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.

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 ₹56 lakhs to all Navy personnel, Veterans, Cadets/Rects
Additional up to ₹8 lakhs Children Education Grant
Total Permanent Disability Cover benefit up to ₹46 lakhs
Partial Permanent Disability Cover of up to ₹46 lakhs
Air Accident Cover of ₹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.’’