Bank of India & Indian Coast Guard Ink MoU for Exclusive Savings Scheme

Bank of India, Indian Coast Guard

Bank of India, a prominent public sector bank, has underscored its dedication to the Defence Sector by formalizing a memorandum of understanding (MOU) with the Indian Coast Guard. This collaboration introduces the “BOI Rakshak Salary/Pension Savings Scheme,” providing a Defense service Salary Package replete with top-tier features.

The signing ceremony took place on May 9, 2024, at the Coast Guard Headquarters in New Delhi. The Indian Coast Guard was represented by Shri Narendra Singh, Deputy Inspector General & Principal Director (Administration), and the Bank of India was represented by Shri Sharda Bhushan Rai, Chief General Manager Head Office (Resource/ Marketing/ GBD) Mumbai, Shri Lokesh Krishna, General Manager FGMO New Delhi, and Shri Ajay Kumar Panth, Deputy General Manager, Government

Bank of India’s exclusive BOI Rakshak Package will provide numerous benefits to all ranks of the Indian Coast Guard, Veterans, Recruits, and Agniveers, including Personal Accidental Insurance coverage up to Rs 150 lakhs, Permanent Total Disability cover up to Rs 50 lakhs, Air Accidental Cover up to Rs 100 lakhs, and Permanent Partial Disability Cover of Rs 25 lakhs. In addition, the bank will provide concessions on retail loans, processing fees, and locker rentals.

The MOU reflects the Bank of India‘s ongoing efforts to serve the defence forces and assist them in meeting their financial needs, objectives, and milestones.

Also Read | Bank of India gives lowest home loan with 8.3% interest rate

BOI’s digital initiative and BOI Mobile Omni Neo app will also allow Defence personnel stationed at borders and other remote locations to stay connected and have simple access to a variety of financial solutions.

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