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Axis Bank signed MoU with Indian Navy

Published on November 02, 2021
Current Context: The Axis Bank has signed MoU with the Indian Navy to offer a defence service salary package.
Axis Bank signed MoU with Indian Navy
  • The name of the defence service salary package is Power Salute.
  • Under the Power Salute, the bank will provide various benefits to all ranks of the Indian Navy, veterans, and cadets.
  • The benefit includes personal accident cover of up to Rs 56 lakh, Rs 8 lakh children education grant, Rs 46 lakh total permanent disability cover, partial permanent disability cover upto Rs 46 lakh, and Rs 1 crore air accident cover.
  • The Power Salute does not charge any processing fees and offers 12 EMI waivers on home loans.
  • Static Part: 
    • HQ of Axis Bank: Mumbai
    • MD and CEO of Axis Bank Amitabh Chaudhry

Question: 

Q.1 Which bank signed MoU with the Indian Navy to offer defence service salary package named Power Salute?
a. Axis Bank
b. Kotak Mahindra Bank
c. SBI
d. ICICI Bank
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