Free Personal Accident Death Cover and
Permanent Disability Cover of Rs 30
lakhs
"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"
Ministry of Defence
MoU between Indian Army and HDFC Bank
MoU between Indian Army and HDFC Bank
A Memorandum of Undertaking (MoU) was
signed between the Indian Army and HDFC Bank on the
Defence Salary
Package on 03 Apr 2018. 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.
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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