Mumbai: IndusInd Bank has announced the launch of ‘Green Fixed Deposits’ where the deposit proceeds will be used to finance projects and firms supporting the United Nations Sustainable Development Goals (SDGs). IndusInd Bank is amongst few banks globally, to bring forth this proposition, thereby integrating SDG into a regular fixed deposit product.
These deposits shall be offered to both retail and corporate customers. 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.
Speaking about the launch, Ms. Roopa Satish, Head - CSR and Sustainable Banking, IndusInd Bank said, “At IndusInd Bank, sustainable banking has always been a critical area of focus. 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. The interest on Green deposit remains attractive with an additional benefit of 50 basis point for senior citizens. In all ways, it is similar to a regular bank deposit but in addition, depositors will be issued a ‘Green’ certificate as well as an ‘Assurance’ certificate confirming the end use of deposit proceeds at the end of the financial year."
Features & Benefits of Green Fixed Deposit
- Higher rate of interest up to 6% per annum
- Additional returns for the senior citizens of 0.50% per annum
- Deposits backed by insurance for up to ₹5 lakh
- Low pre-mature withdrawal charges of only 1%
- Assurance certification from a reputed external consulting firm
The launch of ‘Green’ deposits’ is part of IndusInd Bank's larger commitment of creating value for all its stakeholders, and remaining focused at driving sustainable economic growth of the country.
Source: Livemint
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