CHANDIGARH: In violation of center government instructions to do government business through public sector banks, the the Department of School Education, Punjab today signed a Memorandum Of Understanding(MoU) regarding the salary accounts of the employees of Education Department with HDFC Bank. The MoU was signed in the presence of Education Minister, Vijay Inder Singla , Secretary School Education Krishan Kumar and Branch Banking Head HDFC Bank 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 Lac and Natural Death Cover of Rs 3.25 Lac 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.
Other exclusive benefits provided include Permanent Disability Cover of Rs 30 Lac, Partial Disability cover of Rs 5 Lac, Free Air Accidental Death Cover of Rs 1Crore, Free Educational benefits of Rs 2 Lac 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 , 5 Lacs rupees of Accidental Death Cover and 30 Lacs rupees of Air Accidental Death Cover, he added. The Minister vociferously informed that there is no compulsion on employees to shift their accounts; they are free to opt if they so desire.
Mr. Krishan Kumar, Secretary School Education 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. He said that the benefits will automatically be extended to nearly twenty thousand employees who are already holding their accounts in the said bank. He went on to say that if 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.
Speaking on the occasion, Vineet Arora, Branch Banking Head HDFC Bank termed it as a great privilege to enter into a MoU with the Department of School Education. He informed that 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. He informed that henceforth Education Department Employees shall be able to avail all range of products being offered by the bank .They shall also be able to enjoy benefits of Digital Banking Platforms being offered by the bank and shall be able to avail all products benefits which shall cater personal and family banking as well as financial needs .