Indian Army and Bank of India Inked an MoU 

On 08th May 2015, an MoU was signed between the Indian Army and Bank of India (BOI) on the Defence Salary Package.  The signing ceremony was chaired by the Adjutant General, Lt Gen Rakesh Sharma, and was attended by senior  dignitaries of BOI headed by Mr Arun Shrivastava, Executive Director.

• The first MoU between BOI and the Indian Army was signed in 2011 and was valid for a period of three years.
• Army is hoping that this MoU will benefit a large number of serving and retired Army personnel who are having their accounts with BOI.
• An opportunity to access modern banking facilities.

Basic features of the MoU :

• The standard bundle of free / concessional services including free drafts
• Free cheque books
• Free funds transfers to any bank in India through   RTGS / NEFT
• Free ATM cards etc.

Additional Features :

• The Personal Accident Insurance (PAI) cover has been extended upto Rs 10 lacs from Rs 5 lacs including air insurance, Home Loan Insurance on Army Welfare housing Organisation (AWHO) for deaths on account of war/external aggression/ terrorist attack up to Rs 50 lacs.
• The applicability of PAI and overdraft facility to pensioners and waiver of merchant service fee (MSF) for transaction on BOI POS Terminal installed at CSD Canteens for BOI Card holders.
• The MoU also has a provision for yearly review of specific features and requests.
• The revised MoU is tailor made to suit the requirements of serving soldiers, pensioners and families.

Related News :

• The Indian Army and State Bank of India (SBI) on 23 February 2015 signed a Memorandum of Understanding (MoU) on the Defence Salary Package.
• The signing ceremony was chaired by the Adjutant General, Lt Gen Rakesh Sharma and was attended by top dignitaries of SBI Bank, headed by Dr Vaidyan MG, Dy MD (Retail Strategy).
• It will benefit 19.5 lakh pensioners and 10 lakh serving personnel who hold Pay or Pension accounts with SBI.
• Features includes the Nepal Express Remittance Scheme which enables instant fund transfers to Nepal for the benefit of the Nepali Domicile Gorkha Soldiers serving in the Indian Army.

About Indian Army :

• Founded – 1,April 1895
• Size – Active personnel  – 1,129,900,  Reserve personnel – 960,000
• Motto – “Service Before Self”
•  de jure Commander-in-Chief of the army – The President of India
• Chief of the Army Staff –  General Dalbir Singh Suhag
• Headquarters – Delhi Cantonment