ICICI Bank, renewed its Memorandum of Understanding (MoU) with the Indian Army to offer arange of specially created benefits to the Army personnel and pensioners through its ‘Defence Salary Account’. This includes a comprehensive bouquet of benefits including a zero balance account, preferential allotment of lockers and waiver on processing fees on home, auto and personal loans for Gallantry award winners. It also offers unlimited free transactions on ICICI Bank as well as Non – ICICI Bank ATMs in India, thereby providing exceptional flexibility to the Army personnel. Additionally, as part of the renewed benefits, the Bank is offering an array of insurance benefits. It includes accidental death insurance cover – Air: Rs 1 crore; Personal: Rs 30 lakh – partial & total disability insurance cover of upto Rs 30 lakh across all ranks. As part of the insurance cover, in case of accidental death, two wards of the deceased account holders will also be eligible to get financial assistance of upto Rs 1 lakh per annum for four years after grade XII for their higher education.
The MoU signing ceremony was chaired by Lt. Gen. S.K. Saini, AVSM, YSM, VSM, Director General (MP&PS) of the Indian Army and was attended by Mr. Kumar Ashish, Senior General Manager & Regional Business Head and other senior officials of the Bank.
Speaking on the new offering, Mr. Anup Bagchi, Executive Director, ICICI Bank said, “ICICI Bank is honoured to partner with the Indian Army. In line with our continuing commitment to them, we are delighted to extend a bouquet of banking services that are curated to provide comfort and convenience in daily transactions, attractive propositions on loans and easy access to banking through our large network of branches, ATMs & 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 wards of the martyrs. We believe that this renewed proposition will benefit a large benefit of the serving and retired Army personnel.”