HDFC Bank will offer salary services to the Indian Army. The bank and the Indian Army entered into a MoU in this regard, which is in fact a renewal of a similar arrangement started in 2011. The bank will offer salary and pension services to serving soldiers, army pensioners and their families. The Indian Army has MoUs on Defense Salary Package with 11 public and private sector banks. MoUs are considered for inception and renewal with banks on analyzing their utility and suitability to the requirements of serving soldiers, pensioners and families. Under the current MoU, apart from other benefits, the Army personnel will get free personal accident death cover and free permanent disability cover of Rs 30 lakh, free educational cover of up to Rs 1 lakh per year for four years for education of dependent child in case of accidental death of defense personnel and 100% processing fees waiver for car loans and personal loans.
