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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


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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