The BoB-IAF MoU covers free comprehensive Personal Accident Insurance cover, offers on retail loans

NEW DELHI, July 06 (The CONNECT) - Bank of Baroda (Bank) and Punjab National Bank have today announced the signing of a Memorandum of Understanding (MoU) with the Indian Air Force (IAF) for Salary Savings Accounts. Bank of Baroda will offer Baroda Military Salary Package for Uniformed Personnel and Veterans of the Indian Air Force. The MoU covers special benefits including enhanced free comprehensive Personal Accident Insurance cover (PAI) and offers on retail loans. 

The exchange of MoUs was held at the Indian Air Force auditorium at New Delhi and the event was attended by the Chief of Air Staff, Air Chief Marshal Vivek Ram Chaudhari, PVSM, AVSM, VM, ADC, Air Vice Marshal Ashok Saini, VSM, ACAS (Accounts & Air Veterans) and Shri Vikramaditya Singh Khichi, Executive Director, Bank of Baroda.

Vikramaditya Singh Khichi, Executive Director, Bank of Baroda said, the Bank has a long-standing history of serving the Indian Armed Forces with best-in-class products and services and our specially curated salary accounts will enhance the banking experience for the Indian Air Force personnel and their family members. Backed by state-of-the-art digital solutions, an extensive branch network and the highest standards of customer service, we look forward to a long and rewarding relationship with the IAF, he said.

In a separate event, Punjab National Bank (PNB) has signed a Memorandum of Understanding (MoU) with the Indian Air Force (IAF) to provide specially designed products to the defence personnel under the bank’s flagship scheme of 'PNB Rakshak Plus'. This scheme includes personal accidental insurance , air accidental insurance  to serving, retired and  trainees of the defence forces, central armed police forces, state police force, metro police and retired defence pensioners.
The agreement was exchanged between Shri Atul Kumar Goel, MD & CEO of PNB, and Chief of Air Staff, Air Chief Marshal Vivek Ram Chaudhari, PVSM, AVSM, VM, ADC on behalf of the Indian Air Force in a ceremony at the Indian Air Force Auditorium in Delhi.