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Updated on: Monday, November 01, 2021, 12:43 PM IST

Axis Bank MoU with Indian Navy offers a Defence Service Salary package

Neeraj Malhotra, Commodore – Pay and Allowances, Indian Navy; Reynold D’ Souza, Executive Vice President, Liability Sales, Axis Bank, and Lt Col M.K Sharma, National Accounts Head, Axis Bank | Axis Bank

Neeraj Malhotra, Commodore – Pay and Allowances, Indian Navy; Reynold D’ Souza, Executive Vice President, Liability Sales, Axis Bank, and Lt Col M.K Sharma, National Accounts Head, Axis Bank | Axis Bank

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Axis Bank announced it has signed an MoU with the Indian Navy, 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 Navy Headquaters, 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 Lt Col M.K Sharma, National Accounts Head, Axis Bank.

Through this Defence Service Salary package, Axis Bank will offer numerous benefits to all ranks of the Indian Navy:

  • Personal Accidental Cover of upto Rs.56 lakhs to all Navy personnel, Veterans, Cadets/Rects.

  • Additional Upto 8 lakhs Children Education Grant

  • Total Permanent Disability Cover benefit up to 46 lakhs

  • Partial Permanent Disability Cover of up to Rs 46 lakhs

  • Air Accident Cover of Rs 1 Crore

  • NIL Prosessing Fee & 12 EMI waivers on Home loans

  • 3 additonal Zero Balance DSP Accounts free for family member

  • Universal account number across India. All Axis Bank branches will serve as “Home Branch’’

Ravi Narayanan, Group Executive and Head – Branch Banking, Retail Liabilities & Products, Axis Bank said, ‘’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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Published on: Monday, November 01, 2021, 12:43 PM IST
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