New Delhi: The Indian Army on Friday signed a Memorandum of Undertaking (MoU) with Axis Bank on the Defence Salary Package. The current MoU is tailor-made to suit the requirements of serving soldiers, pensioners and families.


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Under the current MoU, apart from benefits, the Army personnel will get free personal accident death cover and free permanent total disability cover of Rs 30 lakh and free educational cover of up to Rs 2 Lakh for children between the age of 12 and 20 years, said the Indian Army in a release.


The first MoU between Axis Bank and the Indian Army was signed in 2011 and was renewed on 24 Mar 2015. 


The signing-in ceremony was chaired by the Director-General (MP&PS), Lt Gen SK Saini and was attended by the top dignitaries of Axis Bank headed by Mr Sanjay Sailas, President and Head, Retail Banking, Axis Bank.


Recently, Indian Army has also signed a MoU with HDFC bank. 


MoUs are considered for inception and renewal with banks on analyzing their utility and suitability to the requirements of serving soldiers, pensioners and families. Army is hoping 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.