For our nation’s brave hearts – an account with the military pension, future-proof insurance, loan schemes and military salary benefits. Apply now to upgrade your Indian Army pension amount and enjoy stability for you and your loved ones.
Salary and Pension Solutions for Indian Military Personnel: Benefits
Personal Accidental Insurance Offerings for Serving Personnel
Eligibility Age:
- Minimum: 18 Years
- Maximum: 60 Years or retirement age whichever is earlier
Free Personal Accidental Insurance Offerings For Serving Personnel
- Personal Accident Cover on Salary account
- PAI Death Cover: On-duty PAI covers ₹ 75 Lakhs and Off-duty PAI covers ₹ 60 Lakhs
- Permanent Total/ Partial Disability cover up to ₹ 60 Lakhs
- Air Accident Insurance Cover ₹ 100 Lakhs
- Inclusion of deaths in active operations in Personal Accident Insurance
- Transportation of Dead body – Actual cost or ₹ 50,000/- whichever is lower
- Cost of Plastic Surgery / Burn up to ₹ 2 Lakhs
- Daughters’ Marriage Cover (for 18-25 Years of age): ₹ 6 Lakhs (irrespective of no. of daughters)
- Child Higher Education cover: ₹ 6 Lakhs (irrespective of no. of children)
- Additional Personal Accidental Death and Permanent Total Disability cover of ₹ 10 Lakhs on available Yoddha Debit Card – Rupay variant
- Additional Personal Accidental Death Cover (Air & Non-Air) of ₹ 20 Lakhs on available Co-branded Credit Card
Free Personal Accidental Insurance Offerings For Veterans
- Personal Accident Cover on Pension account
- PAI Death Cover: on Pension account up to ₹ 40 Lakhs
- Permanent Total/ Partial Disability cover up to ₹ 40 Lakhs
- Additional Personal Accidental Death and Permanent Total Disability cover of ₹ 10 Lakhs on available Yoddha Debit Card – Rupay variant
- Additional Personal Accidental Death Cover (Air & Non-Air) of ₹ 20 Lakhs on available Co-branded Credit Card
Benefits of Yoddha Debit card
- Lifetime Free Debit Card
- Personal Accident Insurance - Death and Total disability cover of ₹ 10 Lakhs.
- Waiver of Issuance/ Re-issuance / Annual Fee
- For other attractive offers to know more click here
Benefits of Co-Branded Credit Card
- Lifetime Free Credit card subject to eligibility.
- Free Accidental Death Cover (Air & Non-Air) of ₹ 20 Lakhs with Co-branded Credit Card.
- For other attractive offers to know more click here
Other Benefits
- Account opening through Video KYC and Tab Banking
- Unlimited Free Transactions at all Bank ATMs
- Free Remittances – RTGS / NEFT / IMPS (through all modes)
- Free Unlimited – Demand Draft / Banker’s Cheque
- Free Unlimited – Personalized Chequebooks
- Free Mobile Banking – Save, Borrow, Invest, and Shop through BoB World App
- Free Internet Banking – BoB World Internet
- 50% waiver on Locker Rentals
- 100% waiver on Demat Annual maintenance charges
- 75% waiver on issuance charges for Gift and Travel Card
- Baroda Radiance Program – Open to Gallantry Award winners and for Ranks of Colonel(or other equivalent ranks) and above irrespective of Relationship value
Retail Loan Facilities
- Salary Overdraft up to ₹ 3.00 Lakhs
- Digital Loans available
- Pre-approved Loans available
- Personal Loan up to ₹ 20 lakhs at attractive pricing
- YODDHA LOANS (Auto, Home, Two Wheeler, Education and Pension Loans)
- 100% Processing charges waiver *
- Low rate of Interest.
- Scheme benefits extended to Veterans*
Eligibility criteria
- For salaried employees:
- The scheme is applicable to regular employee
- The scheme will be applicable after the credit of one month's salary of the employee and thereafter regular salary credit in the account
- At the time of opening of account of employees who have salary arrangements with other Banks, employees shall provide a mandate to shift their salary to Bank of Baroda in the organization's payroll department
- For pensioner:
- The scheme will be applicable after credit of one month's pension to the pensioners’ account and thereafter regular pension credit in the account
Employees of the listed Forces are eligible
- Indian Army (Including Rashtriya Rifles)
- Indian Navy
- Indian Air Force
- Indian Coast Guard
Documents Required
| List Of Valid KYC Documents For Account Opening |
| Permanent Account Number (PAN)/ FORM60 is mandatorily to be obtained while opening the accounts as per extant Reserve Bank of India Guidelines. |
| Mandatory Documents for defence personnel |
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| Officially Valid Documents (OVDs) for Accounts of Individuals |
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| Deemed Officially Valid Documents, In case OVD does not contain current/ updated address. (At least one document from the list is Required) |
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Most Important Terms and Conditions (MITC)
Withdrawal(s) & use of Withdrawal Form (Slip)
Withdrawals will be allowed either by withdrawal forms or by cheques. Payment against withdrawal form along with passbook is allowed for self only with a per day limit of Rs. 25000/- (Minimum Rs. 25/- in Rural/SU and Rs. 50/- in Metro/Urban)Passbook and statement of account
Free 1st Pass BookRs. 100/-- per duplicate Pass Book / Statement with the latest balance only.
Transfer of Account/ Scheme
Upon submission of the application along with passbook and unused cheque leaves the account can be transferred to another branch/ scheme free of charge.Interest Calculation and Frequency
- Interest for the period February to April will be credited in May, Interest for May to July will be credited in August, interest for August to October will be credited in November and interest for November to January will be credited in February every year.
Dormant/ Inoperative Account
- Account becomes inoperative/dormant if there are no customer-induced transactions in the Savings account for over a period of two years. Interest is continued to be applied in all such Savings Bank accounts. No charges are levied for in-operation of accounts
- Activation/Closure of Dormant/Inoperative accounts will be done after submission of necessary KYC documents, photos, and fresh specimen signature, subject to the satisfaction of the Bank.
- All Accounts which have remained inoperative/dormant for a period of 10 years and above will be treated as unclaimed deposits and will be transferred to RBI. Upon receipt of the request from the customer, such deposits will be returned subject to conditions
Nomination Facility:
Nomination facility available.Rules for Transfer/ inter-sol transfer/clearing transactions and charges
- Transfer Transaction at base branch Allowed freely without any limit
- Transfer Transactions at Non-base branch (local as well as outstation) is normally allowed only at a branch where either the drawer or payee maintains the account. However, for genuine transactions, the Branch Head is authorized to allow transactions at a non-base branch (where neither drawer nor payee maintains an account) on a case-to-case basis subject to certain conditions.
Disclosure of Information
- The Bank may disclose information about the customer’s account, if required and permitted by law, rule or regulations, or at the request of any public or regulatory authority or if such disclosure is required for the purpose of preventing fraud, or in the public interest, without specific consent of the account holder(s).
- All relevant policies including the code of commitments to customers and grievance redressal policy are available at the branches
- MITCs OF ATM/DEBIT Card, Mobile Banking, and Net Banking in Application Forms are available separately.
- The Bank will notify, 30 days in advance, of any change in terms and conditions/ Fees and charges on its website
- Deposits along with interest kept in different branches of our Bank are insured by Deposit Insurance & Credit Guarantee Corporation (DICGC) maximum up to Rs 5,00,000( Rs 5 lakh).
For more details on Baroda Defence and Police Salary Package
For Salary e-mail us at: defencebanking.delhi@bankofbaroda.comFor pension accounts: cppc.delhi@bankofbaroda.com
