HDFC Bank offers salary accounts for Indian Army

Aside from $11,039 free life coverage, salary account’s other features includes pension accounts, wealth advisory services, as well as debit and credit cards.

Private sector lender HDFC Bank on Monday signed a Memorandum of Understanding (MoU) with the Indian Army to offer them salary accounts and a host of banking products and services.

As a part of the Defence Salary Advantage Account, the bank is offering a comprehensive savings account and many other attractive features, including Rs 5 lakh ($11,039) free life cover, said HDFC Bank Country Head (retail liabilities, marketing & direct banking channels) Rahul Bhagat.

Besides, the account holders can avail loans at a concessional rate. The concession could range between 25-300 basis points, he said.

Other features includes pension accounts, wealth advisory services and a wide range of debit and credit cards, he said.

In addition, all Army personnel have unlimited free access to other bank ATMs, he added.

View the full story in Economic Times.