Baroda Military Salary Package

Baroda Military Salary Package

Part of: GS Prelims and GS-III – Economy; Defence and Security

In news

• Indian Army and Bank of Baroda have entered into a Memorandum of Understanding (MoU) for ‘Baroda Military Salary Package’.

Key takeaways

• The MoU lays down the basis on which banking services would be provided by Bank of Baroda to serving and retired personnel of Indian Army.
• Services under ‘Baroda Military Salary Package’ will be offered to serving and retired personnel of Indian Army through the Bank’s network.
• The benefits include: Free Personal Accidental Insurance cover, Permanent Total Disability cover, Partial disability Cover and Higher Education Cover and Girl Child Marriage Cover on death in case of serving personnel.
• Other offerings: Unlimited free ATM transactions at all bank ATMs, waivers or concessions on various service charges in retail loans, free remittance facility through RTGS/NEFT, free Demand Draft/Banker’s Cheque, substantial discount in locker rentals, and various additional benefits in usage of Cards.