SBI Launches Green Rupee Term-Deposit FD Scheme

Current Context: The State Bank of India (SBI) launched the SBI Green Rupee Term Deposit (SGRTD) scheme on Friday, January 12, 2024.

• Here are some key features of the scheme:
• Purpose: It is an initiative to mobilize funds for financing green activities and projects and developing a green finance ecosystem in the country.
• Eligibility: The scheme is open to Resident Individuals, Non-Individual, and NRI Customers.
• Tenor: The scheme offers three distinct tenors: 1111 Days, 1777 Days, and 2222 Days.
• Rate of Interest: The interest rate is 10 bps below the Card Rate for Retail and Bulk Deposit for the respective tenor.
• Here are the present effective interest rates:
• 1111 Days: General Public - 6.65%, Senior Citizen - 7.15%
• 1777 Days: General Public - 6.65%, Senior Citizen - 7.15%
• 2222 Days: General Public - 6.40%, Senior Citizen - 7.40%
• Additional Benefits: Senior Citizens/ Staff/ Staff Senior Citizens are eligible for additional Interest Rate over the applicable Rate for the public under the Scheme.
• Pre-mature withdrawal: Allowed.
• Loan facility: Loan/ Overdraft facility is available against the Deposit.
• TDS: TDS is applicable as per Income Tax Rules.
• Others: Conversion from existing TDR to SGRTD and vice – versa is not allowed. The scheme is available through branch channel and will be made available through YONO & INB shortly.

Question:

Q.1 What is the purpose of the SBI Green Rupee Term Deposit (SGRTD) scheme?
a. To finance green activities and projects
b. To finance infrastructure projects
c. To finance agricultural projects
d. To finance educational projects