IDFC FIRST Bank has inked a Memorandum of Understanding (MoU) with the Indian Navy in a bid to offer Honour FIRST, a premium banking solution, an exclusive initiative for serving banking requirements personnel and veterans of the Indian Navy.
The Honour FIRST Defence Account is specially designed keeping the needs of the Armed Forces and its veterans in mind. Account holders of Honour FIRST are 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.”
Amit Kumar, Head, Retail Liabilities, IDFC FIRST Bank, 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 percent interest per annum and a netbanking and mobile App that offers superior user interface and experience.
Honour FIRST Account holders will be given 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.