Insta
Central Bank Of India Offers Extra Interest Rate On FD For Senior Citizens Who Take Covid-19 Vaccine
Russian Sputnik V Covid-19 vaccine (Pic Via Sputnik V website)
Central bank of India, a public sector bank, is offering a 0.25 per cent or 25 basis points increase in interest rates to encourage people to get vaccinated.
An Additional 25 bps increase will be offered to the senior citizens who have been vaccinated, the bank announced in a tweet.
Basis points are a common unit of measure for interest rates and other percentages in finance. One bps is equal to 1/100th of one per cent.
The Scheme's name is ' Immune India Deposit Scheme.' It has a maturity period of 1,111 days, some 16 days more than three years.
The additional 25 bps interest rate will be applicable on the fixed-deposit FD rates offered by the banks for senior citizens.
This incentive by banks is expected to combat cases of vaccine hesitancy which have cropped up among the Indian populace. Medical experts have time and again assuaged the fears of public by reiterating that it is safe to take Covid-19 vaccines. These vaccines are instrumental in preventing hospitalisation, and an infection if any after getting vaccinated is only expected to result in mild symptoms.
A total of 10.85 crore doses of vaccine have been given in India till 7 am today (13 April).
Support Swarajya's 50 Ground Reports Project & Sponsor A Story
Every general election Swarajya does a 50 ground reports project.
Aimed only at serious readers and those who appreciate the nuances of political undercurrents, the project provides a sense of India's electoral landscape. As you know, these reports are produced after considerable investment of travel, time and effort on the ground.
This time too we've kicked off the project in style and have covered over 30 constituencies already. If you're someone who appreciates such work and have enjoyed our coverage please consider sponsoring a ground report for just Rs 2999 to Rs 19,999 - it goes a long way in helping us produce more quality reportage.
You can also back this project by becoming a subscriber for as little as Rs 999 - so do click on this links and choose a plan that suits you and back us.
Click below to contribute.
Latest
