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.

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Amit Kumar, Head โ€“Retail Liabilities, IDFC FIRST Bank, said, โ€œIt 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.โ€

โ€œHonour 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,โ€ he said.

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Lt Gen SukhdeepSangwan, director-general of Assam Rifles said, โ€œI 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.โ€

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 bankโ€™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 Bankโ€™s My FIRST Salary app enables personnel to instantly open their accounts with video KYC facility and also refer colleagues.