Bank of Baroda signs MoU with defense for ‘Baroda Military Salary package’

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Bank of Baroda, a public sector bank has signed a memorandum of understanding with the Indian Navy and Indian coast guard for the Baroda Military Salary Package. This memorandum of understanding states the basis on which banking services would be provided by BoB to serving the retired personnel of the Indian army. Bank of Baroda will offer customized services along with a host of facilities to account holders and the bank also renewed its existing memorandum of understanding with the Indian Army to offer specially customized banking services through this military salary package.

The bank’s new ‘Baroda Military Salary Package’ will be provided to current serving and retired personnel of the Indian Armed Forces through the Bank of Baroda’s network of over eight- thousand two hundred domestic branches and around twenty thousand business correspondent touchpoints.

According to Executive Director Vikramaditya Singh Khichi, Baroda military salary package offers attractive benefits including personal accidental Insurance cover, permanent total disability cover, partial disability cover, and air accident insurance cover of fairly large amounts, it also includes higher education cover and girl child marriage cover in case of death of serving personnel. He also added that the package also has other offerings which include unlimited ATM transactions with a free cost at all bank ATMs, concessions on various service charges in retail loans, free remittance facility through real-time gross settlement and national electronic funds transfer, free Demand draft/banker’s cheque, substantial discount in locker rentals, and various additional benefits in the usage of cards.

Recently Bank of Baroda offered 100 bps higher on these deposits to senior citizens. If a senior citizen puts a fixed deposit under the special fixed deposit scheme above five years to up to ten years, then the interest rate applicable to the FD will be 6.25 percent. These rates are effective from 16 Nov 2020. Bank of Baroda is a public sector banking and financial services company in India. It is the third-largest public sector bank in India, with 131 million customers, a total business of $218 bill, and a global presence of hundred overseas offices.

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