A Memorandum of Undertaking
(MoU) was signed between the Indian Army and HDFC Bank on the Defence Salary
Package. The first MoU between HDFC Bank and the Indian Army was signed in 2011
and was renewed on 13 Mar 2015. The current MoU is tailor made to suit the
requirements of serving soldiers, pensioners and families.
The signing in ceremony was
chaired by the Director General (MP&PS), Lt Gen S K Saini and was attended
by the top dignitaries of HDFC Bank headed by Ms Smita Bhagat, Head Government
Business and Branch Banking.
8th Theatre Olympics Concludes in Mumbai- Facts in Brief
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Currently Indian Army has MoUs on Defence
Salary Package with 11 public and private sector banks. MoUs are considered for
inception and renewal with banks on analyzing their utility and suitability to
the requirements of serving soldiers, pensioners and families. Army is hoping
that this MoU will benefit a large number of serving and retired Army personnel
who are having their accounts with HDFC bank; and also provide them an
opportunity to access modern banking facilities.
Under the current MoU apart from other
benefits the Army personnel will get free personal accident death cover and
free permanent disability cover of Rs 30 lakhs, free educational cover of upto
Rs 1 Lakh per year for four years for education of dependent child in case of accidental death
of defence personnel and 100% processing fees waived for Car Loans and Personal
Loans.
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