This ‘Green’ Fixed Deposit scheme funds firms and projects supporting UN SDGs; Check benefits

IndusInd Bank on Tuesday (December 28, 2021) announced the launch of “Green Fixed Deposits” for retail and corporate customers.

green fixed deposit

IndusInd Bank on Tuesday (December 28, 2021) announced the launch of “Green Fixed Deposits” for retail and corporate customers. The deposit proceeds will be used to finance projects and firms supporting the United Nations Sustainable Development Goals (SDGs), the bank said in a statement.

“The Bank will use the proceeds from these deposits to finance a wide array of sectors falling under the SDG category including, energy efficiency, renewable energy, green transport, sustainable food, agriculture, forestry, waste management, and greenhouse gas reduction,” the statement said.

Green Fixed Deposit Interest Rate

The interest rate on Ïndusind’s Green deposit will remain the same as regular FD plans offered by the bank. But in addition, depositors will get a ‘Green’ certificate as well as an ‘Assurance’ certificate confirming the end-use of deposit proceeds at the end of the financial year.

Currently, the bank is offering up to 6 per cent interest on regular FDs for different tenures, with an additional benefit of 50 basis points for senior citizens.

Commenting on the new FD scheme, Roopa Satish, Head – CSR and Sustainable Banking, IndusInd Bank said in the statement, “We are the only bank in India to secure ‘band A’ in the Carbon Disclosure Project and we have maintained our leadership capability over the last 5 years. We are now delighted to bring forth Green deposits that provide our customers with an opportunity to contribute towards building a cleaner and better society. We encourage both corporate and retail depositors to avail this opportunity.”

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