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Updated on: Monday, August 09, 2021, 02:56 PM IST

IDFC First Bank MoU with Indian Navy, to offer Honour First Defence Account; all you need to know

The Honour FIRST Defence Account is specially designed keeping in mind the needs of the Armed Forces and its veterans |

The Honour FIRST Defence Account is specially designed keeping in mind the needs of the Armed Forces and its veterans |

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IDFC FIRST Bank announced the signing of a Memorandum of Understanding (MoU) with the Indian Navy to offer Honour FIRST, a premium banking solution, to serving personnel and veterans of the Indian Navy.

The Honour FIRST Defence Account is specially designed keeping in mind the needs of the Armed Forces and its veterans. Account holders of Honour FIRST are supported by a dedicated team of defence veterans.

The MoU for Honour FIRST was signed at the Naval Headquarters in New Delhi between Commodore Neeraj Malhotra, Commodore - Pay and Allowances, Indian Navy and senior officials of IDFC FIRST Bank.

Commodore Neeraj Malhotra, Commodore-Pay and Allowances of Indian Navy, said, “I welcome the initiative of IDFC FIRST Bank to offer customized banking solutions to suit the needs of the Indian Navy and its personnel.”

Speaking on the occasion, Amit Kumar, Head – Retail Liabilities, IDFC FIRST Bank, said, “This is indeed a proud moment for us. The association couldn’t have come at a better time as the Indian Navy commemorates the 50th anniversary of India’s historic victory in the 1971 war. We look forward to serving the banking needs of the prestigious Indian Navy as its safeguards the maritime frontiers of our country. This association is rooted in our nation-first approach to banking and reiterates our longstanding commitment to meeting the needs of our Armed Forces.”

Defence account offers

The Honour FIRST Defence account comes with a range of privileges and features such as a zero balance salary account that earns up to 5 per cent interest per annum and a net banking and mobile App that offers superior user interface and experience.

Account holders get a free enhanced personal accident insurance cover of Rs. 46 lakhs for both on-duty and off-duty incidents. This not only covers accidental death but also total and partial permanent disability, including a Child Education Grant of Rs. 4 lakhs, and a marriage cover of Rs 2 lakh.

In addition, other features include a top-of-the-line Visa Signature Debit Card with no annual charges, free Air accidental insurance cover of Rs. 1 crore and complimentary airport lounge access at domestic airports, twice a quarter.

It also offers free lost card liability and fraud protection of up to Rs. 6 lakhs, purchase protection against burglary, theft and damage up to 90 days from date of purchase up to Rs. 1 lakh.

Account holders of Honour FIRST are eligible for a ‘Free for Life Credit Card’ with variable APR and 10X Reward Points, 1.5 percent forex markup, complimentary access to select spas and lounges at domestic and international airports, travel insurance and other benefits round the year.

Privileges also include 10X reward points on spends greater than Rs. 20,000, 6X rewards on all online spends, complimentary for life & interest-free credit for purchases and cash withdrawals.

Other benefits comprise free unlimited ATM transactions across all domestic ATM’s, free online payment transactions, unlimited cheque books and anywhere banking across the Bank’s network of branches and ATMs.

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Published on: Monday, August 09, 2021, 02:56 PM IST
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