ICICI Bank signed a Memorandum of Understanding (MoU) with the Assam Rifles, the oldest paramilitary force of the country, to offer a range of specially curated banking services to the serving as well as retired personnel.
The MoU was signed at the headquarters of Assam Rifles at Shillong by Lt. Gen. P.C. Nair, AVSM, YSM, Director General- Assam Rifles and Vishal Batra, Regional Business Head & Head of Defence Ecosystem, ICICI Bank.
The bank will offer services like a zero balance account, preferential allotment of lockers, unlimited free transactions at any ATM in India, and life-time free credit card from the Bank’s premium gemstone collection. Further, the Bank provides an array of insurance benefits to the personnel, the bank said in a statement.
The bank said it offers air accident insurance cover of Rs. 1 crore on aircrafts—both military and commercial. The unique offer is valid even if the tickets for commercial aircraft are bought by cards of other banks. The account holders get a personal accident insurance cover of Rs. 50 lakh. They are entitled to get another Rs. 10 lakh, in case of casualty during combat or hostile action, which is the most offered by any bank for similar salary accounts, the bank said.
Further, in case of accidental death, the family of the deceased will get Rs. 5 lakh for education of children and additional Rs. 5 lakh for the education of the girl child. The benefits also include permanent total and partial disability insurance cover upto Rs 50 lakh for disabilities due to accident. These benefits are available to the personnel across all ranks and are extended to the new recruits as well as to the retired personnel of Assam Rifles upto the age of 80 years, it added in a statement.
Vishal Batra, Regional Business Head & Head of Defence Ecosystem, ICICI Bank said, “We are honoured to sign an MoU with the Assam Rifles. We are delighted to offer a bouquet of banking services and benefits that are specially curated to provide comfort and convenience to the personnel in daily transactions, easy access to banking through our large network of branches, ATMs and digital banking channels. We believe that this renewed proposition will benefit a large section of the serving and retired personnel of Assam Rifles. Additionally, to provide increased protection to the personnel and their families, we are offering enhanced insurance covers as well as financial assistance for education of the children of the martyrs.”