Image Source : PTI/INDIA TV Customers can also avail loans against the term deposit.
SBI green rupee term deposit: The Reserve Bank of India (RBI) on April 11, 2023 issued a set of guidelines regarding the framework for acceptance of Green Deposits as part of mobilising funds for financing green activities. Following this, the State Bank of India (SBI) launched a new deposit scheme – SBI Green Rupee Term Deposit.
SBI green rupee term deposit: Tenor
These deposits are offered for three durations – 1111 days, 1777 days and 2222 days.
SBI green rupee term deposit: Eligibility
Any resident of India, non-individual (entities other than individuals) and NRIs are eligible for this term deposit by the public sector bank (PSU). In the case of NRI customers the product shall be available in NRO and NRE deposit).
SBI green rupee term deposit: Minimum and maximum limit
The minimum amount that can be deposited under this term deposit is Rs 1,000 and there is no upper limit.
SBI green rupee term deposit: Premature withdrawal
These deposits are applicable for premature withdrawal of normal time deposits.
SBI green rupee term deposit: Loan facility
Customers can also avail loans against the term deposit. Also, they get an option of overdraft.
SBI green rupee term deposit: Rate of interest
The rate of interest offered on green deposits depends on the loan’s tenor is as follows
Retail
Bulk
Tenors
Gen. Public
Sr Citizen
Gen. Public
Sr Citizen
1111 Days
6.65 per cent
7.15 per cent
6.4 per cent
6.9 per cent
1777 Days
6.65 per cent
7.15 per cent
6.4 per cent
6.9 per cent
2222 Days
6.4 per cent
7.4 per cent
6.15 per cent
6.65 per cent
SBI green rupee term deposit: TDS
Tax deducted at source (TDS) is applicable as per Income Tax Rules.
Also, customers must know that the SBI allows the transfer of accounts. However, the conversion from the existing term deposit to the SBI green rupee term deposit and vice–versa is not allowed.
