Axis Bank signs MOU with Indian Army for Power Salute Salary Account

A unique salary account designed exclusively for Defence Personnel. End Quote

(1888PressRelease) March 03, 2011 - New Delhi: Axis Bank, India's third largest private bank, today signed a Memorandum of Understanding (MoU) with the Indian Army for the Power Salute, a salary account exclusively for the Army personnel.

The MoU was signed by Lt General V K Chaturvedi, PVSM, AVSM, SM, Director General (MP & PS), Indian Army and Mr. S. K. Chakrabarti, Deputy Managing Director, Axis Bank in the presence of Lt General Mukesh Sabharwal, PVSM, AVSM **, VSM, Adjutant General Indian Army, other Army and Axis Bank officials.

Mr. S K Chakrabati, DMD - Axis Bank, speaking on the occasion said, "It is a matter of pride for us to be of service to the Indian Defence personnel. We at Axis Bank strongly believe that it is a debt we owe the armed forces and feel honoured to be able to offer Defence personnel special and exclusive products and services. As a Bank, we acknowledge their efforts and we will keep evolving similar special and exclusive services for our Services personnel."

Axis Bank, as a part of the Power Salute Salary Account has introduced a 'NIL LOAN PROCESSING FEE' for all categories of Defence Forces. Apart from this, the features of the account include: Unique life time account number which can be used at all Branches of Axis Bank anywhere in India; Zero minimum balance requirement and services like ATM cards; Net Banking/E-statement/Draft at Axis Bank locations; Fund transfer through RTGS/NEFT and UNLIMITED number of transactions at other Bank ATMs are offered totally free of cost along with the Power Salute account.

A testimony to Axis Bank's commitment to the Armed Forces is the ATM in Thegu (13,200 feet) close to Nathu La Pass in Sikkim which till date it is one of the highest ATMs in the world. The Bank's relationship with the Army today stretches from the deserts of Rajasthan to the hills of Nagaland and from the snow-capped mountains of Kashmir to the sun-soaked beaches of Kanyakumari.

About Axis Bank: Axis Bank is the third largest private sector bank in India. Axis Bank offers a vast spectrum of services encompassing Large and Mid-Corporate Banking, SME Banking, Agri-Business Banking, Retail Banking and International Banking.
Axis Bank has a network of over 1200 branches and over 5000 ATMs across the country. The branches, spread across more than 680 cities and towns, enable the Bank to reach out to a large cross-section of customers with an array of products and services catering to both the retail and the corporate segment.

Axis Bank has presence in Singapore, Hong Kong, Shanghai and Dubai, and seeks to expand further its international presence. Axis Bank has the largest EDC network, the third largest ATM network in India and also has the fourth largest base of debit cards in the country. Axis Bank has a customer base of over 150 Lakhs. The market capitalisation of the Bank as on February 18, 2011 was Rs. 53,128 crores (NSE).

The Bank's centralised database enables customers to operate their accounts from anywhere in the country. The Bank's website http://www.axisbank.com offers comprehensive details about its various schemes.

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