Should I include military experience on CV?

I'd list it and try to highlight anything substantial (deployment, leadership experience, etc.) That said, don't over-embellish it. There are a ton of (ex-active duty) veterans in the industry and they will see right through you. If you're at a target school, your military experience will obviously help your candidacy and you should be fine. If not, hustle. Don't think that your military service is a free ticket to IB and try to connect with veterans at your target banks. Also, some banks offer a vet program (you may / may not qualify - some might only be for recently separated active duty veterans) so conduct your due diligence. Good luck.

Absolutely, you might even get some sort of special treatment / preference in the recruiting process.

Highlight your leadership, team work, work under pressure, discipline. People will lose their minds over that stuff, which is probably more proven in your case than most extracurriculars people list.

Definitely put it as it looks like good work experience. The military teaches you teamwork, planning, collaboration, leadership, ability to perform under pressure, accountability, attention to detail, dependability, improvisation, etc. All these terms I just gave you are what you should be emphasizing in interviews to show how and why your experience is relevant. Nevermind if you were an infantryman or a cook, combat medic or mechanic. You can always spin your military experience and tailor it to any situation if you're smart about it. 

And on top of that, veterans are a diversity applicant so even if it doesn't help your application, it doesn't hurt it at all. Best case scenario is you interview at somewhere who says they love hiring vets, which is almost exclusively virtue signaling, but again, doesn't hurt you. 

Fellow reservist here. Definitely include BUT downplay the ongoing commitment during interviews. Some bankers may be very patriotic till they realize it means you might have to be gone for a weekend.