New Delhi: The Indian Army has signed a Memorandum of understanding (MoU) with 11 banks for providing banking facilities to Agniveers, the Defence Ministry said in a statement. “The Indian Army has signed historic MoU with 11 Banks viz State Bank of India, Punjab National Bank, Bank of Baroda, IDBI Bank, ICICI Bank, HDFC Bank, Axis Bank, Yes Bank, Kotak Mahindra Bank, IDFC First Bank and Bandhan Bank for providing banking facilities to Agniveers on enrollment,” the ministry said in a release.
Pay, Allowances and Allied Benefits – Agniveers will be paid a customised package of Rs 30,000 per month with a fixed yearly increment. In addition, risk and hardship, dress and travel allowances will be paid.
Terminal Benefits – Agniveers shall be given a one-time Seva Nidhi package comprising their monthly contribution along with matching contribution by the government on completion of their engagement period.
Customised Package (Monthly)
In Hand (70%)
Contribution to Agniveer Corpus Fund (30%)
Contribution to Corpus Fund by GoI
All figures in Rs (Monthly Contribution)
Total in Agniveer Corpus Fund
The Agnipath scheme, announced on June 14, provides for the recruitment into the armed services of youths in the age bracket of 17-and-a-half-years to 21 for only four years with a provision to retain 25 per cent of them for 15 more years. The Centre later extended the upper age limit to 23 years for recruitment in 2022. Those selected under this scheme will be known as Agniveers. The government had announced that 46,000 Agniveers to be recruited this year. It had said that the armed forces will have “a younger, fitter, diverse profile” to face future challenges.