HDFC Bank signs MoU with Indian Army for salary account

NEW DELHI: Private sector lender HDFC Bank today signed a Memorandum of Understanding ( MoU) with the Indian Army to offer them salary accounts and a host of banking products and services.

As a part of the Defence Salary Advantage Account, the bank is offering a comprehensive savings account and many other attractive features, including Rs 5 lakh free life cover, said HDFC Bank Country Head (retail liabilities, marketing & direct banking channels) Rahul Bhagat.

Besides, the account holders can avail loans at a concessional rate. The concession could range between 25-300 basis points, he said.

Other features includes pension accounts, wealth advisory services and a wide range of debit and credit cards, he said.

In addition, all Army personnel have unlimited free access to other bank ATMs, he added.

"We, at HDFC Bank, will strive to provide them with world class products and services, supported by cutting edge technology and best-in-class customer service. We owe a debt to our men and women in uniform. This offer is to all Indian Army personnel, both serving and retired," he said.

State Bank of India and ICICI Bank also have salary account tie-up with the Indian Army.