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PSB Green Earth Term Deposit

  2. PSB Green Earth Term Deposit

New Special Fixed Deposit Product “PSB Green Earth Term Deposit.”

Green deposits are interest bearing fixed deposits denominated in Indian rupees similar to regular fixed deposits. The objective of PSB Green Earth Deposit is to promote environment friendly initiatives by encouraging depositors to invest in Green projects and activities that contribute to sustainable development. The product aims to mobilise deposits and use the proceeds for funding projects and activities that promote environmental conservation, renewable energy and other green initiatives.

Eligibility
  • Individual (singly or jointly) with others
  • Proprietorship/Partnership Firm, Commercial Organization, Company /Corporate Body
  • Association, Club, a Society, Trust or Religious/Charitable or Educational Institutions
  • Municipality or Panchayat, Government or Quasi-Government Body
Age of Entry Minimum 18 Years and above
Mode of Operation of Accounts Single Operation/ Joint Operation/Operation through Power of Attorney or as the case be etc.
Minimum Single Deposit Amount Rs.10,000 (Rs. Ten thousand only), and thereafter in multiples of Rs.1.
Maximum Single Deposit Amount Rs.299.00 Lakh (Rupees Two Crore Ninety Lakh Only)
Tenure 22 months, 44 months, 66 months
Rate of Interest ROI
Premature Withdrawal Allowed as per the extant bank guidelines.
Conversion from PSB GREEN EARTH DEPOSIT to any other general scheme of FDR or at time of Renewal/Extension Not Allowed
Availability of Loan/Overdraft Allowed
Renewal/Closure Flag To be as per customer mandate.
Auto Renewal / Renewal as per customer mandate:-

Auto Renewal :-

In case of auto renewal, the period shall be of the same maturity by default as was opted at the time of opening FDR account in PSB Green Earth Deposit ie. 22 months /44 months/66 months as the case may be .

The rate of interest applicable upon renewal will be as per prevailing rate for these tenures at that time.

However, if the Renewal Amount is Rs 3.Crore and above, the same shall be treated as Bulk Deposit and it will not be auto renewed.
TDS applicable Interest accrued on this deposits is liable for Tax in accordance with the guidelines issued by Income Tax Department, GoI, from time to time.
Nomination facility Available as per Bank’s extant guidelines

All other Terms and conditions as applicable to other Fixed Deposit Product but not mentioned in this product shall apply here also.

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