Memorandum of Understanding (MoU) was signed between the Indian Army and Axis Bank on the Defence Salary Package today. The signing ceremony was chaired by the Adjutant General, Lt Gen Rakesh Sharma and was attended by officials of Axis Bank headed by Shri Anirudh Maheshwari, Vice President & Salary Channel Head-Central Office, Mumbai.
The first MoU between Axis Bank and the Indian Army was signed in 2011 and was valid for a period of three years. The revised MoU is tailor made to suit the requirements of serving soldiers, pensioners and families. Number of additional facilities have been incorporated in the revised MoU after concerted efforts. Army is confident 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.
The basic features of the MoU are the same as before. Some additional features which have been further improved from before are Personal Accident Death Cover which has been linked to Defence Salary Package account and over draft of upto Rs One Lakh. In addition, all facilities of the MoU are also available to the pensioners, including overdraft and ‘Personal Accident Insurance’, irrespective of any age restrictions.