SBI launches green rupee term deposit scheme
Jan 12, 2024
New Delhi [India], January 12 : The State Bank of India (SBI) has launched the SBI Green Rupee Term Deposit (SGRTD) to mobilise funds to support environment-friendly initiatives and projects.
This unique deposit scheme is open to resident individuals, non-individuals, and NRI customers.
It offers investors the flexibility to choose from three distinct tenors -- 1111 days, 1777 days, and 2222 days.
In term deposits, the sum of money is kept for a fixed maturity and the depositor is not allowed to withdraw this sum till the end of the maturity period.
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), the state-owned bank said in a release.
On the launch, Dinesh Khara, Chairman, SBI said this scheme is part of its commitment to sustainable finance.
"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," Khara said.
India committed to an ambitious five-part "Panchamrit" pledge at COP26, held in 2021. They included reaching 500 GW of non-fossil electricity capacity, generating half of all energy requirements from renewables, to reducing emissions by 1 billion tonnes by 2030.
India also aims to reduce the emissions intensity of GDP by 45 per cent. Finally, India commits to net-zero emissions by 2070.
