Axis Bank signed an MoU with the Indian Navy to offer a defence service salary package under ‘’Power Salute’’ at New Delhi. Through the agreement, the bank will provide several benefits to all ranks of Indian Navy veterans and cadets. ICICI Bank also renewed its MoU with the Indian Army to offer enhanced benefits and new features through its ‘Defence Salary Account’ (DSA) to all serving as well as retired Army personnel.
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Major benefits included under “Power Salute” are an accidental cover up to INR 56 lakh, children education grants up to INR 8 lakh, total permanent disability cover up to INR 46 lakh, partial permanent disability cover of up to INR 46 lakh and air accidental cover of INR 1 crore, zero processing fee and 12 EMI (Equated Monthly Installment) waivers on the home loan.
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