IDFC Initially Bank announced the signing of a Memorandum of Understanding (MoU) with the Indian Navy to present Honour Initially, a premium banking option, to serving personnel and veterans of the Indian Navy.
Keeping in thoughts the demands of the Armed Forces and its veterans, the bank claims that the Honour Initially Defence account was specially developed. Account-holders of Honour Initially is supported by a committed group of defence veterans. The MoU for Honour Initially was signed at the Naval Headquarters in New Delhi in between Commodore Neeraj Malhotra, Commodore – Pay and Allowances, Indian Navy and senior officials of IDFC Initially Bank.
This defence account comes with a variety of features such as a zero-balance salary account that earns up to 5 per cent interest per annum.
Account-holders also get a free of charge enhanced Personal Accident Insurance Cover of Rs 46 lakhs for each on-duty and off-duty incidents. This not only covers accidental death but also total and partial permanent disability. This Personal Accident Insurance Cover consists of a Child Education Grant of Rs 4 lakhs, and a marriage cover of Rs 2 lakh.
In addition, other features include things like a Visa Signature Debit Card with no annual charges, free of charge Air Accidental Insurance cover of Rs. 1 crore and complimentary airport lounge access at domestic airports, twice a quarter. The Honour Initially Defence Account also provides free of charge lost card liability and fraud protection of up to Rs. 6 lakhs, obtain protection against burglary, theft and harm up to 90 days from date of obtain up to Rs. 1 lakh.
Amit Kumar, Head – Retail Liabilities, IDFC Initially Bank, says, “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.”
Account-holders are also eligible for a ‘Free for Life Credit Card’ with variable APR and 10X Reward Points, 1.5 per cent forex markup, complimentary access to pick spas and lounges at domestic and international airports, travel insurance coverage and other advantages about the year. Privileges also include things like 10X reward points on spends higher than Rs. 20,000, 6X rewards on all on the net spending, complimentary for life & interest-free of charge credit for purchases and money withdrawals.
Other advantages comprise free of charge limitless ATM transactions across all domestic ATM’s, free of charge on the net payment transactions, limitless cheque books and anyplace banking across the Bank’s network of branches and ATMs.