Bank of Baroda signs MoU with defence forces for new Baroda Military Salary package

NEW DELHI: Public sector lender Bank of Baroda (BoB) has signed a memorandum of understanding (MoU) with Indian Navy and Indian Coast Guard under which the bank would offer customised services along with a host of facilities to account holders. The bank has also renewed its existing MoU with the Indian Army to offer specially customised banking services through ‘Baroda Military Salary Package’.

Services under ‘Baroda Military Salary Package’ will be offered to serving and retired personnel of Indian Armed Forces through the Bank’s network of over 8,200 domestic branches and around 20,000 business correspondent touch points, the bank said in a statement.

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, BoB Executive Director Vikramaditya Singh Khichi said.

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/NEFT, free Demand Draft/Banker’s Cheque, substantial discount in locker rentals, and various additional benefits in usage of Cards, he added.