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Bank of Baroda, the country's second largest public sector bank, has signed a Memorandum of Understanding (MoU) with the Indian Army. Through this MoU, the bank has assured a new and customised banking experience for both serving and retired personnel of Indian Army.
The MoU provides for free personal accident insurance cover (death and permanent total disability); free air accident insurance cover of Rs 15 lakhs to Rs 50 lakhs and overdraft facility up to three times of monthly net salary. The features are also applicable for pensioners of Indian Army up to the age of 70 years.
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