The IDFC FIRST Bank signed a Memorandum of Understanding (MoU) with Assam Rifles to offer a premium banking solution called Honour FIRST to serving personnel and veterans of the paramilitary force.
The MoU was signed at the Assam Rifles headquarters in Shillong between Col P S Singh, colonel Administration of Assam Rifles and senior officials of IDFC FIRST Bank.
Amit Kumar, Head –Retail Liabilities, IDFC FIRST Bank, said, “It is a proud moment for us. Honour FIRST is an outcome of our passion to serve the armed forces in a special way by customizing banking solutions to suit the needs of their personnel.”
“Honour FIRST stands rooted in our nation-first approach. It is now a privilege for us to serve Assam Rifles with an array of our convenient banking services, digitized financial solutions and enhanced access,” he said.
Lt Gen SukhdeepSangwan, director-general of Assam Rifles said, “I welcome the initiative of IDFC FIRST Bank and request bank officials to cater to the banking requirements of troops posted in remote locations of Northeast.”
Honour FIRST includes a zero balance salary account with 6 per cent interest, unlimited free ATM transactions from any location, free fund transfers through IMPS, RTGS and NEFT, free lost card liability protection and purchase protection up to Rs 4 lakhs.
Armed forces personnel using the bank’s debit card to purchase air tickets will be able to avail a free air accident insurance cover of Rs 1 crore.
The account also comes with a lifetime free credit card, a free personal accident death and permanent disability cover of Rs.46 lakhs, including an education grant of Rs. 4 lakh for wards up to 23 years of age and an additional Rs 2 lakh as marriage cover for daughters in the age group of 18-25 years.
The banking solution also comes with a host of attractive offers, rewards and discounts such as cash back, Book my Show vouchers, airport lounge access and fuel surcharge waivers.
The Bank’s My FIRST Salary app enables personnel to instantly open their accounts with video KYC facility and also refer colleagues.