In a bid to encourage more COVID-19 vaccination, some state-owned lenders have announced higher interest rates on deposits, but for a limited period.
City-based UCO Bank said it was offering 30 basis points or 0.30 percent higher rate on fixed deposits of 999 days for applicants who had received at least one dose of a COVID-19 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 to PTI.
The Central Bank of India had also recently launched the Immune India Deposit Scheme with an additional interest rate of 25 basis points above the applicable card rate for those who have been vaccinated.
"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," the bank had tweeted.
The Immune India Deposit Scheme has a maturity of 1,111 days and is for a limited period. Senior citizens are eligible for extra interest as applicable.
The cumulative number of COVID-19 vaccine doses administered in the country has exceeded 23.59 crore, the health ministry said on June 7.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
