Axis Bank Signs Memorandum with Indian Coast Guard

Axis Bank, India’s third largest private sector bank, reinforced its commitment to the Defence sector by signing an MOU with the Indian Coast Guard. 

Under its ‘’Power Salute’’ initiative, it offered a defence service salary package with best-in-class benefits and features. Through this exclusive defence service salary package, Axis Bank will offer numerous benefits to all ranks of the Indian Coast Guard, be it the Veterans, cadets or recruits. 

The signing ceremony was held at the Coast Guard Headquarters. The Indian Coast Guard, was represented by Deputy Inspector General Kajal Roy, Principal Director (Administration), in the presence of Additional Director General, Rakesh Pal PTM, TM and Axis Bank was represented by Ms. Tanu Malhotra, Executive Vice President and Lt Col M.K Sharma, National Accounts Head.  

The benefits to the servicemen include a personal accidental cover of up to Rs. 56 lakhs to all personnel, an air accident cover of Rs. 1 Crore and a zero balance account for 3 family members with no charges. For the personnel who get injured in the line of duty, it offers a Total permanent disability cover benefit of up to Rs. 46 lakhs and a permanent partial disability cover of up to Rs. 46 lakhs. 

It also includes a waiver on home loans and a universal account number across India wherein all Axis Bank branches will function as home branches. For the children of the personnel, there would be additional children education grants up to Rs. 8 lakh.

The MOU is a reflection of Axis Bank’s constant endeavour to serve the Defence Forces and help them meet their financial requirements, aspirations and milestones. Axis Bank’s digital initiatives will enable the defence personnel at borders and other remote areas to stay connected and get easy access to its bouquet of financial solutions. 

Axis Bank is the third largest private sector bank in India. With its 4,759 domestic branches and 10,161 ATMs across the country as on 30th June 2022, the network of Axis Bank spreads across 2,702 cities and towns, enabling the bank to reach out to a large cross-section of customers with an array of products and services.