Punjab Education Department on Friday signed a Memorandum of Understanding (MoU) regarding the salary accounts of the employees of the Education Department with the HDFC Bank, in the presence of Education Minister Vijay Inder Singla, School Education Secretary Krishan Kumar and HDFC Bank’s branch banking head Vineet Arora.
Terming the deal as a welfare package for the employees, Singla informed that the Bank would be extending a host of benefits to the account holder employees of the Department including accidental death cover of Rs 30 lakh and natural death cover of Rs 3.25 lakh to each and every one of them.
Besides, instant loan facility would be extended to them without going through the process of submitting a plethora of documents, he said.
Other exclusive benefits provided include permanent disability cover of Rs 30 lakh, partial disability cover of Rs five lakh, free air accidental death cover of Rs one crore, free educational benefits of Rs two lakh per family to dependent child in case of accidental death and an unlimited number of transactions at any Bank ATM, he informed.
“This will be coupled with extended facilities to family members through zero balance family savings account, Rs five lakh of accidental death cover and Rs 30 lakh of air accidental death cover,” said Singla while making it clear that there was no compulsion on employees to shift their accounts, and they were free to opt if they so desire.
School Education Secretary Krishan Kumar said that the MoU has been entered with HDFC as the bank offered very lucrative proposal for the employees and reiterated that employees are not bound to shift their accounts to HDFC bank.
“The benefits will automatically be extended to nearly 20,000 employees who are already holding their accounts in the HDFC Bank,” he said while adding that in case some other bank comes up with still better offer, the Department, in the interest of employees, will not hesitate to extend the same to them.
HDFC’s Vineet Arora said that the HDFC has been successfully providing services to the State Police Department since a decade and would ensure that Education Department finds banking with HDFC a pleasing experience.