New Financial Facilities for Agniveers: The Indian Army signs MoU with 11 Banks

New Delhi: The Indian Army has signed an MoU with 11 banks for providing banking facilities to Agniveers on enrollment, the Ministry of Defense said in a statement.

The ministry said in a release “The Indian Army has signed a historic MoU with 11 Banks viz State Bank of India, Punjab National Bank, Bank of Baroda, IDBI Bank, ICICI Bank, HDFC Bank, Axis Bank, Yes Bank, Kotak Mahindra Bank, IDFC First Bank and Bandhan Bank for providing banking facilities to Agniveers on enrollment.”

The features and advantages offered under the Agniveer salary package are similar to the defense salary package, it said. Likewise, the banks have offered soft loans to exiting Agniveers to promote and improve their entrepreneurial skills. The first batch of Agniveers under the “Agnipath Scheme” will join training centers by January 2023.

The ceremony for the exchange of MoUs was held at the Indian Army Headquarters, New Delhi. Lt. Gen. Bansi Ponappa, AVSM, VSM, Adjutant General of the Indian Army chaired the ceremony. The event was also attended by Lt. Gen. V Sreehari, SC, SM, DG (MP & PS); Major Gen. Ashok Singh, ADG PS, and Lt. Gen. Ranbir Singh Salaria, PVSM, VSM (Retd.), Chief Defence Banking Advisor, Bank of Baroda.

Lt. Gen. Ranbir Singh Salaria, PVSM, VSM (Retd.), Chief Defense Banking Advisor, Bank of Baroda said, “We are proud to be associated with the Indian Army. Today, we are delighted to expand our collaboration by extending the benefits of the Baroda Military Salary Package to Agniveers. We promise to serve them with the best banking products and customer service, supported by state-of-the-art digital infrastructure, and welcome them to the Bank of Baroda family.”

The advantages of the Military Salary Package for Agniveers are as follows:

· Free Personal Accident Insurance Death Cover – On-duty up to ₹105 Lakh and Off-duty up to ₹90 Lakh

Salary account cover: On-duty up to ₹75 Lakh and Off-duty up to ₹60 Lakh
Additional PAI cover: ₹10 Lakh on RuPay Debit Card
Additional PAI cover: ₹ 20 Lakh on Yoddha Credit Card
· Permanent Total Disability cover up to ₹60 Lakh

· Permanent Partial Disability covers up to ₹30 Lakh

· Air Accident Insurance Cover up to ₹100 Lakh

· Inclusion of death in active operations in PAI offerings

· Yoddha Credit Card with special offerings

· Baroda Radiance Premier Banking Programme extended to Gallantry Award Winners irrespective of relationship value (Only in Bank of Baroda)

· Different advantages like Unlimited free transactions at all Bank ATMs and waiver of issuance/ annual fee on Debit Card, 50% waiver on Locker Rentals, Free Remittances through all modes, and so on and so forth.

*NB: These benefits may vary with Banks.