The Signing Ceremony was held on 9^th May 2024 at the Coast Guard Headquarters, New Delhi with the Indian Coast Guard represented by Shri Narendra Singh, Deputy Inspector General & Principal Director (Administration) and Bank of India was represented by Shri Sharda Bhushan Rai, Chief General Manager Head Office (Resource/ Marketing/ GBD) Mumbai, Shri Lokesh Krishna, General Manager FGMO New Delhi and Shri Ajay Kumar Panth, Deputy General Manager, Government Business Department. 

Through this exclusive BOI Rakshak Package, Bank of India will offer numerous benefits to all Ranks of the Indian Coast Guard, Veterans, Recruits and Agniveers including Personal Accidental Insurance coverage upto 150 Lakhs, Permanent Total Disability cover upto Rs 50 Lakhs, Air Accidental Cover upto Rs 100 Lakhs and Permanent Partial Disability Cover of Rs 25 Lakhs. Apart from this, the Bank will also offer Concessions in Retail Loans, Processing Charges, and Locker Rentals.

The MOU is a reflection of the Bank of India’s constant endeavor to serve the Defence Forces and help them meet their financial requirement, aspirations, and milestones.

BOI’s digital Initiative and BOI Mobile Omni Neo app will also enable the Defence personnel at Borders and other remote areas to stay connected and get easy access to a bouquet of Financial Solutions.

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In the Public Sector Banks category, 9 banks achieved the annual target while Bank of India, State Bank of India, and Indian Bank sourced more than 100 APY accounts per branch. Under the Regional Rural Banks category, 32 banks achieved the annual target while Jharkhand Rajya Gramin Bank, Vidharbha Konkan Gramin Bank, Tripura Gramin Bank, and Baroda Uttar Pradesh Gramin Bank sourced more than 160 APY accounts per branch. Also, Tamilnad Mercantile Bank, Dhanlaxmi Bank, and Airtel Payments Bank achieved the annual target allocated by the Ministry of Finance.

Further 12 states Bihar, Jharkhand, Assam, Uttar Pradesh, West Bengal, Madhya Pradesh, Tripura, Rajasthan, Andhra Pradesh, Chhattisgarh, Odisha, and Uttarakhand also achieved their annual targets with the help and support of their respective State Level Banker’s Committee (SLBCs).

PFRDA conducted 47 APY Outreach programs and Town Hall meetings pan India at various locations, in coordination with SLBCs and RRBs. Many initiatives were taken such as the launch of a digital onboarding facility using Aadhaar, the launch of revamped APY app,17 podcasts for creating awareness on the benefits of APY, the launch of a Chatbot facility for seeking basic information on APY, etc.

Under APY, a subscriber would receive a lifelong minimum guaranteed pension of Rs.1000 to Rs.5000 per month from the age of 60 years, depending on their contributions, which itself would vary based on the age of joining the APY. The same pension would be paid to the spouse of the subscriber after the demise of the subscriber and on the demise of both the subscriber and spouse, the pension wealth as accumulated till age 60 of the subscriber would be returned back to the nominee.

PFRDA is always committed to contributing towards Pension Saturation in the country and shall continuously undertake proactive initiatives for achieving it.

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