Public sector lender Corporation Bank on Tuesday signed a Memorandum of Understanding (MoU) with the Indian Army on the defence salary package. The Ministry of Defence said that Corporation Bank would provide free or concessional services to the army under the pact.
Some of the services include free drafts, cheque books, fund transfers to any bank in India through the process of NEFT, free ATM cards, unlimited transactions from all ATMs (including that from the other banks). The bank would also provide free personal accident insurance cover of Rs 5 lakh and Rs 10 lakh up to the age of 70 years and air insurance cover of Rs 50 lakh, the Ministry of Defence said in a statement.
Additionally, term insurance cover of Rs 5 lakh and Rs 10 lakh are the other features of the agreement. Almost all the facilities, except the term life insurance cover are extended to the pensioners.
The agreement or the MoU is tailor-made to suit the requirement of serving personnel, pensioners and families. Lt. Rakesh Sharma, Adjudant-General, chaired the signing ceremony.
Executive Director of Corporation Bank Gopal Murli Bhagat was also present when the agreement was being signed.