Memorandum of Understanding (MoU) was signed between the Indian Army and Corporation Bank on the Defence Salary Package. The signing ceremony was chaired by the Adjutant General, Lt Gen Rakesh Sharma, and was attended by top officials of Corporation Bank headed by Mr Gopal Murli Bhagat, Executive Director.
The MoU is tailor made to suit the requirements of serving soldiers, pensioners and families and includes free / concessional services including free drafts, free cheque books, free funds transfers to any bank in India through RTGS / NEFT, free ATM cards, Unlimited transactions on all ATMs including that of other Banks. Some important features of the MoU include Personal Accident Insurance Coverof Rs 5 & 10 lacs, Air Insurance Cover of Rs 5 to 50 lacs and Term Life Insurance Cover of Rs 5 & 10 lacs. All the facilities are also extended to the pensioners except Term Life Insurance Cover.