Indian Army has signed Memorandum of Undertaking (MoU) with Axis Bank on Defence Salary Package. The first MoU between Axis Bank and Indian Army was signed in 2011 and was renewed in March 2015. The current MoU is tailor-made to suit e requirements of serving soldiers, pensioners and families. Recently, Indian Army had also signed similar MoU with HDFC bank.
Under the current MoU, Indian Army personnel will get free personal accident death cover and free permanent total disability cover of Rs 30 lakh apart from benefits. Moreover their children will get free educational cover of up to Rs 2 Lakh for children between the age of 12 and 20 years. Indian Army is hoping that this MoU will benefit large number of serving and retired Army personnel who are having their accounts with Axis bank and also provide them opportunity to access modern banking facilities.