IDFC FIRST Bank signs up with Indian Navy to offer Honour FIRST banking solutions

By: |
August 12, 2021 5:45 PM

This defence account comes with a range of features such as a zero-balance salary account that earns up to 5 per cent interest per annum.

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IDFC FIRST Bank announced the signing of a Memorandum of Understanding (MoU) with the Indian Navy to offer Honour FIRST, a premium banking solution, to serving personnel and veterans of the Indian Navy.

Keeping in mind the needs of the Armed Forces and its veterans, the bank claims that the Honour FIRST Defence account was specially designed. Account-holders of Honour FIRST is 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.

This defence account comes with a range 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 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.

In addition, other features include a Visa Signature Debit Card with no annual charges, free Air Accidental Insurance cover of Rs. 1 crore and complimentary airport lounge access at domestic airports, twice a quarter. The Honour FIRST Defence Account also offers free lost card liability and fraud protection of up to Rs. 6 lakhs, purchase protection against burglary, theft and damage up to 90 days from date of purchase up to Rs. 1 lakh.

Amit Kumar, Head – Retail Liabilities, IDFC FIRST 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 select spas and lounges at domestic and international airports, travel insurance and other benefits around the year. Privileges also include 10X reward points on spends greater than Rs. 20,000, 6X rewards on all online spending, complimentary for life & interest-free credit for purchases and cash withdrawals.

Other benefits comprise free unlimited ATM transactions across all domestic ATM’s, free online payment transactions, unlimited cheque books and anywhere banking across the Bank’s network of branches and ATMs.

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