IDFC First Bank signs MoU with Indian Army to provide specialized banking services
Mumbai: Mumbai-based Private Sector Bank, IDFC First Bank has joined hands with Indian Army with a signing of three-year Memorandum of Understanding (MoU) to provide specialized banking services and would include enhanced insurance benefits to serve the retired Army personnel. The agreement has been signed till February, 2029.
Under the agreement, Personnel Accidental Insurance (PAI) cover of Rs 60 lakh is available without mandatory salary/pension credit, linked instead to minimum monthly credits. Higher benefits include an additional Rs 35 lakh nominee cover, Rs 1 crore Air Accident Insurance, Rs 4 lakh Higher Education Cover and up to Rs 2 lakh Girl Child Marriage Cover.
The Indian Army has been committed in maintaining and strengthening financial security and welfare support for its personnels and families.