Indian Army, Bank of Baroda sign MoU for military salary package

The Ministry of Defence on Tuesday said that the Indian Army and Bank of Baroda have entered into a Memorandum of Understanding (MoU) for Baroda Military Salary Package under which services will be offered to serving and retired personnel of Indian Army through the bank's network of over 8,200 domestic branches and around 20,000 business correspondent touchpoints.

"Indian Army and Bank of Baroda have entered into a Memorandum of Understanding (MoU) for Baroda Military Salary Package. The MoU was signed by Lieutenant General Ravin Khosla, DG (MP&PS) and Vikramaditya Singh Khichi, Executive Director, Bank of Baroda in presence of Lieutenant General Harsha Gupta, Adjutant General, Indian Army who also chaired the meeting," the Ministry of Defence said in an official release.

"The MoU lays down the basis on which banking services would be provided by Bank of Baroda to serving and retired personnel of Indian Army," it added.

The Ministry further said, "The package offers very attractive benefits including free personal accidental insurance cover, permanent total disability cover, partial disability cover and air accident insurance cover of sizeable amounts, as well as higher education cover and girl child marriage cover on death in case of serving personnel."

"Other offerings under the package include unlimited free ATM transactions at all bank ATMs, waivers or concessions on various service charges in retail loans, free remittance facility through RTGS/NEFT, free demand draft/banker's cheque, substantial discount in locker rentals, and various additional benefits in usage of cards," the ministry added.

( With inputs from ANI )