Axis Bank signs MoU with IAF, to offer exclusive salary package to personnel

One of India’s leading private sector banks, Axis Bank has announced signing a Memorandum of Understanding (MoU) with the Indian Air Force to offer an exclusive defence service salary package to its personnel. The company offered to incorporate best-in-class benefits and features under its ‘Power Salute’ initiative for defence personnel. 

The Indian Air Force Headquarters hosted the signing ceremony, which was attended by Air Vice Marshal Ashok Saini, VSM, ACAS (Accts & AV), Lt. Col. M.K. Sharma, Head of National Accounts, and Reynold D'Souza, the Executive Vice President of Axis Bank.

According to the details shared in its official press release, the bank pledged to provide several benefits to all ranks of Indian Air Force personnel, including veterans and cadets/recruits, through this exclusive Defense service compensation package. 

The package will reportedly include an air accident cover of up to Rs 1 crore and a personal accident cover of up to Rs 56 lakh for all personnel ranks. Additionally, the package would also include grants for up to Rs 8 lakh for the education of servicemen's children who have a maximum total lifetime disability of Rs 46 lakh. 

Additionally, the bank said that it would remove processing fees and levies for zero balance accounts for up to three family members. Furthermore, the bank declared that all of its branches will function as "Home branches" for the defence personnel in order to provide banking services in a more convenient manner.

“The MOU is a reflection of Axis Bank’s constant endeavour to serve the Defence Forces of India, and help them meet their financial requirements, aspirations and milestones,” the company stated in its official press release announcing the exclusive package.

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