Mumbai: Axis Bank, India’s third-largest private sector bank, reinforced its commitment to the Defence sector by signing an MOU with the Indian Air Force, offering a defence service salary package with best-in-class benefits and features under its power Salute’ initiative.

The signing ceremony was held at Air Force Headquarters, with the I.A.F, represented by Air Vice-Marshal Ashok Saini, VSM, ACAS (Accts & AV), in the presence of Air Chief Marshal, V R Chaudhari PVSM, AVSM, VM, ADC and Axis Bank representatives – Mr Reynold D’ Souza, Executive Vice President and Lt Col M.K Sharma, National Accounts Head.

Through this exclusive Defence service salary package, the Bank will offer numerous benefits to all ranks of Indian Air Force personnel including the veterans, cadets/recruits –

Personal Accidental Cover of upto56 lakhs to all personnel including the veterans, cadets/recruits

Additional up to 8 lakhs for children Education Grant

Total Permanent Disability Cover benefits up to 46 lakhs

Permanent Partial disability cover of up to 46 lakhs

Air Accident cover of 1 Crore

NIL Processing fee & 12 EMI waiver on Home loans

Additional zero balance accounts for 3 family members with no charges

Universal account number across India. All Axis Bank branches will serve us as “Home branch’’

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.