CURRENT AFFAIRS

Detailed explanation-1: -This MoU will benefit a large number of serving and retired Army personnel who are having their accounts with SBI. The MoU will be valid till 03 Jan 2019 and continuation thereafter will be subject to review/renewal.

Detailed explanation-2: -“The Indian Army has signed historic MoU with 11 Banks viz State Bank of India, Punjab National Bank, Bank of Baroda, IDBI Bank, ICICI Bank, HDFC Bank, Axis Bank, Yes Bank, Kotak Mahindra Bank, IDFC First Bank and Bandhan Bank for providing banking facilities to Agniveers on enrollment,” the ministry said in a release.

Detailed explanation-3: -“The MOU is a reflection of Axis Bank’s constant endeavour to serve the Defence Forces of India, and help them meet their financial requirements, aspirations and milestones,” the company stated in its official press release announcing the exclusive package.

Detailed explanation-4: -Average Indian Army EX Servicemen salary in India is ₹ 4.5 Lakhs for experience between 15 years to 30 years. EX Servicemen salary at Indian Army India ranges between ₹ 0.7 Lakhs to ₹ 7.0 Lakhs. According to our estimates it is 10% less than the average EX Servicemen Salary in Defence & Aerospace Companies.

Detailed explanation-5: -Zero Balance Account with no penalty for Minimum Average Balance maintenance. Unlimited number of transaction free at all Bank’s ATM in India. Auto Sweep Facility (Optional) Overdraft facility up to 2 month’s net salary. Free Multi City Cheques, Demand Drafts, SMS Alerts.