ICICI Bank signed a Memorandum of Understanding (MoU) with the Assam Rifles, the country’s oldest paramilitary force, to offer a range of personalized banking services to serving and retired personnel.
The MoU was signed at Assam Rifles Headquarters in Shillong by Lt. Gen. PC Nair, AVSM, YSM, Managing Director – Assam Rifles and Mr. Vishal Batra, Regional Business Manager and Ecosystem Manager of defense, ICICI Bank.
Under the MoU, the Bank offers a comprehensive package of benefits such as a zero balance account, preferential locker allocation, unlimited free transactions at any ATM in India and a credit card. Lifetime free credit from the Bank’s premium gem collection. In addition, the Bank offers a range of insurance benefits to staff. ICICI Bank offers air accident insurance cover of Rs. 1 crore on aircraft, both military and commercial. The unique offer is valid even if commercial airline tickets are purchased with cards from other banks. Account holders are provided with personal accident insurance of Rs. 50 lakh. They are entitled to get another Rs. 10 lakh, in case of a casualty in combat or hostile action, which is most offered by a bank for similar salary accounts. Moreover, in case of accidental death, the family of the deceased will receive Rs. 5 lakh for education of children and additional Rs. 5 lakh for the education of the little girl. The benefits also include permanent full and partial disability insurance coverage up to Rs 50 lakh for disabilities due to accident. These benefits are available to personnel of all ranks and are extended to new recruits as well as retired Assam Rifles personnel up to the age of 80.
Vishal Batra, Regional Business Manager and Head of Defense Ecosystem, ICICI Bank said: “We are honored to sign a Memorandum of Understanding with the Assam Rifles. We are delighted to offer a bouquet of banking services and benefits specially designed to provide comfort and convenience to staff in daily transactions, easy access to banking services through our extensive network of branches, ATMs and banking channels digital. We believe that this renewed proposal will benefit a large proportion of active and retired Assam Rifles personnel. In addition, to provide increased protection for staff and their families, we offer enhanced insurance coverage as well as financial assistance for the education of the children of martyrs.