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New Delhi. ICICI Bank has renewed its MoU with the Indian Army to provide all serving and retired service personnel with specially curated benefits and many more through their ‘Defense Salary Account’. New features can be offered. 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 Vishal Batra, Regional Business Head and Head of Defense Ecosystem, ICICI Bank.

As part of the MoU, the bank will provide a host of unique benefits to military personnel, including zero balance accounts, priority allocation of lockers and unlimited free transactions at ICICI Bank as well as non-ICICI Bank ATMs in the country. facility of. As part of the renewed benefits, the bank is providing a range of insurance benefits to the military personnel. Account holders get a personal accident insurance cover with an insurance cover of Rs 50 lakh. In case of death in terrorist action, an additional insurance of Rs 10 lakh is available, which is the highest among all the banks offering Defense Salary Account. As part of the insurance cover in case of accidental death, the bank is offering Rs 5 lakh for the education of the children and an additional Rs 5 lakh for the girl child of the martyred army personnel. These benefits are available to all ranks of personnel.

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Vishal Batra, Regional Business Head and Head of Defense Ecosystem, ICICI Bank said, “We are proud to renew the MoU with the Indian Army and offer a full range of banking services and benefits. These are benefits specially curated for the convenience of military personnel. Easy access to banking has been made possible for Army personnel by providing them comfort and convenience in their daily transactions through our vast network of Bank Branches, ATMs and Digital Banking Channels. Additionally, in order to provide more protection to personnel and their families, we are providing financial assistance along with advanced insurance cover for higher education of children of military personnel. We are confident that this new proposal will benefit a large section of serving and retired military personnel.”

As part of the Bank’s commitment to the Defense Forces, ICICI Bank will automatically extend all benefits of the renewed MoU to military personnel who are existing customers of the Defense Salary Account. There will be no need for existing account holders to visit a branch or complete paperwork to upgrade the benefits of the new MoU. The benefit of Defense Salary Account is also given by the bank for the regular employees of Military Engineering Services (MES), Border Roads Organization (BRO) and other defense civilians.

Features of ICICI Bank Defense Salary Account
>> The only bank to provide personal accident insurance of Rs 50 lakh, additional Rs 10 lakh in case of death in a terrorist act
>> Air accident insurance cover of Rs 1 crore, total permanent and partial permanent disability insurance cover of Rs 50 lakh.
>> Offer of Rs 5 lakh for education of children as part of insurance cover in case of accidental death and additional Rs 5 lakh for girl child of martyred army personnel.
>> Personal Accident Insurance is given to Gentlemen Cadets, Re-employed Officers and Retired Defense Personnel up to the age of 80 years.
>> Army personnel get a lifetime free credit card from the Bank’s Premium Gemstone.
>> The Bank will soon set up a special Toll Free Defense Banking Helpline for Defense Banking customers.