Take COVID-19 vaccine, get higher interest on your FDs

It is now the turn of Indian banks to entice people to get vaccinated against the COVID-19 virus by announcing higher interest rates on fixed deposits for those who have got the jabs. This offer valid for a limited period has been announced after Prime Minister Narendra Modi announced free vaccinations for every adult starting June 21 pan India.

The Kolkata-headquartered UCO Bank has announced a new offer named UCOVAXI-999, under which the vaccinated depositors will get a higher interest rate of 30 basis points (bps) for FDs of 999 days. The bank requires a vaccination certificate with at least one dose to be shown as proof.

Another nationalised bank, The Central Bank of India has announced an additional interest rate of 25 basis points (bps) for those who have got the jabs under the ‘Immune India Deposit Scheme’ for fixed deposits. An additional 0.50 percent extra interest rate for senior citizens will also be provided on the fixed deposits. The scheme has a maturity period of 1,111 days.

The public sector banks announced the new offers on fixed deposits a day after PM Modi announced that the central government will provide free COVID-19 vaccines to all adults above 18 across all states from June 21.

According to central government data, a total of  23,61,98,726 vaccine doses have been administered in the country till date.

It must be recalled that the vaccination drive had commenced on January 16 starting with the health care workers followed by the frontline workers and then adults above the age of 60 and 45 were included.  Now, the vaccination drive encompasses the 18-44 age group.