Got COVID-19 Vaccine? You May Get Higher Interest Rates On Bank FDs

In an effort to motivate the eligible people to get vaccinated against COVID-19, some government-owned banks have announced higher interest rates on fixed deposits (FDs) for those who have got the jabs.

The banks have announced higher interest rates on FDs to all those who will show their vaccination certificates. The offer will remain in force for a limited period.

This has come at a time when Prime Minister Narendra Modi has announced that the Central government will provide free vaccines against COVID-19 to all adults across all states from June 21.

Kolkata-based UCO Bank is offering 30 basis points (bps) higher interest rates on fixed deposits of 999 days to all those applicants who have received at least one dose of any Covid vaccine. The bank has named the offer as UCOVAXI-999 and it will remain effective till September 30.

The Central Bank of India is offering an additional interest rate of 25 basis points (bps) above the applicable rate for those who get vaccinated. The bank is offering 0.50 percent extra interest rates on FDs for senior citizens. It has named the scheme as ‘Immune India Deposit Scheme’ having a maturity period of 1,111 days.

https://twitter.com/centralbank_in/status/1381582889414983681?s=20

The cumulative number of COVID-19 vaccine doses administered in the country has exceeded 23.61 crores, the health ministry said on Tuesday. The vaccination of the 18-44 population is currently being covered under the drives launched by states and private hospitals in India.

India’s COVID-19 vaccination drive began on January 16 for health care workers. Later the driver also covered front-line workers. After a few weeks, the government laid down a new guideline policy allowing the vaccination for the population above 60 years and those above 45 years with underlying health conditions, or comorbidities.

In April, the government removed the comorbidity clause and made all above 45 eligible for the vaccine shot. In May, India became one of the few countries to open the vaccination drive to all adults.

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