The first MoU between IndusInd Bank and the Indian Army was signed in 2011 and was valid for a period of three years. The revised MoU is tailor made to suit the requirements of serving soldiers. Number of additional facilities have been incorporated in the revised MoU after concerted efforts. Army is hoping that this MoU will benefit a large number of serving soldiers who are having their accounts with IndusInd Bank and also provide them an opportunity to access modern banking facilities.
The basic features of the MoU includes free / concessional services including free drafts, free cheques books, free funds transfers to any bank in India through RTGS / NEFT and free ATM cards.
Some features which have been improved from the previous MoU are that the PAI cover has been freshly included this year for an amount of Rs 2 lacs (for JCO/OR) to Rs 5 lacs (for Offrs) respectively and time period for issue of NOC has now been stipulated as 72 hrs (3 days) from the date of application.
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