New Delhi: In a significant step towards financial security for its personnel, the Indian Army and private sector lender Yes Bank have renewed their Memorandum of Understanding (MoU) for comprehensive banking services and insurance benefits. The renewed agreement, effective for three more years until February 2029, ensures continued welfare support for serving personnel, including Agniveers, and retired army members.
Rs 1 Crore Personnel Accidental Insurance for All Serving Personnel
Under the renewed MoU, all serving personnel, including Agniveers, will be covered under a competitive Personnel Accidental Insurance (PAI) of Rs 1 crore. Additionally, Yes Bank will provide Air Accident Insurance (AAI) of Rs 1 crore, along with Rs 10 lakh cover for death due to acts of terrorism, a Higher Education Grant of Rs 5 lakh, and an extra Girl Child Cover of up to Rs 5 lakh.
This move reinforces mutual cooperation between the Indian Army and Yes Bank, ensuring social and financial security for soldiers and their families.
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Earlier Historic MoU with 11 Banks
In October 2025, the Indian Army had signed a historic MoU with 11 banks—including SBI, PNB, Bank of Baroda, ICICI Bank, HDFC Bank, Axis Bank, Kotak Mahindra Bank, IDFC First Bank, Bandhan Bank, and Yes Bank—to provide dedicated banking facilities to Agniveers immediately upon enrollment. This initiative aims to simplify financial access and strengthen welfare for the newly enrolled personnel.
About Yes Bank
Yes Bank is a leading private sector bank in India, offering retail, corporate, and investment banking services. The bank focuses on innovative financial solutions and customer-centric banking services.
About Indian Army
The Indian Army, under the Ministry of Defence, is the country’s primary land warfare force, tasked with safeguarding national security. It collaborates with institutions like banks to provide welfare, financial protection, and comprehensive benefits to serving and retired personnel, including Agniveers.
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