New Delhi, Jul 7 (PTI) Private sector lender Axis Bank has signed an MoU with the Indian Air Force (IAF) to manage salary accounts of the defense personnel.

Offering benefits and features to Air Force personnel under its 'Power Salute' initiative, Axis Bank on Thursday said it will offer numerous benefits to all ranks of the defence staff, including veterans, cadets/recruits.

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

There will be no processing fee to open the account, while as many as 12 EMI waivers will be given on home loans.

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It will also offer additional zero balance accounts for 3 family members with no charges.

Axis Bank said that it is bank's constant endeavour to serve the defence forces of India, and help them meet their financial requirements, aspirations and milestones.

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