The Memorandum of Understanding (MoU) has been renewed by ICICI Bank with the Indian Army. It offers a range of specially curated enhanced benefits and new features through its ‘Defence Salary Account’, to all serving as well as retired Army personnel. As part of the MoU, the Bank offers a 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.
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 action. As part of the insurance cover, in case of accidental death, the Bank is offering Rs. 5-Lakh for education of children and additional Rs. 5-Lakh for the girl child of the deceased Army personnel.
The MoU was signed in Delhi by Lt. Gen R.P. Kalita, Director General, Manpower Planning and Personnel Services, Indian Army and Mr. Vishal Batra, Regional Business Head & Head of Defence Ecosystem, ICICI Bank.
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. ICICI Bank will automatically extend all benefits of the renewed MoU to the Army personnel who are existing customers of the ‘Defence Salary Account’.
