days: 6.65%
2) 1,777 days: 6.65%
3) 2,222 days: 6.40%
BOB Earth-Friendly Savings Plan
1) 1 year (12 months): 6.75%
2) 1.5 years (18 months): 6.75%
3) 777 days: 7.15%
4) 1,111 days: 6.40%
5) 1,717 days: 6.40%
6) 2,201 days: 6.40%
