COVID-19 vaccination seems to have more perks than just having the protection against coronavirus, as it also spans over to your bank deposit scheme.
Central Bank of India has launched a very unique product to encourage people for COVID-19 vaccinations. Central Bank of India has launched a special deposit scheme called the Immune India Deposit Scheme wherein the bank is offering an additional interest rate of 25 basis points (bps) above the applicable card rate for those who get vaccinated. The limited period Immune India Deposit Scheme has a maturity of 1,111 days. Senior citizens are eligible 50 bps extra interest rates.
“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,” a Central Bank of India tweet 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.#Unite2FightCorona pic.twitter.com/MKEJaHgMpE
— Central Bank of India (@centralbank_in) April 12, 2021
Fixed deposits or term deposits are extremely popular in our country because of the assured returns they provide. They’re also extremely easy to invest in, are available in multiple terms and involve high liquidity. However, 10% TDS is deducted by a bank if the interest income across all the FDs with it exceeds Rs 40,000 in a year. This threshold is Rs 50,000 for senior citizens.
That said, a 20% TDS is applicable if you don’t submit your PAN card details to the bank. But no TDS is applicable if the total annual income of the investor is less than the minimum taxable amount of Rs 2.5 lakh, which can be waived by submitting Form 15H (if you’re a senior citizen) or 15G (if you’re not a senior citizen) to the bank, according to BankBazaar.