ICICI Bank has renewed its Memorandum of Understanding with the Indian Army to provide a wide range of specially curated enhanced benefits and new features to all serving and retired Army personnel through its ‘Defence Salary Account.’
As part of the MoU, the bank provides a comprehensive package of benefits, including a zero-balance account, preferential locker allocation, and unlimited free transactions at ICICI Bank and non-ICICI Bank ATMs in India, providing exceptional flexibility to Army personnel. Account holders receive a personal accident insurance cover of Rs 50 lakh, as well as a death insurance cover of Rs 10 lakh in the event of a terrorist attack. In the event of an accidental death, the bank provides Rs 5 lakh for children’s education and an additional Rs 5 lakh for the deceased Army personnel’s girl child. These benefits are available to all ranks of personnel.
The MoU was signed in Delhi by Lt. Gen RP Kalita, UYSM, AVSM, SM, VSM, Director General- Manpower Planning and Personnel Services, Indian Army and Mr. Vishal Batra, Regional Business Head & Head of Defence Ecosystem, ICICI Bank.
Speaking about the new offering, Vishal Batra, Regional Business Head & 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.”
Benefits of ‘Defence Salary Account’ are also extended by the Bank to regular employees of Military Engineering Services (MES) , Border Roads Organisation (BRO) and other Defence Civilians.
The Bank will set up an exclusive toll free ‘Defence Banking Helpline’ for Defence Banking customers, shortly
To apply for the account, the Army personnel can visit the nearest ICICI Bank branch or contact ICICI Bank officials during the Bank’s outreach to cantonments / regiments for the Defence Salary Account.
