Axis Bank launches zero balance salary account for Indian Army

MUMBAI: After SBI and ICICI Bank, private sector lender Axis Bank today launched a zero balance salary account exclusively for Indian Army personnel.

The announcement from Axis, the third-largest lender, comes close on the heels of similar tie-up forged by the two largest lenders eyeing the benefits of upping the share of the cheaper CASA (Current and Savings Account) deposits in total pie.

A memorandum of understanding was signed between the two entities today for starting the special account christened "Power Salute" salary account, a release issued here by the bank said.

An account-holder can avail a loan without paying any processing fees and will also be given an unique life-time account number which can be used at all branches of the bank.

Apart from that, the account-holder can also withdraw cash at other banks' Automated Teller Machines (ATMs) for free as many time as he wants, it added.

Axis Bank already has an ATM in Thegu near the strategic Nathu La pass situated at 13,200 feet which "till date is one of the highest ATMs in the world" installed for serving the army men, the release said.

Source: EconomicTimes