SBI Green Rupee Term Deposit: Investing for a Sustainable Green Future

As the world grapples with the pressing concerns of climate change and environmental degradation, the need for sustainable financial solutions has become more apparent than ever. In India, the State Bank of India (SBI), the country’s leading public sector bank, has taken a pioneering step in this direction by introducing the SBI Green Rupee Term Deposit (SGRTD). This innovative scheme offers a unique opportunity for individuals and businesses to invest their money while contributing to a greener future.

Investing with a Conscience: The SBI Green Rupee Term Deposit Advantage

The SBI Green Rupee Term Deposit is a fixed-deposit scheme with tenors specifically designed to cater to various investor requirements.

These include:

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• 1111 days
• 1777 days
• 2222 days

These unique tenors are not just random numbers; they represent the year in which India aims to achieve specific renewable energy targets. The 1111-day tenor, for instance, corresponds to the target of achieving 100 GW of solar power capacity by 2022. This alignment with national green goals imbues the SGRTD with a deeper significance, allowing investors to align their financial decisions with their environmental values.

Aimed at funding environmentally friendly projects, the SGRTD is accessible to a wide range of customers, including Resident Individuals, Non-Individuals, and NRIs.

Features of the SBI Green Rupee Term Deposit

The SBI Green Rupee Term Deposit offers a unique opportunity for investors to contribute to green initiatives through their deposits. It features three different term options: 1111 days, 1777 days, and 2222 days. Initially available via SBI’s branch network, plans are underway to extend this offering through digital platforms like YONO and Internet Banking Services (INB), broadening its accessibility.

Benefits

But the benefits of the SBI Green Rupee Term Deposit extend beyond mere symbolism. The scheme offers competitive interest rates comparable to other SBI term deposits, making it an attractive investment option. Additionally, the funds mobilized through the SBI Green Rupee Term Deposit are channeled towards financing renewable energy projects and other green initiatives. This means that by investing in the SGRTD, you are not just securing your financial future, but also actively contributing to building a cleaner and more sustainable planet.

Unveiling the Green Canvas: Where Your Investment Makes a Difference

The funds raised through the investment are directed towards a diverse range of environmentally conscious projects, encompassing areas such as:

• Renewable energy generation: Financing solar, wind, and other renewable energy projects to reduce dependence on fossil fuels.
• Energy efficiency initiatives: Promoting energy-saving technologies and practices to decrease carbon footprints.
• Green infrastructure development: Supporting the development of sustainable infrastructure projects like electric vehicle charging stations.
• Environmental conservation initiatives: Contributing to projects aimed at protecting biodiversity, conserving natural resources, and mitigating climate change effects.

By investing in the SGRTD, you are essentially becoming a stakeholder in these impactful projects, driving positive change at the grassroots level. Your Green investment becomes a seed for a greener tomorrow, nurturing a future powered by clean energy and environmental responsibility.

Taking the Green Pledge: How to Invest in the SBI Green Rupee Term Deposit

Investing in the SGRTD is a simple and straightforward process. You can open an account at any SBI branch or through the bank’s online banking platform. The minimum investment amount is just Rs. 1,000, making it accessible to a wide range of individuals. The scheme is available to both resident and non-resident Indians, further extending its reach and impact.

By choosing the SBI Green Rupee Term Deposit, you are not just making a wise financial decision, but also taking a conscious step towards a sustainable future. You are joining a growing community of individuals and businesses who believe that financial prosperity can go hand-in-hand with environmental responsibility. So, why wait? Start weaving your green dreams with the SBI Green Rupee Term Deposit today and be a part of the change you wish to see in the world.

Leadership’s Vision and Commitment

The launch of the SBI Green Rupee Term Deposit (SGRTD) underlines a profound shift in the strategic approach of India’s largest bank, State Bank of India (SBI), towards sustainable and environmentally conscious banking practices. At the helm of this transformative initiative is Dinesh Khara, the Chairman of SBI, whose vision and commitment towards a greener future are vividly reflected in this new scheme.

The ambitious goal of achieving net carbon zero by 2070

Khara’s enthusiasm for the SBI Green Rupee Term Deposit (SGRTD) is not just about introducing a new financial product; it represents a fundamental alignment of SBI’s operations with the broader environmental objectives of the nation. By explicitly connecting the SGRTD with India’s goal to achieve net carbon zero by 2070, Mr. Khara is positioning SBI as a pivotal player in the country’s journey towards environmental sustainability. This move exemplifies a leadership style that is not only forward-thinking but also responsible and responsive to the global challenge of climate change.

Furthermore, Dinesh Khara’s emphasis on the SGRTD as a step towards a more environmentally responsible financial future indicates a significant shift in the bank’s philosophy. It suggests that SBI is moving beyond traditional banking practices to embrace a role that intertwines financial activities with ecological stewardship.

This strategic pivot under Dinesh Khara’s leadership signals a new era for SBI, where the pursuit of economic growth goes hand in hand with environmental preservation, setting a precedent for other financial institutions in India and globally.

Impact on Sustainable Finance and the Environment

The introduction of the SGRTD by SBI marks a significant milestone in promoting sustainable finance in India. It not only underlines the bank’s commitment to environmental responsibility but also encourages public participation in the nation’s journey towards sustainability. Through this product, SBI is offering a platform for individuals and entities to actively contribute to India’s vision of a sustainable future for all.

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 a 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.

(India CSR/January 12, 2024)