Some state-owned banks in the country have started offering special fixed deposit schemes for individuals who have got vaccinated against Covid-19. The financial benefits have been announced to encourage more people to get vaccinated against the deadly virus.
A few state-owned banks have decided to offer higher interest rates on fixed deposits to people who have got at least one dose of the Covid-19 vaccine. The offers have been announced for a limited period.
HIGHER INTEREST RATE ON FDs
UCO Bank has announced that it is offering 30 basis points or 0.30 per cent higher interest rate on fixed deposits of 999 days for applicants who have received at least one dose of the Covid-19 vaccine.
The bank’s offering for vaccinated individuals will last till September 30.
We are also taking minor steps to encourage vaccination drives. We are offering UCOVAXI-999... for a limited period till September 30," a bank official told news agency PTI.
This is in addition to another offer announced by the Central Bank of India in April. The bank had recently launched the Immune India Deposit Scheme with an additional interest rate of 25 basis points above the applicable rate for those who have been vaccinated. The scheme launched by the Central Bank of India has a maturity of 1,111 days, said the lender in a statement.
Under the public sector bank’s Immune India Deposit Scheme, senior citizens will get an additional 25 bps of interest on bank FDs. Therefore, senior citizens who have got vaccinated will get 50 bps or 0.50 per cent higher interest rate on fixed deposits.
In a tweet, the bank said, “To encourage Vaccination under Covid-19, Central Bank of India launches Special Deposit Product “Immune India Deposit Scheme" for 1111 days at an attractive extra Interest rate of 25 basis points above the applicable card rate for Citizens who got Vaccinated.”
Source: India Today | June 14, 2021