The State Bank of India (SBI) has introduced a new Green Rupee Term Deposit scheme. The biggest public sector bank said that it marks a significant leap towards promoting environmentally friendly initiatives. According to the press statement, the scheme is open to a diverse range of participants, including resident individuals, non-individuals, and non-resident Indians. The Green Rupee Term Deposits are currently accessible through the branch network of SBI. The accessibility will soon extend to the digital domain through the YONO app and internet banking services, the statement added.
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Designed for individuals who want to invest surplus cash reserves in eco-friendly projects, the green term deposits offer diverse tenors, including 111 days, 1,777 days, and 2,222 days. Chairman of SBI, Dinesh Khara stated, "We are happy to launch the SBI Green Rupee Term Deposit Scheme. By offering this product, we stride towards fulfilling the goal of Government of India of making our nation net carbon zero by 2070, fostering a greener and environmentally responsible financial future for all."
SBI said that the impact of the Green Rupee Term Deposit will extend beyond individual investors, as it will contribute to the larger goal of sustainable development. “Investing in these eco-friendly initiatives not only supports environmentally responsible projects but also encourages a broader shift towards a sustainable financial landscape,” the release added.
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