HDFC Bank has entered in an MoU with the Indian Navy to offer salary account to navy personnel. The MoU was signed between HDFC Bank North branch banking head Gulzar Singh and Indian Navy pay and allowances principal director Captain V. K. Gupta. As part of the Defence Salary Account offering, navy personnel, currently in service as well as retired, will get access to HDFC Bank’s banking services and a suite of digital banking products. Indian Navy personnel having account in HDFC Bank will be able to avail a host of benefits including wide range of international debit and credit cards, concessional interest rates on loans, and free ATM transactions, among others, the bank said. The benefits include zero balance savings account for spouse, parents, sisters, brothers and children of navy personnel, unlimited demand drafts, free transactions on non-bank ATMs in India, wide range of international debit and credit cards with extended limits, free personal accidental death cover up to Rs. 15 lakh and free air accidental death cover of Rs. 25 lakhs, and concessional interest rates on loans and fees on lockers. Gulzar Singh said HDFC Bank is happy to partner with the Indian Navy and extend their world-class banking services including suite of digital banking products to navy personnel. With this initiative, the bank expresses sincere gratitude to the men and women in uniform, protecting the country, he said.
