OREANDA-NEWS. May 16, 2011. IDBI Bank Limited and the Indian Army today signed a Memorandum of Understanding (MoU) for offering a wide range of banking services & products and a customized defence salary account, exclusively designed for the army personnel.

The MoU was signed by Lt General S.P. Kochar, AVSM, SM, VSM (MP & PS) and Shri.R.M.Malla, Chairman Managing Director, IDBI Bank at a ceremony held in New Delhi in presence of senior officials of Indian Army and senior executives of IDBI Bank.

Speaking at the MoU signing ceremony, Shri. R.M.Malla, Chairman & Managing Director, IDBI Bank, said, "It's an honour for IDBI Bank to be associated with Indian Army. This relationship reflects our deep gratitude and appreciation for dedicated services provided by the brave armed forces of our country. 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."

IDBI Bank will offer salary accounts to army personnel without charging any commission or charges to them or the Indian Army. Other benefits attached to defence salary account include:

Free of cost usage of IDBI Bank ATMs and ATMs of other banks for domestic as well as international transactions (subject to RBI regulations).

Instant Credit of outstation cheques up to Rs.25,000/-.

Preferential allotment of safe deposit lockers.(Subject to availability)

Free of cost accident insurance.

Free financial advisory services.

Free DD/ PO and RTGS/ NEFT facility.

A special discount of 0.75% on home loans to Gallantry Award winners, war disabled army personnel and War widows.

Overdraft against Fixed deposit will be offered at 1% above deposit rate and OD will be extended upto 90% of the deposit amount.

No charges and no minimum balance accounts for the family members of Army Personnel.