The Indian Army and IDFC FIRST Bank have entered into a three-year Memorandum of Understanding to offer specialised banking services and expanded insurance coverage to serving and retired Army personnel. The agreement will remain in force until February 2029.

Announcing the development on social media, the Army’s Additional Directorate General of Public Information said the arrangement provides a personal accident insurance cover of ₹60 lakh without requiring mandatory salary or pension credits. Instead, eligibility is linked to maintaining minimum monthly account credits.

The MoU also includes enhanced benefits such as an additional ₹35 lakh nominee cover, ₹1 crore air accident insurance, ₹4 lakh higher education cover, and up to ₹2 lakh towards girl child marriage expenses.