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Indian banks offer higher interest rates to encourage Covid-19 vaccination

A health worker inoculates a man with a dose of Covid-19 vaccine at a vaccination centre in New Delhi (Photo by PRAKASH SINGH/AFP via Getty Images)

By: Shilpa Sharma

IN ORDER to encourage people to get vaccinated against Covid-19, some state-owned banks have announced higher interest rates on deposits, but for a limited period.

Government-owned UCO Bank said it is offering 30 basis points or 0.30 per cent higher rate on fixed deposits of 999 days for applicants who have received at least one dose of a Covid vaccine.

“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 said.

Central Bank of India has also introduced the Immune India Deposit Scheme that offers an additional interest rate of 25 basis points above the applicable card rate for those who have taken their jabs.

The new product has a maturity of 1,111 days, the bank said in a release.

Total number of Covid-19 vaccine doses administered in the country has exceeded 235.9 million, the health ministry said on Monday (7).