The second largest private sector lender of the country, HDFC Bank has inked a deal with the Indian army for offering them salary accounts along with the range of other HDFC products and services.
The two entities have signed a memorandum of understanding (MoU) in this regard.
Recently, ICICI Bank inked a similar deal with the Indian Army.
The salary accounts to be offered, named Defence Salary Advantage Account will have all the features of a conventional salary account along with a set of other special features like Rs 5 lakh free life cover, said HDFC Bank Country Head (retail liabilities, marketing & direct banking channels) Rahul Bhagat.
Also, account holders will be accessible to loans at concessional rates of interest of as much as 25 to 300 bps, said Bhagat.
Amongst additional features, include a host of names with the likes of pension accounts, wealth advisory services and a wide range of debit and credit cards, he added.
"We, at HDFC Bank, will strive to provide them with world class products and services, supported by cutting edge technology and best-in-class customer service. We owe a debt to our men and women in uniform. This offer is to all Indian Army personnel, both serving and retired," he said.
Also, unlimited access to ATMs is offered to the Army staff.