New Delhi/Mumbai: IDFC First Bank announced the signing of a memorandum of understanding (MoU) with the Indian Navy to offer Honour First, a premium banking solution, to serving personnel and veterans of the Indian Navy. The 'Honour FIRST Defence Account' is specially designed keeping in mind the needs of the Armed Forces and its veterans. Account-holders of Honour First is supported by a dedicated team of defence veterans.
The MoU for Honour First was signed at the Naval Headquarters in New Delhi between Commodore Neeraj Malhotra, Commodore – Pay and Allowances, Indian Navy and senior officials of IDFC First Bank.
Commodore Neeraj Malhotra, Commodore-Pay and Allowances of Indian Navy, said, “I welcome the initiative of IDFC First Bank to offer customized banking solutions to suit the needs of the Indian Navy and its personnel.”
Speaking on the occasion, IDFC FIRST Bank's Head (Retail Liabilities) Amit Kumar said, “This is indeed a proud moment for us. The association couldn’t have come at a better time as the Indian Navy commemorates the 50th anniversary of India’s historic victory in the 1971 war. We look forward to serving the banking needs of the prestigious Indian Navy as its safeguards the maritime frontiers of our country. This association is rooted in our nation-first approach to banking and reiterates our longstanding commitment to meeting the needs of our Armed Forces.”
The Honour First Defence account comes with a range of privileges and features such as a zero balance salary account that earns up to 5 per cent interest per annum and a net-banking and mobile App that offers a superior user interface and experience.
Honour First Account holders get a free enhanced Personal Accident Insurance Cover of Rs 46 lakhs for both on-duty and off-duty incidents. This not only covers accidental death but also total and partial permanent disability. This Personal Accident Insurance Cover includes a Child Education Grant of Rs 4 lakhs, and a marriage cover of Rs 2 lakh.
In addition, other best-in-class features include a top-of-the-line Visa Signature Debit Card with no annual charges, free Air Accidental Insurance cover of Rs. 1 crore and complimentary airport lounge access at domestic airports, twice a quarter. Honour First Defence Account also offers free lost card liability and fraud protection of up to Rs. 6 lakhs, purchase protection against burglary, theft and damage up to 90 days from date of purchase up to Rs 1 lakh.
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