A few state banks are offering higher interest rates on fixed deposits to those customers who have received the Covid vaccine. The offer is available even to those who have got their first Covid jab.
In April, the Central Bank of India launched the Immune India Deposit Scheme. Through this special deposit scheme, the bank will give an additional interest rate of 25 basis points (bps) above the applicable card rate to those who have been vaccinated against the virus. This scheme has a maturity of 1,111 days and is valid for a limited period. Senior citizens are also eligible for extra interest as applicable under this scheme.
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.#Unite2FightCorona pic.twitter.com/MKEJaHgMpE
— Central Bank of India (@centralbank_in) April 12, 2021
UCO Bank has also introduced a similar scheme. The bank has said that it will be offering 30 basis points or 0.30 per cent higher interest rate on fixed deposits of 999 days for applicants who have received at least one dose of the Covid vaccine. The bank’s offer for vaccinated individuals will last till September 30, reported PTI.
The Covid vaccine has also become an important factor in purchasing life insurance. Life term insurance providers like Max Life and Tata AIA are asking its customers to ensure that they receive the Covid vaccine in order to buy the insurance. Tata AIA is giving insurance to customers across all age groups provided they have received at least one dose of Covid vaccine. Speaking to The Economic Times, Tata AIA spokesperson said that the company wishes to ensure the highest degree of financial protection to their policyholders, and that is why they make sure that their interests are kept safe at all times. According to The Economic Times report, Max Life is issuing term life insurance covers to its customers aged above 45 only after they produce the final Covid vaccine certificates.
With inputs from News18