Banks offering higher interest rates on deposits to encourage COVID-19 vaccination

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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 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 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.

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

The cumulative number of COVID-19 vaccine doses administered in the country has exceeded 23.59 crore, the health ministry said on Monday.

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