New Delhi: There are many funding avenues in India. But, because the world turns its focus in the direction of environmental sustainability, Indian banks are stepping up their efforts to help inexperienced initiatives. State Bank of India (SBI) and Bank of Baroda are among the many key gamers on this motion.
Both banking giants provide inexperienced mounted deposit (FD) services to their clients. Here we’re decoding the comparability of the inexperienced FDs offered by these two distinguished banks. (Also Read: Indian CEO Leaves High-Paying Microsoft Job to Pursue Passion for Farming)
Continue studying to delve deep into the additional particulars. (Also Read: NHAI Revised Banks & NBFC List To Issue FASTags: Check New Authorized Entities Here)
What Is Green Deposits?
Green deposits are interest-bearing deposits obtained by regulated entities, with the funds particularly earmarked for allocation in the direction of inexperienced finance, as per the Reserve Bank of India’s notification.
The round is dated April 11, 2023. These deposits purpose to channel funds in the direction of environmentally sustainable tasks.
RBI Issued FAQs
The RBI not too long ago launched a doc addressing numerous inquiries buyers could have relating to inexperienced deposits, offering readability and steering on the matter.
Introduction Of SBI And BoB Green Term Deposits
Bank of Baroda has rolled out the BOB Earth Green Term Deposit Scheme, permitting each present and new clients to open inexperienced deposits at any Bank of Baroda department throughout India.
Meanwhile, the State Bank of India gives the SBI Green Rupee Term Deposit (SGRTD) by way of its department community. Additionally, plans are underway to make SGRTD accessible by way of digital channels corresponding to YONO and Internet Banking Services (INB).
SBI vs BoB Green Rupee Term Deposit: Tenors
SGRTD from SBI gives buyers with flexibility, providing three distinct tenors: 1111 days, 1777 days, and 2222 days.
On the opposite hand, the BOB Earth Green Term Deposit Scheme introduces modern tenures together with 1 12 months, 1.5 years, 1111 days, 1717 days, and 2201 days.
SBI vs BoB Green Rupee Term Deposit: Interest Rates
According to data accessible on the SBI web site, SGRTD gives rates of interest 10 foundation factors (bps) beneath the cardboard fee for retail and bulk deposits, various primarily based on the respective tenor.
Source: zeenews.india.com
