This unique deposit scheme is open to Resident Individuals, Non-Individuals, and NRI Customers
FinTech BizNews Service
Mumbai, January 12, 2024: State Bank of India (SBI), country’s largest Bank has launched the SBI Green Rupee Term Deposit (SGRTD), with the aim of mobilizing funds to support environment friendly initiatives and projects, thereby fostering the growth of a green finance ecosystem in India. This unique deposit scheme is open to Resident Individuals, Non-Individuals, and NRI Customers.
SGRTD offers investors the flexibility to choose from three distinct tenors: 1111 days, 1777 days, and 2222 days. 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).
On the launch, Dinesh Khara, Chairman, SBI said, “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 Government of India of making our nation net carbon zero by 2070, fostering a greener and environmentally responsible financial future for all."
This innovative product underscores SBI's commitment to promote sustainable finance and encouraging contributions towards green activities, providing opportunities for individuals and entities to support country’s vision to a sustainable future for all.
About State Bank of India
State Bank of India is the largest commercial bank in terms of assets, deposits, branches, customers, and employees. It is also the largest mortgage lender in the country which has so far fulfilled the home-buying dreams of over 30 lakh Indian families. The home loan portfolio of the bank has crossed Rs. 6.72 lakh crore. As of September 2023, the bank has a deposit base of over Rs. 46.89 lakh crore with CASA ratio of 41.88% and advances of more than Rs. 34.11 lakh crore. SBI commands a market share of 27.4% and 19.3% in home loans and auto loans respectively. SBI has the largest network of 22,400+ branches and 65,600+ ATMs / ADWMs in India with 79,647 BC outlets. The number of customers using internet banking and mobile banking stand at 122 million and 107 million respectively. With SBI’s digital strategy right on track – the bank witnessed 61% of new savings accounts being opened through the integrated digital and lifestyle platform YONO in Q2FY24. YONO, which has more than 6.72 crore registered users, witnessed 36 lakh new YONO registrations in Q2 FY24. In terms of digital lending, the bank disbursed pre-approved personal loans worth Rs. 7,489 crores through YONO in the same period. SBI also has the highest number of followers on Facebook and Twitter amongst all banks worldwide.
