SBI Launches Green Rupee Term Deposit. Know who can avail them
What is the aim?
In a move towards sustainable finance, the State Bank of India (SBI) has introduced the SBI Green Rupee Term Deposit (SGRTD). This aims to mobilise funds dedicated to supporting environment-friendly projects and initiatives.
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Who can avail of the service?
The SGRTD is a versatile deposit scheme accessible to a wide range of individuals and entities. Whether you are a Resident Individual, a Non-Individual, or an NRI Customer, the doors to the green investment opportunity are wide open.
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What is the tenure?
Investors are given the flexibility to choose from three distinctive tenors when opting for the SGRTD.
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Here’s the duration
These tenors are strategically set at 1111 days, 1777 days, and 2222 days, allowing investors to align their financial goals with their desired investment duration.
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Dinesh Khara's Statement on SGRTD Launch
Dinesh Khara, the Chairman of SBI, stated that this step is a stride towards fulfilling the ambitious goal of the Indian Government to achieve net carbon neutrality by 2070. The SGRTD aims to contribute to a greener and environmentally responsible financial future for all.
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RBI's Framework for Green Deposits
In April, the Reserve Bank of India (RBI) issued a comprehensive framework concerning the acceptance of green deposits by banks.
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Objectives
The primary objectives of this framework are to safeguard the interests of depositors, assist customers in achieving their sustainability agenda, address green-washing concerns, and facilitate the increased flow of credit to green activities. This framework aligns with the global movement towards environmentally conscious banking practices.
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Why is this important?
This initiative comes at a crucial time when environmental concerns are at the forefront of global discussions. By introducing the SGRTD, SBI is not only providing a unique investment avenue but is also actively participating in the larger movement towards a sustainable and eco-friendly financial sector.
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