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IDFC FIRST Bank Signed MoU with Indian Navy to offer Honour FIRST Defence Account

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Honour FIRST banking solutions

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