The private sector lender has signed an MoU with Indian Air Force ,Indian Air ForceTo manage the salary accounts of Defense personnel. Providing benefits and facilities to Air Force Axis Bank as part of its ‘Power Salute’ initiative on Thursday said it will provide several benefits to all ranks of defense employees, including veterans, cadets/recruits.

The salary account offered by Axis Bank will have benefits like personal accident cover of up to Rs 56 lakh, total permanent disability cover of Rs 46 lakh, air accident cover of Rs 1 crore.

There will be no processing fee for account opening, while 12 EMI waivers will be given on home loan.

It will offer additional zero balance account for up to 3 family members at no charge.

Axis Bank said that it is the constant endeavor of the Bank to serve the Defense Forces IndiaAnd help them meet their financial needs, aspirations and milestones.