Private sector lender Kotak Mahindra Bank will handle the salary account of the Indian Army personnel, the bank said. The bank has signed a memorandum of understanding (MoU) with the Indian Army here for salary account.
The MoU enables Kotak to offer its salary account proposition, combined with exclusive benefits for the Indian Army, to all army personnel - both active and retired, Kotak said in a release.
"Through the Kotak salary account, all personnel of the Indian army will get access to the full range of Kotak's products and services including a zero-balance salary account that earns up to 4 per cent interest per annum with free unlimited ATM transactions on all VISA ATMs and anywhere banking across the bank's network of 1,603 branches and 2,573 ATMs across India," the bank said.
The salary account will cover other benefits such as a bespoke salary account for the army personnel, enhanced complimentary personal accident insurance cover - for both on-duty and off-duty incidents.
It covers accidental death for total or partial permanent disability