Indian Army and Bank of Baroda entered in a Memorandum of Understanding On 30 Sep 2019, where banking services would be provided by Bank of Baroda to serving and retired personnel of the Indian Army.

The signing of MoU was chaired by Lieutenant General Ashwani Kumar, Adjutant General and was signed by Lt Gen Harsha Gupta, Director General (Manpower and Personnel Services) from Indian Army and Vikramaditya Singh Khichi, Executive Director, signed on behalf of Bank of Baroda.

Some of the salient features of the MoU signed are:
• Free Personal Accident Insurance (Death & Permanent Total Disability) cover,
• Free Air Accident Insurance (AAI) cover of Rs 15 lakhs to Rs 50 lakhs
• Overdraft facility upto three times of monthly net salary. 

The features are also applicable for pensioners of Indian army upto the age of 70 years.

Bank of Baroda is the 2nd largest Public Sector bank with extensive national and international presence having 9500+ domestic branches and presence in 24 countries.

Through this MoU, bank has assured a new and customized banking experience for serving and retired personnel of Indian Army the release from the Ministry of Defence stated.