Home / Industry / Banking /  Axis Bank signs MoU with Indian Navy for salary accounts

Mumbai: Private sector lender Axis Bank on Monday signed a memorandum of understanding (MoU) with the Indian Navy, offering a defence service salary package.

Through the exclusive defence service salary package--Power Salute--Axis Bank will offer numerous benefits to all ranks of the Indian Navy, veterans and cadets.

The benefits include a personal accidental cover of up to 56 lakh to all navy personnel, veterans and cadets; additional up to 8 lakh children education grant; total permanent disability cover benefit up to 46 lakh; partial permanent disability cover of up to 46 lakh; air accident cover of 1 crore.

 It also includes zero processing fee and 12 EMI waivers on home loans; three additional zero balance DSP accounts free for family member and universal account number across India allowing all Axis Bank branches to serve as home branch.

The signing ceremony was held at the Navy headquarters, with the Indian Navy represented by Neeraj Malhotra, commodore (pay and allowances), and Axis Bank represented by Reynold D’ Souza, executive vice-president, liability sales and lieutenant colonel MK Sharma, national accounts head, Axis Bank. 

Ravi Narayanan, group executive and head (branch banking, retail liabilities and products) at Axis Bank said, “It gives us immense pleasure to serve the defence personnel who are selflessly serving and protecting our motherland. An MOU with the Indian Navy is a reflection of Axis Bank’s constant endeavour to serve the defence forces, and help them meet their financial requirements, aspirations and milestones.’’

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