IndusInd Bank on Tuesday signed a memorandum of understanding (MoU) with the Indian Army for issuing salary accounts to personnel of all ranks of the Army with host of benefits. The bank will provide a full range of financial products and services to officers and jawans, IndusInd Bank Managing Director Romesh Sobti said. The salary account was tailor-made and provides various concessions on fee and interest to army personnel, he said, adding, the bank would also provide advances on concessional rate. Besides, inward remittances would be free of charge and the bank would provide lifetime free credit card, he added.
The bank said it was planning to open about 400 branches over three years to expand its presence. “We currently have 310 branches and plan to take the network to 700 by March 2014,'' Mr. Sobti said after singing the MoU.
He said the bank would be adding over 100 branches during the current fiscal. According to the plan, he said the branch network should go up to 425 by the end of March 2012.
