Army-Axis Bank join hands to suit requirements of serving soldiers, pensioners

NewsBharati    14-Apr-2018
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New Delhi, April 14: Indian Army and Axis Bank signed a Memorandum of Undertaking (MoU) on the Defence Salary Package on Friday. The current MoU is tailor-made to suit the requirements of serving soldiers, pensioners and families.

According to Ministry of Defence, the first MoU between Axis Bank and the Indian Army was signed in 2011 and was renewed on 24 Mar 2015. The signing-in ceremony was chaired by the Director General (MP&PS), Lt Gen SK Saini and Sanjay Sailas, President and Head, Retail Banking, Axis Bank.

Army is hoping that this MoU will benefit a large number of serving and retired Army personnel who are having their accounts with Axis bank; and also provide them an opportunity to access modern banking facilities.

Under the current MoU, apart from other benefits, the Army personnel will get free personal accident death cover and free permanent total disability cover of Rs 30 lakh and free educational cover of up to Rs 2 Lakh for children between the age of 12 and 20 years.

Recently, Indian Army has also signed a MoU with HDFC bank. MoUs are considered for inception and renewal with banks on analyzing their utility and suitability to the requirements of serving soldiers, pensioners and families.

Indian Army Axis Bank MoU Defence Salary Package soldiers Army pensioners Ministry of Defence