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Bandhan Bank Signs MoU with IAF to Offer Shaurya Salary Account Benefits.

Banking & Finance | Dated: 28 Mar 2025

In March 2025, Kolkata, West Bengal (WB)-based private lender Bandhan Bank signed a Memorandum of Understanding (MoU) with the Indian Air Force (IAF) to introduce the Bandhan Bank Shaurya Salary Account, a zero-balance corporate salary account designed for IAF personnel, veterans, and their families.

🎯 Key Highlights:

- The account offers exclusive benefits such as personalized insurance coverage, competitive interest rates, and access to over 1,700 branches across India.
- The MoU was signed by Air Vice Marshal Updesh Sharma VSM, Assistant Chief of the Air Staff (CAS) (Accounts & Air Veterans), Ministry of Defence (MoD), Government of India (GoI), and Debraj Saha, Head of the Government Business Group, Bandhan Bank, in the presence of other senior officials.

💡 Other Important Facts:

(i) This partnership further strengthens Bandhan Bank’s role as a SPARSH (System for Pension Administration Raksha) Service Centre for defence personnel.
(ii) In collaboration with the Controller General of Defence Accounts (CGDA), MoD, the bank operates 557 designated branches for processing pensions and supporting defence pensioners and their families.
(iii) The Reserve Bank of India (RBI) has appointed Bandhan Bank as an Agency Bank, authorizing it to handle tax collections under the Central Board of Direct Taxes (CBDT) and the Central Board of Indirect Taxes and Customs (CBIC) and to disburse Central Civil Pensions and Railway Pensions on behalf of the Ministry of Finance (MoF), GoI.

📚 Test Your Knowledge:

Which bank signed an MoU with the Indian Air Force (IAF) to introduce the Shaurya Salary Account?

Correct Answer: Bandhan Bank

🚀 Quick Recap:

About Bandhan Bank

MD & CEO : Partha Pratim Sengupta
Headquarters: Kolkata