IDFC FIRST Bank signed a Memorandum of Understanding (MoU) with the Indian Navy to offer the special defence savings account named ‘Honour FIRST’ for the serving personnel and veterans of the Indian Navy.
- The MoU was signed at New Delhi between Commodore Neeraj Malhotra, Commodore – Pay and Allowances, Indian Navy and senior officials of IDFC FIRST Bank.
Features of Honour FIRST Defence account:
i.It is a zero balance salary account and it earns up to 5 percent interest per annum and no minimum balance is required for the account.
iii.The account includes Personal Accidental Insurance cover of up to Rs 46 Lakhs for both on-duty and off-duty incidents.
- It includes 40 Lakhs for the personal accident with 4 Lakhs for child education grant and 2 Lakhs for girl child marriage.
- It covers accidental death, total and partial permanent disability.
iii.The card provides Air accident cover of up to Rs 1 crore. It also offers Purchase protection against theft, burglary and damage of up to 1 Lakh (from 90 days from date of purchase) and Lost Card Liability of up to 6 lakhs on the Debit card.
iv.It has a net banking and mobile App for offering a superior user interface and experience.
v.The account offers unlimited ATM access at IDFC FIRST Bank’s ATM branches or any other ATM.
vi.The account holders of Honour FIRST are supported by a team of defence veterans.
Recent Related News:
IDFC First Bank has launched an Employee-funded relief program named ‘Ghar Ghar Ration’, for its low-income customers whose livelihoods are affected due to COVID-19.
About IDFC FIRST Bank:
It is founded by the merger of erstwhile IDFC Bank Ltd and erstwhile Capital First Ltd
Establishment – 2018
Headquarters – Mumbai, Maharashtra
MD & CEO – V. Vaidyanathan
