Home >Industry >Banking >Axis Bank's 'Power Salute' offers defence service salary package for Indian Army

The country's third-largest private lender Axis Bank on Tuesday signed 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 56 lakh to all army personnel; additional up to 8 lakh education grant; total Permanent Disability Cover benefit up to 46 lakh; permanent partial disability cover of up to 46 lakh; air accident cover of 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 chequebooks, 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, UYSM, AVSM, SM, VSM, DG (MP&Ps) and Reynold D’ Souza, Executive Vice President and Lt Col MK Sharma National Accounts Head, Axis Bank.

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