Facilities by AXIS Bank
Axis bank will provide following facilities/services to Indian Army Personnel drawing their salary and pension through any of its branches:
• Personal Accidental cover of Rs 30 lac including total permanent disability benefits;
• Permanent partial disability covers up-to Rs 30 lac;
• Air Accident cover of Rs 1 crore (provided the ticket is purchased on AXIS bank debit card);
• Free Additional Debit card for a family member (For Power SALUTE account holder);
• Universal account number across India;All AXIS bank branches are “Home branch”;
• Unlimited transactions at AXIS Bank and other bank ATMs free of charge;
• Zero balance salary account which can be converted to a pension account with the same features;
• Any where Banking via internet and mobile banking;
• One complimentary add on debit card for family member;
• Facility for setting up Standing Instructions, ECS etc;
• Preferential allotment of safe deposit lockers, subject to availability;
• Free Financial Advisory Service wherever AXIS bank has such facility;
• Indian Army “Pride” Credit Card offering for all personnel;
• Complete suite of loan products, without any processing charges;
• Senior citizens accounts for dependent parents;
• All other facilities being provided to Bank’s normal customer operating salary account, subject to the discretion of the bank;
• “Wealth Management” services and “Door Step” banking; Special Relationship Officers will be appointed in all major defence banking branches to assist in and resolve all operational issues;
• Free education benefit upto Rs 2 lakh for education of wards (ages12-20 years) of deceased personnel(where PA cover is applicable).
The above is through the Memorandum of Undertaking (MoU) between Indian Army (DG, MP/PS) South Block, New Delhi and AXIS Bank Ltd made on 26 May 2018 for the period of three years.
Facilities by HDFC Bank
HDFC Bank undertakes to provide following facilities/service to Indian Army Pensioner drawing pension through HDFC Bank Ltd:
• Any where Banking via ATM or internet;
• Free shopping cum ATM Card-Special offer for Pensioner Account Holders- International Debit Card;
• Usage of other banks ATMs free of cost-Special offer for Indian Army Pensioner Unlimited free transaction at all other bank ATMs (Domestic) subject to RBI regulation as applicable from time to time;
• Draft/cheque-free on HDFC bank branch locations;
• Personal Accident Death Cover of Rs 5 lakh;
• Key offering of PL for pensioner maximum amount is 5 lakh for 36 months and processing fee is 1.5%, pensioner age should be less than 65 years.
• Criteria for Personal Accident Death Cover for Pensioners covers accidental death resulting within 12 months from bodily injury due to accident only; Insurance cover is not applicable for those whose death is caused by suicide or attempt to suicide and for cases mentioned in Annexure-1 of MoU and all coverage of insurance are as per terms and conditions mentioned in the insurance policy, as per the sole discretion of the insurance company;All the correspondence related to claim will then be directly taken up between the insurance company and the claimant with HDFC Bank Ltd acting as facilitator.
• Eligibility: The account holder is an Indian Army Pensioner (aged less than 70 years). He is holding a Pension Account under Corporate Salary Account in prior 3 months. He should have carried out at least one purchase transaction using the Debit Card within 6 months prior to the date of loss.