Axis Bank to offer ‘Pay to Pension’ services for Defence personnel

Axis Bank Ltd. | Bank - Private | BFSI | BSE: 532215 | NSE: AXISBANK

04 Feb 2016 Evaluate

Axis Bank, as a part of its continued commitment to serve the Defence sector, has signed a MoU with the Indian Army, the Navy and the Coast Guard to offer a comprehensive lifetime solution from Pay to Pension, under its umbrella suite - ‘Power Salute’. The bank has upgraded & remodeled the captive branch located within the Ministry of Defence complex in Delhi. Axis Bank is the only private sector bank to have a presence in Defence Headquarters (Sena Bhawan, New Delhi) by way of an Extension Counter. The EC is being re-launched in a digital format with a self-service e-Lobby.

Axis Bank would also accord special preference to hire ex-servicemen as business correspondents for the bank, with waiver on the requirement of security deposit. Axis Bank’s exclusive service, under the ‘Power Salute’ umbrella offering, entails numerous benefits for the Defence personnel, which include loan products, banking solutions and exclusive ‘Pride’ credit card offering. These benefits would continue even after their retirement.

The Power Salute Account for the Defence Personnel would be a Zero Balance Salary Account for self and family members. Axis Bank would provide enhanced Personal Accidental Death Cover, unlimited free ATM transactions on Axis and non-Axis Bank ATMs & rank-wise graded offering, with special benefits to suit diverse needs. Around 20 exclusive ATMs at key Defence locations would also be rebranded as special ‘Power Salute’ ATMs. In addition, the Bank would also install ATMs/e-Lobby at all key Defence Training and Regimental Centers to better serve the personnel.

Axis Bank, India’s third largest private sector bank, has registered a rise of 14.50% in its net profit at Rs 2175.3 crore for third quarter ended December 31, 2015 compared to Rs 1899.76 crore for the same quarter in the previous year. Total income of the bank has increased 14.66% at Rs 12531.11 crore for Q3FY16 as compared Rs 10928.81 crore for the corresponding quarter previous year.

Axis Bank Share Price

1269.40 -22.95 (-1.78%)

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Peers

Company Name	CMP
HDFC Bank	781.20
ICICI Bank	1264.80
Axis Bank	1269.40
Kotak Mahindra Bank	380.75
Indusind Bank	949.85
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