India Army, IDBI Bank signs MoU

The signing in ceremony was chaired by the Adjutant General, Lt Gen Rakesh Sharma and was attended by top dignitaries of IDBI Bank headed by Melvyn Rego, Deputy Managing Director.

The first MoU between IDBI and the Indian Army was signed in 2011 and was valid for a period of three years.

The revised MoU is tailor made to suit the requirements of serving soldiers, pensioners and families. Number of additional facilities have been incorporated in the revised MoU after concerted efforts.

"The basic features of the MoU are the same as before.  It includes a number of free / concessional services including free drafts, free cheque books, free fund transfers to any bank in India through RTGS / NEFT, free ATM cards etc.  Some of the additional features are the inclusion of Air Insurance and ‘Off Duty Clause’ in Personal Accident Insurance (PAI), Insurance for lost and counterfeit cards, purchase protection, Fire and burglary insurance for house hold goods and petrol surcharge waiver. Two major additions have been applicability of the PAI and overdraft facility to pensioners as well. The MoU also has a provision for yearly review of specific features and requests," the government said in a statement.