Indian Army has signed MoU with HDFC Bank for serving currently working and retired pensioners on defence salary package. The MoU was first singed between HDFC Bank and Indian Army in 2011. It was later on renewed on 13th March 2015.
The Mou signing ceremony between Indian Army and HDFC Bank was chaired by Director General (MP&PS), Lt Gen S K Saini on behalf of Army. From HDFC Bank it was headed by Smita Bhagat who is Head Government Business and Branch Banking.
As per new MoU of Indian Army with HDFC, along with providing normal benefits, Army personals will get below additional benefits:
- Free personal accident death cover and free permanent disability cover of Rs 30 lakhs.
- Free educational cover for four years (Rs. one lakh per year) to the dependent child in case of death (accidental) of the army person.
- For car and Home loans there will be no percent processing fee charged.
MoU are signed by Indian Army with various banks to provide benefits to their personnel while serving and also after retirement. Currently Army has MoUs on defence salary package with eleven public and private sector banks in India.