State-owned banks have started offering financial incentives in order to encourage vaccination.
The offers include a marginally higher interest rate on fixed deposits for a brief period of time.
Its plan is called UCOVAXI-999 aimed at encouraging people to get vaccinated.
It is offering 30 basis points or 0.30% higher interest rate on fixed deposits of 999 days.
The condition is that one has to have received at least a single dose of vaccine.
The offer will end on September 30.
Central Bank of India
The bank introduced its Immune India Deposit Scheme which gives 25 extra basis points or additional interest rates above the present rate.
Once again, the condition is that applicants will have to have received a single shot of vaccine.
The time period here is longer, however, at a maturity of 1,111 days.
The scheme also applies to senior citizens who are eligible to be rewarded with 50 bps or 0.50% higher interest rate on their fixed deposits.
All Adults To Receive Free Vaccine
In additional news, PM Modi announced that all adults over 18 years of age will receive free vaccines from June 21 onwards.
The central govt will give vaccines to states in order to execute inoculation for all adults.
The govt is working on procuring 75% of total vaccine production from manufacturers after which it will give it away to states for free.
More Vaccines To Come
The process of procurement has gained speed and 2 vaccines are undergoing trials which could be administered to children.
Presently, there are 7 companies producing vaccines and 3 vaccine candidates are presently undergoing final trials.
Private sector hospitals will be allowed to buy 25% of vaccines but their service charge would be limited to a maximum of Rs 150 per dose, over and above the fixed price of the dose itself.