HDFC Bank signs MoU with SAIL for corporate salary relationship

HDFC Bank, India’s largest private sector bank, has signed a Memorandum of Understanding with Steel Authority of India Limited (SAIL) for Corporate Salary Relationship. Under the MoU, over 60,000 on-roll and 65,000 contractual employees of SAIL now have the opportunity to move to HDFC Bank’s Corporate Salary Account (CSA).

The move will vastly benefit the employees of SAIL from the host of facilities offered as a part of the account. SAIL is one of the largest steel-making companies in India and one of the Maharatnas of the country’s central public sector enterprises.

This relationship also offers extended benefits exclusively for the employees of SAIL:

·         Family banking facility

·         Personal and air accident cover

·         Medical top-up

·         Exclusive range of credit cards and access to attractive offers on personal loans, home loans, auto loans and two-wheeler loans

The MoU with SAIL marks HDFC Bank’s 5^th association with a Public Sector Undertaking (PSU) for corporate salary relationship. HDFC Bank already hosts salary accounts some of the other PSU across various industries including petroleum, infrastructure, food security and warehousing.

Mr. Manoj Mehta Sr. Vice President & Zonal Head EBFS, HDFC Bank said, “Through this partnership we look forward to catering to the banking needs of the 1,20,000 strong employee-base. They will have the benefit of an enhanced and differentiated experience as the benefits associated with a salary account are tailored to meet the needs of different industries.”

The MoU was signed by Mr. Praveen Nigam – ED F&A, SAIL and Mr. Manoj Mehta Sr. Vice President & Zonal Head EBFS, HDFC Bank in the presence of other senior officials including Mr. Manas Ranjan Rath- CGM HR, SAIL, Ms. Madhvi Vashist – GM Finance, Mr. Ashutosh Kumar Sr. Vice President & Regional Head PSU, HDFC Bank. Mr. Mayank Srivastava National Account Manager – PSU , HDFC Bank,  Mr. Yatin Sehgal Cluster Head, HDFC Bank Mr. Ashutosh Sinha – Area Acquisition Head, HDFC Bank and Ms. Radhika Sinha – RM PSU (Corporate Banking Group), HDFC Bank.