SBI Green Rupee Term Deposit : The country’s largest government bank, State Bank of India (SBI) is offering Green Rupee Term Deposit. To promote environmental protection, it is offering a new special fixed deposit scheme.
The name of this scheme is SBI Green Rupee Term Deposit (SGRTD). The purpose of this scheme is to raise money for environmentally friendly (Green) projects and invest in them.
Who can invest in SBI Green Rupee Term Deposit?
Indian citizens, NRI and NRO account holders can invest in this scheme.
For how long will the investment be made?
SBI is offering this scheme for three different periods.
1,111 days
1,777 days
2,222 days
How to apply?
Initially, the benefit of this scheme can be availed through bank branch.
Soon it will also be linked to YONO App, Internet Banking and Mobile Banking.
How much interest will be received on this scheme?
This SBI Green FD is offering slightly less interest than the regular fixed deposit.
1,111 days – 6.65% p.a. interest
1,777 days – 6.65% p.a. interest
2,222 days – 6.40% p.a. interest
Senior citizens will get more benefits
Senior Citizens will get higher interest rates under this scheme.
Existing employees and senior citizen employees of SBI will get the benefit of additional interest.
However, NRI senior citizens and NRI employees will not be eligible for this additional interest.
Loan and overdraft facility
Those investing in this scheme will get the facility of loan and overdraft.
This facility is usually available on other fixed deposits as well.
What will happen to TDS?
TDS (Tax Deduction at Source) will also be applicable on this scheme as per Income Tax rules.
Investors may need to fill Form 15G or 15H as per their income tax planning.
Why is SBI Green Rupee Term Deposit special?
This fixed deposit will support projects related to environmental protection.
Investing in this for a fixed period will give guaranteed returns.
SBI is giving its customers the opportunity of simple and safe investment.
If you want low risk and fixed returns, then this scheme can be a good option for you.
