HSBC India becomes 1st Foreign Bank in India to launch a ‘Green Deposit Programme’ exclusively for corporate clients to finance green initiatives and eco-friendly projects like renewable energy, clean transportation, and pollution prevention among others, that promote transition to a low-carbon, climate resilient and sustainable economy. This will enable companies to support environmentally-beneficial projects.
- It is available in Rupees(Rs) as ‘Term Deposit’, which generally attracts higher interests compared to savings deposits.
- The amount for Green Deposits will be subject to limits basis availability of eligible projects & businesses
About Green Deposit Programme:
As a product, ‘Green Deposit’ offers a stable principal, pre-agreed return and same levels of principal protection as a bank deposit.
The bank will provide the customers a quarterly report which contains portfolio-level information regarding the use of the deposited funds.
The product is suitable for the following:
i.Corporate who want to include a sustainable agenda into their treasury activities with the safety and assurance of a bank deposit or for those who have limited opportunities for investment in environmentally beneficial projects.
ii.It is also equally suitable for corporates who have either a mature sustainability agenda or are looking to start on this path.
i.The product is aligned with HSBC India’s global commitments towards sustainable financing.
ii.It allows the clients of the bank to participate in the journey towards a low carbon economy.
Recently HSBC India has financed the green loan aligned with the Green Loan Principles in the renewables sector as the only lender and advisor, to set up a 250 MW wind power project in Kutch, Gujarat in India.
Recent Related News:
i.ICICI bank has introduced a special fixed deposit (FD) scheme for senior citizens called ‘ICICI Bank Golden Years FD’ which offers an interest rate of 6.55% per annum(p.a) for deposits up to Rs 2 crores with a tenure of more than 5 years(5 years and 1 day ) to 10 years. It is applicable for resident Indians & is available from May 20 to September 30, 2020.
ii.Karnataka Bank in partnership with Universal Sompo General Insurance Company has launched a health insurance policy. The policy aims to cover the individuals’ COVID-19 pandemic related health expenses.
About HSBC India
HeadQuarters– Mumbai, Maharashtra