BoB inks pact with Assam Rifles to provide Central Forces Salary package

Mumbai: State-owned lender, Bank of Baroda (Bank), has signed a Memorandum of Understanding (MoU) with Assam Rifles, the oldest paramilitary force, to provide the Baroda Central Forces Salary Package. Under the agreement, Bank of Baroda will offer the Baroda Central Forces Salary Package to all personnel of the Assam Rifles, both serving and retired. Further, the Bank will also provide special benefits, including Personal Accident Insurance and a co-branded credit card.

The MoU between the Bank and Assam Rifles was signed by Colonel PS Singh, Colonel Administration, Head Quarters, Directorate General, Assam Rifles and Debarata Das, Zonal Manager, Kolkata Zone, Bank of Baroda.

Taking to Bizz Buzz, Lt Gen Ranbir Singh Salaria, PVSM, VSM (Retd), Chief Defence Banking Advisor, Bank of Baroda. Said, "The Baroda Central Forces Salary Package (CFSP) is meant for all Central Armed Police Forces. In this instance, the MoU has been signed between Bank of Baroda and Assam Rifles and its aim is to provide banking services and associated benefits to all the personnel of Assam Rifles, which number around 65,000. The choice of availing the facility rests with each individual."

The Bank has executed an MOU with the country's largest non-life insurer, New India Assurance for the purpose of offering Personal Accident Insurance coverage under the Baroda Central Forces Salary Package, he added.

In case of death, Personal Accident Insurance (PAI) cover to the

serving and retired Assam Rifles personnel between the age group of 18-70 years. For on-duty personnel, the Personal Accident Insurance amount will be Rs 43.75 lakh and for off-duty personnel, the Personal Accident Insurance amount will be Rs 35 lakh. In case of total disability, it will be Rs 35 lakh, whereas in case of partial disability, it will be Rs 17.5 lakh.

As part of the MoU, Bank of Baroda will offer a comprehensive bouquet of services such as free unlimited transactions at all Bank ATMs, free remittance services – NEFT/ RTGS online or through branch, free debit card, free unlimited demand draft facilities, 50 per cent discount on locker rentals, 100 per cent waiver on Demat annual maintenance charges and 75 per cent waiver on issuance charges for Gift and Travel cards.