IDBI Bank, Indian Army ink MoU for banking services

IDBI Bank today signed a memorandum of understanding (MoU) with Indian Army under which the bank would offer a wide range of services and products and a customised defence salary account.
       
The MoU was signed by the Indian Army's Lieutenant General S P Kochar and IDBI Bank's chairman and managing director, R M Malla, in New Delhi, a press release issued here stated.
       
"It's an honour for IDBI Bank to be associated with the Indian Army. Under this MoU, IDBI Bank will install ATMs and also open branches at select locations approved by the Indian Army for benefit of its personnel. IDBI Bank has designated dedicated officers to service the banking needs of defence personnel at such branches," Malla said.
       
IDBI Bank will offer salary accounts to army personnel without any charges. Other benefits attached to defence salary accounts include free usage of ATMs, preferential allotment of safe deposit lockers, free accident insurance, free financial advisory services among others.
        
The gallantry award winners, war disabled army personnel and war widows would be allowed a special discount of 0.75% on home loans, the bank said.