Military Salary Package for Indian Military Personnel – Bank of Baroda

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“For Your Bravery and Honour”

“Open Salary and Pension Solutions for Indian Military Personnel Account and get attractive benefits”

Bank of Baroda (BoB) has signed a memorandum of understanding (MoU) with Indian Navy and Indian Coast Guard under which the bank would offer customised services along with a host of facilities to account holders. The bank has also renewed its existing MoU with the Indian Army to offer specially customised banking services through ”Baroda Military Salary Package”.

Eligible Forces

  • Indian Army
  • Indian Air Force
  • Indian Navy
  • Indian Coast-Guard

Personal Accidental Insurance for Salaried Personnel

  • Personal Accident Death Cover Rs.50 Lakhs * (On-duty Rs.50 Lakhs and Off duty Rs.40 Lakhs)
  • Permanent Total Disability cover Rs. 40 Lakhs*
  • Permanent Partial Disability cover Rs. 20 Lakhs*
  • Air Accident Insurance cover upto Rs.100 Lakhs*
  • Inclusion of deaths in active operations in Personal Accident Insurance
  • Personal Accident Insurance Cover age between 18 – 60 Years
  • Girl Child marriage Cover (18-25 years) 10% of Base PAI Cover*
  • Higher Education Cover 10% of Base PAI Cover*
  • Transportation of Dead Body- Actual Cost or Rs.50,000 whichever is lower
  • Cost of Plastic Surgery / Burn Rs.2 Lakhs

* Important terms and conditions:

  1. Maximum Base PAI cover Rs. 40 Lakhs
  2. Maximum Personal Accident Insurance Cover available is either 10 times of Gross Annual Income of account holder or any of the above mentioned applicable Insurance Coverage, whichever is less.
  3. Air tickets should be booked with our Bank’s Debit Card & Air Insurance could not be less than base cover.
  4. Higher Education cover for Graduation Courses.

Pensioners Will be Eligible for Following Insurance Coverage

  • Personal Accident Insurance cover Rs.40 Lakhs*
  • Permanent Total Disability Rs.40 Lakhs*
  • Permanent Partial Disability Rs. 20 Lakhs*Rs.
  • Personal Accident Insurance cover for Pensioners upto 70 years

Benefits in retail loans

  • Salary Overdraft up to Rs.3.00 Lakhs
  • 100% waiver on processing charges in Housing Loan, Auto Loan, Education Loan, Mortgage Loans and Personal Loan
  • Concession of 0.25% in applicable ROI of Auto Loan for the account holders who have availed Home Loan

Benefits in ATM transactions

  • No. of transactions at other Bank’s ATM: Unlimited Free
  • Cash on mobile ATMs: Cardless cash withdrawal service from ATMs

Benefits in Debit Card

  • Lifetime Free VISA Platinum Debit Card
  • Additional Free SELECT Variant of Rupay Debit card for Senior officials (Additional Rs.10 Lakhs Personal Accident Insurance cover under SELECT Debit Card)
  • On the Fly Debit card EMI – Pre-approved Personal Loan with easy EMI on swipe of Debit card at all major stores

Debit card limits

  • Cash withdrawal limit: Maximum Rs. 50,000 per day at BOB ATMs
  • Cash withdrawal limit at other Banks ATM as per RBI regulation
  • Purchase limit of Rs.2 Lakhs per day (POS)

Other benefits

  • Free Remittances– NEFT /RTGS for online or through Branch
  • Free– Mobile Banking & Internet Banking
  • Free unlimited– Demand Draft / Banker Cheque
  • Lockers – 50% discount on locker rentals
  • 100% waiver in Demat Annual Maintenance Charges
  • 75% waiver on issuance charges for Gift and Travel card
  • Baroda M-Invest: Mobile app available for investing online in various Mutual Funds
  • Online FDR opening: Facility of opening Fixed deposit online through Mobile banking and internet banking is available
  • Digital mode of Payment Facility: BHIM Aadhaar Baroda Pay, BHIM App, Bharat Bill Payment services

 

Benefits in credit card

  • Life time Free Credit Card subject to eligibility criteria. Different card variants based on salary band
  • Additional Air Accident Insurance in the range of Rs.15 Lakhs to Rs.50 Lakhs is available under all variants of Credit Card

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