ICICI Bank has inked a Memorandum of Understanding (MoU) with the Indian Army on the Defence Salary Package. The first MoU between the bank 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. The number of additional facilities has been incorporated in the revised MoU after concerted efforts. This MoU will benefit a large number of serving and retired Army personnel who are having their accounts with the bank and also provide them an opportunity to access modern banking facilities.
The basic features of the MoU are the same as before. Some features which have been improved from before are enhancement of Personal Accident Insurance (PAI) cover, enhancement of Air Accident Insurance cover, insurance cover on house loan and enhancement of purchase protection.
