MUMBAI, JULY 6, 2021
The country’s third-largest private lender Axis Bank on Tuesday signed a memorandum of understanding (MoU) with the Indian Army offering a defence service salary package under its “Power Salute” initiative.
The Defence service salary package will offer different benefits to all ranks of army officers, Axis Bank said in a media statement.
According to the bank, it will offer–Personal accidental cover of up to Rs 56 lakh to all army personnel; additional up to 8 lakh education grant; total Permanent Disability Cover benefit up to Rs 46 lakh; permanent partial disability cover of up to Rs 46 lakh; air accident cover of Rs 1 crore, and free additional debit card for a family member.
The benefits of the MoU will cover both serving Defence personnel as well Defence pensioners.
At present, the bank also offers unlimited free payable-at-par cheque books, and unlimited free demand drafts and pay orders.
The signing ceremony was held at Army Headquarters, with the Indian Army represented by Lt. Gen. R P Kalita, DG (MP&Ps) and Reynold D’ Souza, Executive Vice President and Lt. Col. MK Sharma National Accounts Head, Axis Bank.