The Indian Army and Yes Bank, a private sector lender, have just renewed their existing Memorandum of Understanding (MoU). The purpose of the renewal is to provide the Indian Army’s current and former members with improved insurance benefits and complete banking services. The original duration of this MoU was extended by another three years, till February 2029.
All current employees, including Agniveers, will be covered by a competitive Personnel Accident Insurance (PAI) policy with a limit of Rs 1 crore, thanks to the recent renewal deal. Conversely, the bank would offer a coverage of up to Rs 5 lakh for girls and up to Rs 10 lakh for deaths caused by terrorist attacks as part of its Air Accident Insurance (AAI) program, in addition to other advantages. With the agreement’s resuscitation comes the promise of continued collaboration between the two groups, which should lead to greater social and financial stability for the nation’s troops serving as protectors.
The Indian Army inked a historic memorandum of understanding (MoU) with eleven banks—including SBI, PNB, Bank of Baroda, IDBI, ICICI, HDFC, Axis, Yes, Kotak Mahindra, IDFC First, and Bandhan—in early October 2025 to facilitate the provision of banking services to enlistees.
