HDFC Bank on Friday announced the launch of a 1st-of-its-kind product for the armed forces.
Called 'Shaurya KGC Card', this unique product comes with never-seen-before features and eligibility criteria specially crafted for over 45 lakh Indian armed forces personnel, the lender said in a statement.
The product is based on the Kisan Credit Card guidelines by the government.
The key benefits are as follows:
Life cover of Rs 10 lakh as against Rs 2 lakh for an average card
Simple and easy documentation that doesn’t require the personnel’s physical presence to accommodate nature of his job and his availability
The product was launched digitally from Mumbai by Aditya Puri, Managing Director, HDFC Bank in the presence of Rajinder Babbar, Business Head, Rural Banking Group, HDFC Bank on the eve of India’s 74th Independence Day.
Speaking at the launch, Puri said, “This is our Independence Day gift to our protectors.”
"The Shaurya KGC Card will provide armed forces personnel with finance for agricultural requirements like production of a crop, post-harvest maintenance and consumption needs," the bank said.
"They can also avail of this funding to purchase farm machinery, irrigation equipment or construct storage structures, etc," it added.
The loan facility has been designed keeping in mind the financial needs of the armed forces and can be availed by:
1. Visiting HDFC Bank Branches
2. Applying for the loan through recently launched HDFC Bank e-Kisan Dhan app
3. By dialing an all India Interactive Voice Response (IVR) toll-free number (1800 120 9655).This activity is part of the Bank's 'Har Gaon Hamara' initiative to provide banking facilities to customers in the rural and under-served areas of the country.