Media Release
New Delhi, Dec 23: Bank of Baroda (BOB), one of India’s largest public sector banks, signed a Memorandum of Understanding (MoU) with the Indian Navy and Indian Coast Guard and renewed its existing MoU with the Indian Army, to offer specially customized banking services through ‘Baroda Military Salary Package’.
The bank has made the same arrangement with the Indian Air Force also, thereby covering all the four armed forces under the Ministry of Defence. A similar package has been introduced by the bank for the central armed police forces also.
Services under ‘Baroda Military Salary Package’ will be offered to serving and retired personnel of the Indian Armed Forces through the bank’s network of 8200+ domestic branches and around 20000 BC touchpoints. The package offers very attractive benefits including free Personal Accidental Insurance cover, Permanent Total Disability Cover, Partial disability Cover and Air Accident Insurance Cover of sizable amounts, as well as Higher Education Cover and Girl Child Marriage Cover on death in case of serving personnel.
Other offerings under the package include unlimited free ATM transactions at all bank ATMs, waivers/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, waiver in Demat Maintenance charges and various additional benefits in the usage of debit cards and credit cards.
Speaking on the occasion, the executive director of the bank, Vikramaditya Singh Khichi said, “We at Bank of Baroda are pleased to associate with our armed forces and with this initiative, it is our endeavor to offer an enhanced banking experience for the serving and retired Indian Armed Forces personnel. The in-built features and facilities offered under the ‘Baroda Military Salary Package’ make it one of the best-in-class salary and pension packages available in the banking industry.”
The MOUs were signed by Vikramaditya Singh Khichi, the executive director, on behalf of Bank of Baroda and Lt Gen Ravin Khosla, AVSM, SM, VSM, DG (MP & PS) on behalf of the Indian Army, in the presence of Lt Gen Harsha Gupta, AVSM, YSM, VSM, Adjutant General; and on behalf of the Indian Coast Guard by the deputy inspector general D S Saini, TM, principal director (administration). The ‘Baroda Military Salary Package’ was also presented to the Indian Air Force.
The MoU between the bank and the Indian Navy was signed by Ashwini Kumar, general manager (Government Relationships and PSU), on behalf of Bank of Baroda in the presence of Vikramaditya Singh Khichi, executive director of the bank, and Cmde Neeraj Malhotra, Cmde (P&A) on behalf of the Indian Navy, in the presence of Rear Admiral Girish K Garg, ACOP (AC).
About Bank of Baroda:
Bank of Baroda ('The Bank') established on July 20, 1908, is a state-owned banking and financial services organisation, headquartered in Vadodara (earlier known as Baroda) in Gujarat, India.
Bank of Baroda is India’s leading public sector bank with a strong domestic presence supported by self-service channels. The bank’s distribution network includes 8,200+ branches, 10,000+ ATMs and 20,000 business correspondents. The bank has a significant international presence with a network of 100 branches/offices of subsidiaries, spanning 20 countries. The bank has wholly-owned subsidiaries including BOB Financial Solutions Limited (erstwhile BOB Cards Ltd), BOB Capital Markets and Baroda Asset Management India Ltd. Bank of Baroda also has joint-ventures for life insurance namely, India First Life Insurance Company Limited and India Infradebt Ltd, engaged in infrastructure financing. The bank owns a 98.57% stake in The Nainital Bank. The bank has also sponsored three regional rural banks namely Baroda Uttar Pradesh Gramin Bank, Baroda Rajasthan Gramin Bank and Baroda Gujarat Gramin Bank.
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