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SBI launches Green Rupee Term Deposit to support Green Finance Ecosystem
January 12, 2024:
State Bank of India (SBI), the country’s largest Bank has launched the SBI Green Rupee Term Deposit (SGRTD), with the aim of mobilizing funds to support environment-friendly initiatives and projects, thereby fostering the growth of the green finance ecosystem in India. This unique deposit scheme is open to Resident Individuals, Non-Individuals, and NRI Customers.
SGRTD offers investors the flexibility to choose from three distinct tenors: 1111 days, 1777 days, and 2222 days. Currently, the scheme is available through the branch network, and it will soon be made available through other digital channels such as YONO and Internet Banking Services (INB).
On the launch, Mr. Dinesh Khara, Chairman, SBI said, “We are happy to launch the SBI Green Rupee Term Deposit Scheme, a testament towards our commitment to sustainable finance. By offering this innovative product, we stride towards fulfilling the ambitious goal of the Government of India of making our nation net carbon zero by 2070, fostering a greener and environmentally responsible financial future for all.”
This innovative product underscores SBI’s commitment to promoting sustainable finance and encouraging contributions towards green activities, providing opportunities for individuals and entities to support the country’s vision of a sustainable future for all.
