Bank Of America Offers Rs. 2.95 Lakh Incentive Towards Purchase Of An EV For Its Employees

The push towards electrification of vehicles is growing day by day, as it offers a better alternative to internal combustion engine (ICE) vehicles in multiple aspects, be it environmental impact, or running costs. Many governments throughout the world offered different types of incentives for EV ownership, especially in the initial stages of adoption to grease the process along. In a similar fashion, Bank of America is offering incentives to its employees in India to go electric too.

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According to an internal memo, Bank of America is offering its employees an incentive of Rs. 2,94,500 against the purchase of a new EV, or Rs. 1,47,250 for leasing a new EV. The offer is valid for all serving employees who have been working at Bank of America for more than three years, and have a yearly compensation equivalent to less than USD 250,000 (approximately Rs. 1.98 crore). However, Bank of America is not extending the offer to plug-in hybrid vehicles (PHEV), self charging hybrid vehicles, hydrogen fuel cell electric vehicles (FCEV) or electric two-wheelers, meaning the purchase has to be of a battery electric vehicle (BEV) only to be eligible for the incentive. 

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EV ownership is not as smooth a process - especially in India - as an ICE vehicle. Even though EV charging infrastructure and range of EVs on offer is growing continually, it is still a task to keep check on how much charge you have left, and plan your trips incorporating charging times and charger locations. Purchasing an EV also usually costs a larger sum than owning the same car’s ICE counterpart. But these are all also offset by significantly lower running costs and maintenance costs, and an incentive like the one Bank of America is offering to its employees may just nudge its employees towards purchasing an EV.