ICICI Bank, Indian Army renew MoU to enhance Defence Salary Account benefits

ICICI Bank and the Indian Army have renewed their memorandum of understanding (MoU) under which the former will provide a variety of specially curated enhanced benefits and new features via its ‘Defence Salary Account’, to all serving and retired Army personnel.

As part of the MoU renewed in late October, the private sector bank is said to offer a comprehensive bouquet of benefits such as preferential allotment of lockers, zero balance account, as well as unlimited free transactions on ICICI Bank and non-ICICI bank ATMs in India.

Besides, ICICI Bank is providing a range of insurance benefits to the Army personnel, as part of the renewed benefits.

Vishal Batra — Regional Business Head and Head of Defence Ecosystem, ICICI Bank said: “We are honoured 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.”

Lt. Gen R.P. Kalita of the Indian Army and Vishal Batra – ICICI Bank, Indian Army renew MoU to enhance Defence Salary Account benefits. Photo courtesy of ICICI Bank.

According to the banking group, the account holders will be given a personal accident insurance cover of INR 50 lakhs plus insurance of INR 10 lakhs in the event of death in a terrorist operation. Under this insurance cover, if there is an accidental death, then ICICI Bank will provide INR 5 lakhs for the education of children and a further INR 5 lakhs for the girl child of the martyred Army personnel.

ICICI Bank said that the benefits are available to all personnel, irrespective of their ranks.

The bank will extend all benefits of the renewed MoU automatically to the Army personnel who already hold a ‘Defence Salary Account’. It further said that there will be no need for the existing account holders to visit a branch or do any paperwork for upgrading to the benefits of the renewed MoU.