Mumbai : Axis Bank, India’s third largest private bank, today signed a Memorandum of Understanding (MoU) with the Indian Army for the Power Salute, a salary account exclusively for the Army personnel.

The MoU was signed by Lt General V K Chaturvedi, PVSM, AVSM, SM, Director General (MP & PS), Indian Army and Mr. S. K. Chakrabarti, Deputy Managing Director, Axis Bank in the presence of Lt General Mukesh Sabharwal, PVSM, AVSM **, VSM, Adjutant General Indian Army, other Army and Axis Bank officials.

Mr. S K Chakrabati, DMD – Axis Bank, speaking on the occasion said, “It is a matter of pride for us to be of service to the Indian Defence personnel. We at Axis Bank strongly believe that it is a debt we owe the armed forces and feel honoured to be able to offer Defence personnel special and exclusive products and services. As a Bank, we acknowledge their efforts and we will keep evolving similar special and exclusive services for our Services personnel.”

Axis Bank, as a part of the Power Salute Salary Account has introduced a ‘NIL LOAN PROCESSING FEE’ for all categories of Defence Forces. Apart from this, the features of the account include: Unique life time account number which can be used at all Branches of Axis Bank anywhere in India; Zero minimum balance requirement and services like ATM cards; Net Banking/E-statement/Draft at Axis Bank locations; Fund transfer through RTGS/NEFT and UNLIMITED number of transactions at other Bank ATMs are offered totally free of cost along with the Power Salute account.

A testimony to Axis Bank’s commitment to the Armed Forces is the ATM in Thegu (13,200 feet) close to Nathu La Pass in Sikkim which till date it is one of the highest ATMs in the world. The Bank’s relationship with the Army today stretches from the deserts of Rajasthan to the hills of Nagaland and from the snow-capped mountains of Kashmir to the sun-soaked beaches of Kanyakumari.