ICICI Bank Renews Memorandum Of Understanding With Indian Army To Offer Special Benefits To Army Personnel | AFN News

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ICICI Bank renews MoU with Indian Army to provide special benefits to military personnel

Posted on October 28, 2021

  • Benefits are for Army personnel – serving and retired – at all ranks
  • Only bank to offer personal accident insurance of Rs. 50 lakh and an additional Rs 10 lakh in case of death in terrorist action
  • Host of other benefits includes zero balance account, preferential locker allocation and unlimited free transactions on ICICI Bank as well as non ICICI ATMs in India
  • All existing account holders to get automatic upgrade to new benefits

Bombay: ICICI Bank has renewed its MoU with the Indian Army, to offer a range of specially curated enhanced benefits and new features through its ‘Defense Salary Account’, to all serving military personnel and to retirement. The MoU was signed in Delhi by Lieutenant General RP Kalita, UYSM, AVSM, SM, VSM, Director General of Workforce Planning and Personnel Services, Indian Army and Mr. Vishal Batra, Regional Business Leader and Head of Defense Ecosystem, ICICI Bank.

As part of the MoU, the bank offers a full package of benefits like zero balance account, preferential locker allocation and unlimited free transactions on ICICI Bank as well as non-ICICI ATMs in India, offering thus exceptional flexibility for army personnel. . As part of the renewed benefits, the Bank is offering a range of insurance benefits to military personnel. Account holders have individual accident insurance of Rs. 50 lakh with insurance of Rs. 10 lakh in the event of death in terrorist action, which is the highest among all banks offering a ‘defense salary account’. “. As part of the insurance coverage, in the event of accidental death, the Bank offers Rs. 5 lakh for children’s education and additional Rs. 5 lakh for the daughter of deceased military personnel. These benefits are available to staff of all ranks.

Speaking about the new offering, Mr. Vishal Batra, Regional Business Manager and Head of Defense Ecosystem, ICICI Bank said: “We are honored to renew the Memorandum of Understanding with the Indian Army and to expand a package of banking services and benefits specially designed to provide comfort and convenience to Army personnel in day-to-day transactions, easy access banking services through our extensive network of branches, ATMs and digital banking channels. In addition, in order to better protect staff and their families, we offer enhanced insurance cover as well as financial aid for higher education for staff children. We believe this renewed proposal will benefit a large portion of serving and retired military personnel. “

As part of the Bank’s commitment to the Defense Forces, ICICI Bank will automatically extend all the benefits of the renewed MoU to military personnel who are already clients of the “Defense Salary Account”. There will be no requirement for existing account holders to visit a branch or complete paperwork to switch to the benefits of the renewed MoU.

The benefits of the “Defense Salary Account” are also extended by the Bank to regular employees of Military Engineering Services (MES), Border Roads Organization (BRO) and other defense civilians.

Some of the improved and new features of ICICI Bank’s ‘Defense Salary Account’ include:

  • Personal accidental insurance coverage of Rs. 50 lakh and Rs 10 lakh additional in the event of death in terrorist action
  • Air accident insurance coverage of Rs. 1 crore; permanent total and partial permanent disability insurance coverage of Rs. 50 lakh
  • As part of the insurance cover, in the event of accidental death, an educational benefit of Rs. 5 lakh for children and additional Rs. 5 lakh for the daughter of deceased military personnel
  • Personal accident insurance is extended to Gentlemen Cadets, rehired officers and retired defense personnel up to the age of 80
  • Army personnel get free lifetime credit card from the Bank’s premium gemstone collection
  • The Bank will set up a “free Defense hotline” for clients of the Banque de la Défense in the near future.

To request the account, Army personnel can go to the nearest ICICI Bank branch or contact ICICI Bank officials when sensitizing the Bank to cantonments / regiments on behalf of salaries of the Bank. defense.


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