Corporation Bank, defence forces in MoU

Mangalore Today News Network

Mangaluru, Nov 09, 2016: Reports confirm that Corporation Bank on Nov 8, Tuesday signed an MoU,  memorandum of understanding with the Indian Army on the defence salary package.  Adjutant General, Lt. Gen. Rakesh Sharma, chaired the signing ceremony. Bank executive director Gopal Murli Bhagat and other executives were present.

The MoU is tailor-made to suit the requirements of serving soldiers, pensioners and families. It will benefit a large number of serving and retired Army personnel who are having their accounts with the bank and also provide them an opportunity to access modern banking facilities, said a release.

Corporation Bank under the MoU provides 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.
A free personal accident insurance cover of Rs. 5 lakh and Rs.10 lakh up to the age of 70, air insurance cover of Rs. 50 lakh and term life insurance cover of Rs. 5 lakh and Rs. 10 lakh are features offered under the MoU. All the facilities are also extended to the pensioners, except term life insurance cover