Mumbai: Bank of India (BOI) has announced a strategic partnership with Western Railway through a Memorandum of Understanding (MoU) signed on January 5, 2026, aimed at providing enhanced financial security and insurance coverage to railway employees, pensioners, and salary account holders. The collaboration brings a range of exclusive benefits covering life, accident, permanent disability, and education for family members.
Key Benefits for Salary Account Holders and Pensioners
Under the MoU, salary account holders with Bank of India will now be entitled to:
- Rs. 12 Lakh Term Insurance
- Rs. 130 Lakh Personal Accident Insurance (PAI) cover
- Rs. 130 Lakh Permanent Disability Cover
- Rs. 200 Lakh Air Accidental Cover
- Rs. 10 Lakh Children Education Benefit
For pensioners, the partnership provides Rs. 50 Lakh Personal Accident Insurance, ensuring their financial protection and peace of mind. These benefits are designed to provide a safety net for employees and their families in case of unforeseen events.
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Signing Ceremony at Western Railway Headquarters
The MoU was formally signed at the Western Railway Headquarters, Churchgate, Mumbai, in a ceremonial event attended by senior officials from both organizations.
From Western Railway:
- Smruti Jacob, Deputy Chief Personnel Officer (DCPO), signed the MoU in the presence of Manjula Saxena, Principal Chief Personnel Officer (PCPO).
From Bank of India:
- Shampa Biswas, General Manager, signed the agreement in the presence of Neeraj Tiwari, Deputy General Manager, FCGMO Mumbai.
The event highlighted the importance of the collaboration in providing financial security, welfare, and comprehensive insurance benefits to railway employees and pensioners.
About Bank of India
Bank of India (BOI) is one of India’s premier public sector banks, with a strong legacy of serving employees, corporates, and retail customers. Beyond traditional banking, BOI actively engages in initiatives that provide financial protection, employee welfare, and innovative solutions, demonstrating its commitment to customer-centric and socially responsible banking practices.
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