Axis Bank partners with Indian Coast Guard to offer defence service salary package

India’s third largest private lender Axis Bank on Wednesday signed a Memorandum of Understanding (MoU) with the Indian Coast Guard to roll out a defence service salary package with added benefits and features. This MoU is a part of the bank’s ‘Power Salute’ initiative.

“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,” Axis Bank said in a statement.

Through this defence service salary package, the private lender will offer numerous benefits to all ranks of the Indian Coast Guard - -Veterans, Cadets, and Recruits.

Here are some of the features and benefits of the MoU:

•     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’’

Axis Bank had recently received the approval of the Competition Commission of India to acquire Citi's consumer business in India, one of the largest deals in the country's financial services space. As per the deal valued at Rs 12,325 crore, Axis Bank would take over Citi's credit cards, personal loans and wealth management businesses that are focused on the affluent segment.

The shares of Axis Bank closed 0.86 per cent higher at Rs 772 on the BSE on Wednesday.

Also Read: Axis Bank signs MoU with IAF, to offer exclusive salary package to personnel