Indian Army signs agreement with 11 banks for Agniveer salary package

Category : Defense Published on: October 18 2022

Share on facebook

The Indian Army has signed agreements with 11 banks, including the private sector banks like HDFC Bank, ICICI Bank, Axis Bank and Kotak Mahindra Bank, for providing banking facilities to Agniveers on enrolment.
The memoranda of understandings (MoUs) were signed by Lt Gen V Sreehari, DG (MP & PS) and senior officials of Banks in a ceremony presided over by Lt Gen C Bansi Ponappa, the Adjutant General of the Indian Army on 14 October 2022.
Eleven banks with which the Indian Army has signed the agreement include 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.
Agniveers will receive Rs 33,000 in the second year, Rs 36,500 in the third year and Rs 40,000 in the fourth year. They will get Rs 11.71 lakh as Seva Nidhi Package after four years.
The ‘Seva Nidhi’ will be exempt from Income Tax. There shall be no entitlement to gratuity and pensionary benefits.