SBI Bank FD Scheme : The State Bank of India (SBI), the country’s largest and most trusted government bank, has launched a new investment scheme called the SBI Green Rupee Term Deposit Scheme. Under this scheme, investors can earn attractive interest rates while contributing to environmentally friendly projects.
Let’s understand all the important details about this new SBI scheme below.
SBI Green Rupee Term Deposit – Earn High Interest on 1111 Days Scheme
SBI has introduced this new Green Rupee Term Deposit Scheme to raise funds for and invest in environmentally sustainable projects.
Who Can Invest in SBI Green Rupee Term Deposit?
Both Indian residents, NRIs (Non-Resident Indians), and NRO account holders are eligible to invest in this scheme.
Tenure Options for Investment
SBI offers this special term deposit under three different durations:
- 1111 days
- 1777 days
-
2222 days
Interest Rates on SBI Green Rupee Term Deposit
The interest rates offered under this scheme are slightly lower compared to SBI’s regular fixed deposits. Here’s the breakup:
- 1111 days – 6.65% per annum
- 1777 days – 6.65% per annum
-
2222 days – 6.40% per annum
Extra Benefits for Senior Citizens
Senior citizens will receive higher interest rates compared to regular investors.
Additionally, existing SBI employees and retired SBI staff will also enjoy extra interest benefits.
However, NRI senior citizens and NRI employees are not eligible for this additional interest rate.
Loan and Overdraft Facilities
Investors in this scheme can also avail loan or overdraft facilities against their deposits — similar to regular fixed deposits.
TDS (Tax Deducted at Source) Applicability
TDS will be applicable as per Income Tax rules on the interest earned under this scheme.
Investors may need to submit Form 15G or 15H depending on their tax status.
Why SBI Green Rupee Term Deposit is Special
- The scheme supports environment-friendly and sustainable projects.
- It offers guaranteed returns for a fixed tenure.
-
It provides a safe and simple investment option for customers.
If you’re looking for low-risk and assured returns, this SBI scheme can be an excellent choice for you.
How to Apply for SBI Green Rupee Term Deposit
Initially, customers can open this deposit through SBI bank branches.
Soon, the bank plans to extend the facility to YONO App, Internet Banking, and Mobile Banking platforms.
In summary:
The SBI Green Rupee Term Deposit Scheme is a great opportunity for investors who wish to earn stable returns while contributing to a greener and cleaner future.
