NEW DELHI: State-owned Corporation Bank has signed an MoU with Indian Army on the Defence Salary Package which will come with a host of facilities, including free insurance cover.
The MoU is tailor made to suit the requirements of serving soldiers, pensioners and families, Corporation Bank said in a statement.
It will benefit a large number of Army personnel who are having their accounts with Corporation Bank and also provide them an opportunity to access modern banking facilities, it said.
The bank under the agreement is providing free or concessional services including free drafts, free cheque books, free fund transfers to any bank in India through RTGS or NEFT, free ATM cards, unlimited transactions on all ATMs including that of other Banks.
Free personal accident insurance cover and term insurance of up to 10 lakh up to the age of 70 years and air insurance cover of Rs 50 lakh are features offered under the MoU.