The Indian Navy has inked a Memorandum of Understanding (MoU) with the Infrastructure Development Finance Company (IDFC) First Bank to initiate ‘Honour FIRST’. ‘Honour FIRST’ is a premium banking solution for serving personnel and veterans of the Indian Navy. Designed especially keeping in mind the needs of the Armed Forces and its veterans, the Honour FIRST Defence Account is 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 IDFC FIRST Bank’s senior officials.
The imperative features of ‘Honour FIRST’
- Studded with a range of privileges and features, the Honour FIRST Defence account comes with a free enhanced Personal Accident Insurance Cover of Rs. 46 lakhs for both on-duty and off-duty incidents.
- Additionally, the insurance not only covers accidental death but also total and partial permanent disability. The Personal Accident Insurance Cover also includes a child education grant of Rs. 4 lakhs and a marriage cover of Rs 2 lakh.
- Honour FIRST Defence Account also comprises a free lost card liability and fraud protection of up to Rs. 6 lakhs, purchase protection against theft and damage up to 90 days.
- Other benefits include free unlimited ATM transactions across all domestic ATMs in the country, free online payment transactions, unlimited cheque books and anywhere banking across the Bank’s network of branches and ATMs.
Important takeaways for all competitive exams:
- IDFC First Bank Establishment: 2018;
- IDFC First Bank MD & CEO: V. Vaidyanathan;
- IDFC First Bank Headquarters; Mumbai, Maharashtra;