Is State Bank of India Too Large To Be a Green Bank?
State Bank of India (SBI) is the largest bank in India with assets of over $300 billion. The bank traces roots back to the British Empire. Today, in addition to hundreds of branches in India, SBI has bank operations in another thirty countries across the globe including a FDIC-insured bank in the United States with branches in New York and California. Can a bank this large ever be considered a green bank?
Well they can certainly try. And State Bank of India is trying. Recent green innovations include:
- Adapting in India 51 branches to “green” banking with paperless card-based transaction lines to process deposits, check-cashing and other normal banking activities
- Supporting the construction of windfarms in India
- Making a commitment that new building will adopt green building standard including utilizing natural lighting and recycled water
- Implementing policies aimed at achieving carbon neutrality
- Online money transfers between United States and India from branch banks
Does this mean that State Bank of India with their thousands of buildings, billions of dollars of loans and long history of financing industries has now converted itself to a green bank?
However, getting international banks like SBI to focus on green banking and sustainable building practices is a positive step for the environment. After all, it can be hard to avoid the large banks of the world if you own a business, a house or invest money. They are everywhere. What helps is when you can find a bank that has made the commitments like the green initiatives announced at State Bank of India.
Residents of the United State can find some high CD rates (in comparison to other banks) at State Bank of India. The minimum opening deposit is $5,000 for U.S. residents and $10,000 for non-U.S. residents and corporations. Deposits are FDIC-insured. Posted rates are:
3-month CD 0.50% APY
6-month CD 0.75% APY
1-year CD 1.15 % APY
2-year CD 1.51% APY
3-year CD 1.76% APY
5-year CD 2.27% APY
Find the best green banking CD rates listed at Green Bank Report.