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).
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