Indian Army renews MoU with Yes Bank to extend banking and insurance benefits to Army personnel

New Delhi: Private sector lender, Yes Bank and the Indian Army under the Ministry of Defence have recently renewed their existing Memorandum of Understanding (MoU) for the provision which includes comprehensive banking services and enhanced insurance benefits to still serving and retired Army personnel. This MoU has been extended for a further period of three years until February 2029.

With the recent renewal agreement, all serving personnel including Agniveers, will be covered under a competitive Personnel Accidental Insurance (PAI) of Rs 1 crore. On the other hand, the Bank will provide Air Accident Insurance (AAI) cover of Rs 1 crore along with allied benefits such as Rs 10 lakh cover for death due to acts of terrorism, a Higher Education Grant of Rs 5 lakh and an additional Girl Child Cover of up to Rs 5 lakh.

The revival of the agreement certain a mutual cooperation between the both of organizations that tends to provide social and financial security towards the protection providing soldiers of the country for the welfare of the nation.

Earlier in October 2025, the Indian Army signed a historic MoU with 11 banks, such as SBI, PNB, 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.