Bengaluru/Mumbai, 17 August 2022: Axis Bank, India’s third largest private sector bank, reinforced its commitment to the Defence sector by signing an MOU with the Indian Coast Guard, offering a defence service salary package with best-in-class benefits and features under its ‘’Power Salute’’ initiative.
The signing ceremony was held at the Coast Guard Headquarters, with the Indian Coast Guard, represented by Deputy Inspector General Kajal Roy, Principal Director (Administration), in the presence of Additional Director General, Rakesh Pal PTM, TM and Axis Bank was represented by Ms. Tanu Malhotra, Executive Vice President and Lt Col M.K Sharma, National Accounts Head.
Through this exclusive Defence service salary package, Axis Bank will offer numerous benefits to all ranks of the Indian Coast Guard – Veterans, Cadets, Recruits –
· Personal Accidental cover of upto Rs. 56 lakhs to all personnel, Veterans, Cadets, Recruits
· Additional Children Education Grant upto Rs. 8 lakhs
· Total Permanent Disability Cover benefit upto Rs. 46 lakhs
· Permanent Partial disability cover of upto Rs. 46 lakhs
· Air Accident cover of Rs. 1 Crore
· NIL Processing fee & 12 EMI waiver on Home loans
· Zero Balance accounts for 3 family members with no charges
· Universal account number across India wherein all Axis Bank branches will function as “Home branch’’
The MOU is a reflection of Axis Bank’s constant endeavour to serve the Defence Forces and help them meet their financial requirements, aspirations and milestones. Axis Bank’s digital initiatives will enable the defence personnel at borders and other remote areas to stay connected and get easy access to its bouquet of financial solutions.