Updated By: LatestGKGS Desk
Indian Army & HDFC Bank Signed MoU on 3rd April 2018
Indian Army & HDFC Bank Signed MoU on 3rd April 2018- Details, Purpose, Benefits
The Indian Army and HDFC Bank have signed a Memorandum of Undertaking (MoU) for Defence Salary Packages on 3rd April 2018 in New Delhi.
The Indian Army and HDFC Bank had signed this MoU to renew previous MoU which was signed in 2011 and later renewed on March 2015.
The new MoU signed is made to suit requirements of serving soldiers, pensioners/retired and families of Indian Army personnel who are having their accounts with HDFC bank. It will also provide them an opportunity to access modern banking facilities.
The new MoU will provide benefits like free accidental death cover & permanent disability cover of Rs 30 lakh and 100% processing fee waiver for car and personal loans to servicemen.
The dependent child in case of accidental death of defence personnel will get a free educational cover of up to Rs 1 Lakh per year for 4 years.
At present, Indian Army has MoUs on Defence Salary Package with 11 public and private sector banks. These MoUs are considered for inception and renewal with banks on analysing their utility and suitability to requirements of serving soldiers, pensioners/retired and families.
