Current Affairs - Banking - Discussion

Indian Army and HDFC Bank signed a Memorandum of Understanding (MoU) on the Defence Salary Package. The first MoU between HDFC Bank and the Indian Army for Defence Salary Package was signed in 2011 and was renewed in March 2015. The current MoU is tailor made to suit the requirements of serving soldiers, pensioners and families. As per the terms of the current MoU, in addition to other benefits, the Army personnel having accounts in HDFC Bank will get free personal accident death cover and free permanent disability cover of Rs 30 lakhs, free educational cover of upto Rs 1 Lakh per year for four years for education of dependent child in case of accidental death of defence personnel and 100% processing fees waived for Car Loans and Personal Loans.