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ICICI Bank has renewed its Memorandum of Understanding (MoU) with the Indian Army, to offer a range of specially curated enhanced benefits and new features through its ‘Defence Salary Account’, to all serving as well as retired Army personnel.
The MoU was signed in Delhi by Lt. Gen R.P. Kalita, UYSM, AVSM, SM, VSM, Director General- Manpower Planning and Personnel Services, Indian Army, and Vishal Batra, Regional Business Head & Head of Defence Ecosystem, ICICI Bank.
As part of the MoU, the Bank offers a comprehensive bouquet of benefits like a zero balance account, preferential allotment of lockers, and unlimited free transactions on ICICI Bank as well as Non-ICICI Bank ATMs in India, thereby providing exceptional flexibility to the Army personnel.
As part of the renewed benefits, the Bank is offering an array of insurance benefits to the Army personnel.
The account holders get a personal accident insurance cover of Rs. 50 lakh along with insurance of Rs. 10 lakh in case of death in terrorist activities, which is the highest among all banks offering ‘Defence Salary Account’.
As part of the insurance cover, in case of accidental death, the Bank is offering Rs. 5 lakh for the education of children and additional Rs. 5 lakh for the girl child of the deceased Army personnel. These benefits are available to the personnel across all ranks.
Speaking about the new offering, Mr. Vishal Batra, Regional Business Head & Head of Defence Ecosystem, ICICI Bank said, “We are honored to renew MoU with the Indian Army and extend a bouquet of banking services and benefits that are specially curated to provide comfort and convenience to the Army personnel in daily transactions, easy access to banking through our large network of branches, ATMs and digital banking channels. Additionally, to provide increased protection to the personnel and their families, we are offering enhanced insurance covers as well as financial assistance for the higher education of the children of the personnel. We believe that this renewed proposition will benefit a large section of the serving and retired Army personnel.”
As part of the Bank’s commitment to the Defence Forces, ICICI Bank will automatically extend all benefits of the renewed MoU to the Army personnel who are existing customers of the ‘Defence Salary Account’. There will be no requirement for the existing account holders to visit a branch or complete paperwork to upgrade to the benefits of the renewed MoU.
Benefits of ‘Defence Salary Account’ are also extended by the Bank to regular employees of Military Engineering Services (MES), Border Roads Organisation (BRO), and other Defence Civilians.