Srinagar: The Jammu and Kashmir Police and Jammu and Kashmir Bank on Thursday signed a Memorandum of Understanding (MoU) for providing preferential banking services and benefits to the employees of J&K Police Department.
JK Bank gave most favoured client status to J&K Police and in return J&K Police gave most favoured banker status to J&K Bank.
The Memorandum of Understanding (MoU) was signed by the Director General of Police Dr. S.P. Vaid and Parvez Ahmed, Chairman J&K Bank, in presence of top officers and Executives of Police and Bank, a police spokesman said.
By virtue of this MoU, the spokesman said, the J&K Bank will provide customized Saving Bank Account variants for Police Personnel from Constable to General level rank, Platinum card for IGP and higher ranks, Diamond card for Dy.SP upto SSP, Gold card for ASI upto Inspector and Silver card for all other police personnel.
Bank will also provide zero balance account, free international debit card with different transaction limits, “add-on-card” to the spouse or nominee, free multicity cheque book and smart saver account facility, he said.
It will waive off processing fee on personal, auto, home and education loans and provide free online NEFT/RTGS fund transfer to any bank across India. Demat and online trading account, free digital banking services will also be provided. Health insurance at reasonable premium will be initiated, the spokesman said.
Besides, the bank will also provide preferential pricing on loan products and there will be no need of letter of confirmation. Security precautions regarding integration of data-base of employees is to be utilized and the gross deduction for computation of loan amount shall be relaxed, the spokesman said further.
In his address Chairman J&K Bank Parvez Ahmed said that during the last 30 years J&K Police has given supreme sacrifices for peace and harmony of the State and as a mark of respect to these scarifies rendered by J&K Police, the MoU has been signed so that preferential banking services and benefits are provided to the police personnel and their families.
Ahmed said, “Our purpose as a financial institution is to move beyond relationships and turn these into stronger partnerships through different institutional frameworks. And this agreement is one of the significant milestones to take the mutual relationship between two important organizations of the state to a visibly different and higher level.”
“Under this agreement, the bank shall ensure that all the financial requirements of the police personnel are met promptly and efficiently through suitably customized services”, he added.
“The assigned category of ‘most favored client’ under the agreement shall enable the police personnel to enjoy the best of our services. Be it Digital services at home or anywhere outside home or country, easy loans, concessional rates, doorstep delivery, insurance cover, Add-on services to their family members and whatever best possible, has been offered under the agreement”, he said.