Axis Bank signs MOU with Indian Army to offer defence service salary package

The country’s third-largest private lender Axis Bank has signed MOU with the Indian Army offering a defence service salary package under its “Power Salute” initiative. The Defence service salary package will offer different benefits to all ranks of army officers. The benefits of the MoU will cover both serving Defence personnel as well Defence pensioners.

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According to the bank, it will offer–Personal accidental cover of up to ₹56 lakh to all army personnel; additional up to 8 lakh education grant; total Permanent Disability Cover benefit up to 46 lakh; permanent partial disability cover of up to ₹46 lakh; air accident cover of ₹1 crore, and free additional debit card for a family member.

Important takeaways for all competitive exams:

  • Axis Bank Headquarters: Mumbai;
  • Axis Bank Founded: 1993;
  • Axis Bank MD and CEO of Axis Bank: Amitabh Chaudhry.

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