Indian Army has signed Memorandum of Undertaking (MoU) with HDFC Bank on the Defence Salary Package. It is renewed version first MoU signed between Indian Army HDFC Bank and in 2011 and renewed in March 2015. The current MoU is tailor made to suit requirements of serving soldiers, pensioners and families.
This MoU will benefit large number of serving and retired Indian Army personnel who are having their accounts with HDFC bank. It will also provide them an opportunity to access modern banking facilities.Under current MoU, Indian Army personnel will get other benefits like free personal accident death cover and free permanent disability cover of Rs 30 lakhs. The dependent child in case of accidental death of defence personnel will get free educational cover of upto Rs 1 Lakh per year for four years. They will also get 100% processing fees waived for Car Loans and Personal Loans.
Currently Indian Army has MoUs on Defence Salary Package with 11 public and private sector banks. These MoUs are considered for inception and renewal with banks on analyzing their utility and suitability to requirements of serving soldiers, pensioners and families.