Axis Bank has inked a Memorandum of Understanding (MoU) with the Indian Army for the Defence Salary Package. The first MoU between the bank and the Indian Army was signed in 2011 and was valid for a period of three years. The revised MoU is tailor made to suit the requirements of serving soldiers, pensioners and families.
Besides, number of additional facilities has been incorporated in the revised MoU after concerted efforts. The basic features of the MoU are the same as before. Some additional features which have been further improved from before are Personal Accident Death Cover which has been linked to Defence Salary Package account and over draft of up to Rs one lakh.
In addition, all facilities of the MoU are also available to the pensioners, including overdraft and ‘Personal Accident Insurance’, irrespective of any age restrictions.
