Bank of Baroda share surges nearly 5% after signing MoU with IAF

#AirForce #BSE #IAF

Bank of Baroda signed an MoU for salary savings accounts with the Indian Air Force
The MoUs were exchanged in a ceremonial way at the Indian Air Force Auditorium in New Delhi
The MoU includes expanded free comprehensive PAI cover, attractive offers on retail loans, and a slew of additional perks

Written By:Yash

Updated: July 06 2022 08:29:55 PM ET

Bank of Baroda shares rose 4.93% to Rs104.35 on Thursday after the bank announced the signing of a Memorandum of Understanding (MoU) for Salary Savings Accounts with the Indian Air Force (IAF). The Bank of Baroda will provide a Baroda Military Salary Package to uniformed personnel and veterans of the Indian Air Force under the terms of the MoU. The MoU includes expanded free comprehensive Personal Accident Insurance cover (PAI), attractive offers on Retail Loans, and a slew of additional perks.

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The MoUs were exchanged in a ceremonial way at the Indian Air Force Auditorium in New Delhi. The Chief of Air Staff, Air Chief Marshal Vivek Ram Chaudhari, PVSM, AVSM, VM, ADC, Air Vice Marshal Ashok Saini, VSM, ACAS (Accounts & Air Veterans), and Vikramaditya Singh Khichi, Executive Director, Bank of Baroda, all attended the ceremony.

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Vikramaditya Singh Khichi, Executive Director, Bank of Baroda said, “Bank of Baroda is privileged and honoured to be able to offer our services to the Indian Air Force – one of India’s most respected institutions and the guardians of our skies. The Bank has a long-standing history of serving the Indian Armed Forces with best-in-class products and services and our specially curated salary accounts will enhance the banking experience for the Indian Air Force personnel and their family members. Backed by state-of-the-art digital solutions, an extensive branch network and the highest standards of customer service, we look forward to a long and rewarding relationship with the IAF.”

The Baroda Military Salary Package offers generous perks like free comprehensive personal accident insurance up to Rs 105 lakh for serving troops and up to Rs 70 lakh for veterans, air accident insurance up to Rs 100 lakh for serving personnel, lifetime free debit card with unlimited free transactions at all Bank ATMs, lifetime free credit card, Yoddha Retail Loans at ROI independent of CIBIL based pricing, and other alluring loan offers, in addition to the Baroda Military Salary Package.

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Other perks include a 50% discount on locker rentals, free remittances – RTGS / NEFT / IMPS (through all modes), and a 100% discount on Demat Annual Maintenance Charges.