One of the largest public sector banks in the country, the State Bank of India (SBI), has launched a unique scheme called SBI Green Rupee Term Deposit (SGRTD). This initiative aims to raise funds for environmentally friendly projects. By investing in this scheme, customers can contribute to green projects while earning a fixed return.
Interest Rates and Benefits
The interest rates on this term deposit scheme are slightly lower than regular fixed deposits:
- 6.65% per annum for investments of 1,111 days and 1,777 days.
- 6.40% per annum for investments of 2,222 days.
Loan and Overdraft Facility
Investors in this scheme can avail of loan and overdraft facilities, just like other SBI fixed deposit schemes.
TDS (Tax Deduction at Source)
- As per income tax rules, TDS will be applicable on the interest earned from SBI Green Rupee Term Deposit.
- If you are not liable for TDS, you can submit Form 15G or 15H based on your income tax status.
Benefits for Senior Citizens
- Senior citizens will get higher interest rates on their investments.
- SBI employees, including senior citizens, will get additional interest benefits.
- However, senior citizen employees will not be eligible for extra interest under this scheme.
How to Apply for SBI Green Rupee Term Deposit?
- Customers can visit any SBI branch to invest in this scheme.
- SBI also plans to launch this scheme on its online platforms, including YONO (mobile banking app), internet banking, and mobile banking.
- This will help customers apply and manage their investments more easily in the future.