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Green Deposits

Features & Benefits

Now you can contribute to the environment while you invest your money!


Federal Bank is glad to introduce Green Deposits, a fixed deposit for a specific tenure, where the amount deposited by you will be used for lending to renewable energy projects, green building projects and projects in smart agri, water or waste management projects etc.

 

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The deposit is offered at special rates 
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By investing in Green deposits, you would become part of the ESG (Environment, Social and Governance) framework
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Deposit funds will be utilized for lending towards environment friendly projects
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Nomination facility is available 

How to Invest ?

  • You can invest in Green Deposit either via online or offline mode
  • Please visit FedNet/FedMobile to open deposit online and select the period as 72Months and 30 Days
  • If you do not have online banking facility activated, please visit your branch for opening the deposit

Who can Invest ?

Resident or NRI

  • Individuals
  • Individuals jointly with other Individuals
  • Guardian for Minor Individuals 
  • HUF
  • Sole Proprietary concerns
  • Clubs/Associations
  • Firms
  • Joint stock companies
  • Any other entity not prohibited by RBI

TDS and PAN

  • In the case of Fixed Deposits, applicable TDS will be deducted periodically from the interest credited to operative account/ term deposit
  • Income tax will be deducted as per the law applicable and if the depositor‘s total income including the interest earned on deposit does not come under the purview of income tax, 15H/15G has to be submitted by the depositor to the branch after opening the term deposit and at the beginning of the Financial Year in the subsequent Financial Years
  • With effect from 01 July 2011, for opening term deposit exceeding Rs. 50,000/- with the Bank, it is mandatory to quote Permanent Account Number (PAN) of the customers or submit Form 60/61, duly signed
  • In the absence of PAN, Form 15G/H and other exemption certificates will be invalid even if submitted & penal TDS will be applicable.
  • As per section 206AA introduced by Finance (No. 2) Act, 2009 effective April 01, 2010, every person who receives income on which TDS is deductible shall furnish his PAN, failing which TDS shall be deducted at the rate of 20% in case of Domestic deposits
  • Kindly visit your Federal Bank branch with your PAN card (original & copy) to get the same updated on the bank accounts.