Army / Military personnel (this includes navy, airforce, border security forces, etc.) guard our country. However do they undergo any training in personal finance? The answer, is obviously, no.

In an interaction with a few young army / ex army people, I have come to the following conclusion:

1. Like the rest of the population, army people know how to do their work. However they have no clue on how to manage their personal finances.

2. There is surprisingly no dedicated bank for military personnel. Surprising that life insurance and fund management bodies have been created, but no banks dedicated to army personnel.

3. Banks have been let loose on the young army boys – who have happily bought a lot of ULIP, taken expensive loans, done all kinds of stupid things as dictated by the banker.

4. There are too many schemes aiming and targeting the hapless army staff.

5. Many frauds in which military personnel have lost money

6. There should be some kind of a ceiling on the charges that the manufacturer can charge a military person – a very good way of protecting oneself.

7. Army people go through a lot of transfers, staying without the family, etc.  The wife is lucky if  the husband is not transferred every 2-3 years!

…will continue..

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  1. I’m curious why someone would think army personnel need a dedicated bank like as though there are dedicated banks for dentists and carpenters.

  2. Subra Sir,

    The rate of interest offered is 10.50% p.a. for 10 years and 10.75% p.a. for 15 years. SBI had come up with 9.5% p.a., will this reduce the premium of SBI bonds.


  3. feedback recd. on FB: S Srivastava


    Was going thru ur article on faujis in ur blog.well as a serving officer want to add on a few inputs…the junior officer lots is generally free spending and the investment is limited to our pf@8%.

    the middle level graduates further to diversifying in real estate…and the senior lot adds on with stocks.sips have now started catching on.

    the jawans save primarily in their pf and pli or some other insurance schemes.the salary of the men primarily goes to sbi as they have conned all by offering a salary account with some funny rules in collaboration with a few vested lot.

    The ulips and mf types are more in vogue with navy and airforce guys who have access to bigger add on is that with a heavy disposition of officers from delhi and surrounding belts…purchase of plots in ncr,chandigarh,haryana is seen as a lucrative means to increase investment.the results have been spectacular for some to say the least!

  4. response to indian hayek…dentists and carpenters do not work in siachen,assam,leh,….carpenters and dentists do not have to stay isolated in remote unhospitable conditions.

  5. I’m curious why someone would think army personnel need a dedicated bank like as though there are dedicated banks for dentists and carpenters.

  6. most dentists I know can afford to buy a bank…so yes dentists do not need it.

    Makes sense for army personnel to have a bank -or ask SBI to create a separate banking system for the army man. The requirements of the army, navy and airforce people are really different. They should not allow the staff to sell them horrible investment products – which many banks shamelessly do….

  7. I am touched by your genuine concern for millions of indian army personnel.

    For a while, I thought with this post you were just indulging in a bit of harmless Search Engine Optimization to attract more army personnel to your blog.

  8. Hi sir
    Went through ur articles. Can u advice me on financial plg or do you run sum financial plg services. Looking fwd for ur reply.

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