Axis Bank MOU with Indian Navy

November 1, 2021

Axis Bank, India’s third largest private sector bank, reinforced its commitment to the Defence sector by signing an MOU with the Indian Navy, offering a Defence Service Salary package with best-in-class benefits and features under its ‘Power Salute’ initiative.

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The signing ceremony was held at the Navy Headquarters, with the Indian Navy represented by Neeraj Malhotra, Commodore – Pay and Allowances, and Axis Bank represented by Mr. Reynold D’ Souza, Executive Vice President, Liability Sales and Lt Col M.K Sharma, National Accounts Head, Axis Bank.

Through this exclusive Defence Service Salary package, Axis Bank will offer numerous benefits to all ranks of the Indian Navy, Veterans, Cadets/Rects:

  • Personal Accidental Cover of up to Rs. 56 lakhs to all Navy personnel, Veterans, Cadets/Rects
  • Additional up to Rs. 8 lakhs Children Education Grant
  • Total Permanent Disability Cover benefit up to Rs. 46 lakhs
  • Partial Permanent Disability Cover of up to Rs. 46 lakhs
  • Air Accident Cover of Rs. 1 crore
  • NIL Processing Fee & 12 EMI waivers on Home loans
  • 3 additional Zero Balance DSP Accounts free for family member
  • Universal account number across India. All Axis Bank branches will serve as “Home Branch’’

Speaking on the occasion Mr. Ravi Narayanan, Group Executive and Head – Branch Banking, Retail Liabilities & Products, Axis Bank said, ‘‘It gives us immense pleasure to serve the defence personnel who are selflessly serving and protecting our motherland. An MOU with the Indian Navy is a reflection of Axis Bank’s constant endeavour to serve the Defence Forces, and help them meet their financial requirements, aspirations and milestones.’’