State-run Central Bank of India has launched a special deposit scheme offering an additional interest rate of 25 basis points above the applicable card rate for those who get vaccinated in order to encourage people to get COVID-19 jabs.
"To encourage vaccination under COVID-19, Central Bank of India launches Special Deposit Product 'Immune India Deposit Scheme' for 1,111 days at an attractive extra interest rate of 25 basis points above the applicable card rate for citizens who got vaccinated," the bank said on microblogging website Twitter.
The bank went on to say that it would offer higher fixed deposit rates by up to 50 bps for senior citizens who had been vaccinated. The tagline for the special deposit scheme is "Vaccination protects health, Central Bank brings wealth".
Central Bank currently offers a rate of 3.40-5.35 percent on fixed deposits ranging from seven days to 10 years. For senior citizens, the rate goes up to 5.85 percent. Rates on fixed deposits of seven days to 10 years, offered by the country's largest lender State Bank of India, are currently at 2.90- 5.40 percent, and these go up to 6.20 percent for senior citizens.
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