SIB Green Deposit - 66 Month Fixed Deposit at South Indian Bank

SIB Green Deposit is a fixed-term investment option for individuals and businesses who wish to allocate their surplus funds toward environmentally sustainable projects. This deposit provides an opportunity to contribute to eco-friendly initiatives while aligning with sustainability goals. 

These deposits use the invested funds to support businesses and projects that reduce carbon emissions, enhance climate resilience and foster a greener economy. By choosing SIB Green Deposit, you can actively participate in financing initiatives that promote environmental responsibility and long-term sustainability.

Key Takeaways

• SIB green deposit is a 66 month fixed deposit scheme offered by South Indian Bank
• The aim of this investment scheme is to encourage businesses and individuals to contribute to eco-friendly initiatives.
• The SIB green deposit interest rate is 6.00% for regular citizens and 6.50% for senior citizens.
• The maximum limit to SIB green deposit is ₹3 crore.

What is the SIB Green Deposit?

As mentioned above, SIB Green Deposit is a fixed-term deposit offered by South Indian Bank, designed to use investor funds into environmentally sustainable projects. With this fixed deposit scheme, support for eco-friendly and green businesses and projects are supported hence, a move towards creating a greener economy.

The interest rate offered under SIB green deposit are:

• Regular Citizens: 6.00%
• Senior Citizens: 6.50%

What Are the Features of the SIB Green Deposit Scheme?

Here are some key features of the SIB Green Deposit scheme:

• The SIB green deposit scheme was launched on January 29, 2023, and continues to be available for investors.
• It has a fixed tenure of 66 months allowing investors to deposit amounts of up to ₹3 crore.
• It is a Cumulative FD, a part of Fixed Deposits (FD) and Kamadhenu Deposit (KND).
• Just like any other FD, investors can enjoy monthly interest payment facilities at a lowered interest rate.
• The scheme is accessible to domestic, non-resident external (NRE) and nonresident ordinary (NRO) account holders.
• Premature closure of the deposit is allowed with some penalty. In case of NRE deposits, if the deposit is closed before completing one year, no interest will be paid.
• Additional benefits are applicable to the senior citizens and bank staff as per bank policy.
• Tax Deducted at Source (TDS) applies to this deposit, along with all other standard features applicable to term deposits.

How to Invest in the SIB Green Deposit Scheme?

Follow these steps to invest in the SIB Green Deposit Scheme online:

1. Head to the Quick FD page of South Indian Bank or simply click here
2. Go to 'Open FD now' option
3. Enter your details including; PAN, mobile number, email ID, and other KYC details.
4. Add payment details such as deposit amount, tenure and payment method
5. Make payment and then proceed to V-KYC (keep your PAN ready).
6. Once done, your FD will be booked and you will get the summary of your transaction on your screen.

Thus, the SIB Green Deposit Scheme is an excellent choice for individuals and businesses looking to invest in sustainable projects while earning returns. With a fixed tenure of 66 months and multiple interest payout options, this deposit allows you to contribute to a greener economy while securing your funds.

If you are looking for a seamless way to invest in other FDs of SIB, you can consider using the Stable Money app. It provides a hassle-free platform to explore and invest in various fixed deposit schemes.