Banks Offer Higher Rates, Roll-Out Schemes to Push Covid Shots

Kolkata-based UCO Bank is offering 0.30% higher rate on FDs for applicants who have received at least one dose

Banks Offer Higher Rates, Roll-Out Schemes to Push Covid Shots
Banks Offer Higher Rates, Roll-Out Schemes to Push Covid Shots
Indrishka Bose - 08 June 2021

As people continue to face the second wave of the virus, the government and several state-owned lenders are taking initiatives to encourage the Covid-19 vaccine drive.

In a bid to encourage more Covid-19 vaccination, Kolkata-based UCO Bank is offering 30 basis points or 0.30 per cent higher rate on fixed deposits of 999 days for applicants who have received at least one dose of a Covid vaccine.

"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 said.

Among various initiatives taken by UCO Bank to combat the second wave, it has also rolled out three credit schemes - UCO Sanjeevani, UCO Aarogyam, and UCO Kavach.

UCO Sanjeevani - The bank is giving loans up to Rs 2 crore for setting up an oxygen plant, producing liquid oxygen, oxygen cylinders, among the others, at a concessional rate of 7.50 per cent.

UCO Aarogyam - It is financing up to Rs 100 crore for creating healthcare infrastructure.

UCO Kavach - A maximum of Rs 5 lakh loan will be offered to individuals who are/were infected with Covid19.

The bank is also offering several insurance products like Corona Kavach & Corona Rakshak, Group Care 360, UCO Health Suraksha, and Group Credit Life Insurance Policies.

As on June 7, 2021, the UCO Bank has already extended relief under Resolution Framework 2.0 to 2314 accounts amounting to Rs 127 crore.

According to the bank, eligible borrowers can apply Guaranteed Emergency Credit Line (GECL) 3.0 till September 30, 2021 with additional 10 per cent,”

“Borrowers are being contacted to ascertain the impact of the second wave of Covid-19 for providing the relief in terms of RBI guidelines dated May 5, 2021. Resolution framework 2.0 is also available for individual and small businesses,” the bank said in a press release.

The Central Bank of India had also recently launched the Immune India Deposit Scheme with an additional interest rate of 25 basis points above the applicable card rate for those who have been vaccinated. The scheme has a maturity of 1,111 days and is for a limited period.

According to the Health Ministry, cumulatively, 23,61,98,726 Covid-19 vaccine doses have been administered so far under the nationwide vaccination drive.


Latest Issue

Outlook Money
June 2024