Indian Army and Bank of Baroda have entered into a Memorandum of Understanding, MoU for Baroda Military Salary Package. The MoU was signed by Lt Gen Ravin Khosla, DG (Manpower Planning and Personnel Services) and Vikramaditya Singh Khichi, Executive Director, Bank of Baroda. The MoU lays down the basis on which banking services would be provided by Bank of Baroda to serving and retired Army personnel.
The package offers very attractive benefits including free Personal Accidental Insurance cover, Permanent Total Disability cover, Partial disability Cover and Air Accident Insurance Cover of sizeable amounts, as well as Higher Education Cover and Girl Child Marriage Cover on death in case of serving personnel.
Other offerings under the package include unlimited free ATM transactions at all bank ATMs, waivers or concessions on various service charges in retail loans, free remittance facility through RTGS or NEFT, free Demand Draft or Banker’s Cheque, discount in locker rentals, and various additional benefits in usage of Cards.
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