Got your COVID-19 jab? Avail these financial benefits, additional perks for senior citizens

To ramp up the vaccination drive in the country, state governments are coming up with innovative ways. Some states and state-owned banks have introduced exclusive fixed deposit schemes for individuals who have been inoculated with the COVID-19 vaccine.

The limited period financial benefits are being offered as higher interests on fixed deposits for people who have inoculated with at least the first dose of the COVID-19 vaccine. 

Different schemes offered by banks:

UCO Bank has come up with an offer valid until September 30. It is valid for individuals who have taken at least their first jab. The bank is offering 30 basis points (bps) or a 0.3 percent higher interest rate on fixed deposits (FDs) of 999 days.

"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 told news agency PTI.

The Central Bank of India recently announced the ‘Immune India Deposit Scheme’ with an additional interest rate of 0.25 basis points above the applicable rate for those who have taken their first shot of vaccine.

This scheme has an additional offer for senior citizens, as it offers additional  25bps of interest on bank FDs. So, senior citizens in total will get a benefit of 50 bps or 0.5 percent higher interest rate on fixed deposits.

In a tweet, the bank said, “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.”

Meanwhile, Prime Minister Modi in his address to the nation on Monday evening, declared that from June 21, all citizens above the age of 18 years will get free vaccines. He also mentioned that there is ongoing work on the production of ‘intranasal’ vaccines.