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. Honour First is specially designed keeping in mind the needs of the Armed Forces community. It includes a zero balance salary Honour First salary account with unlimited free ATM transactions from any location, free fund transfers through IMPS, RTGS, and NEFT, free lost card liability protection and purchase protection. It has an accident insurance cover of Rs 46 lakh which include a children education grant of Rs. 4 lakh for wards of age up to 23 years and an additional Rs 2 lakh for girl child marriage cover for daughters in the age bracket of 18 years to 25 years. 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 Colin D’Souza, Head – Corporate Salary, IDFC First Bank.
Indian Navy is responsible to safeguard the maritime frontiers of the country including the island territories against external aggression as also assist in the safety of the world sea lanes in the Indian Ocean, the Arabian Sea and the Bay of Bengal. Speaking on the occasion, Amit Kumar, Head-Retail Liabilities & Branch Banking, IDFC First Bank, said, “It’s a proud moment for us. The association couldn’t have come at a better time as the Indian Navy celebrates the Golden Jubilee of the 1971 war. The Honour First solution is customised to the needs of Naval personnel and stands rooted in our customer-first and nation-first approach. We are constantly improving our offerings using state-of-the-art technology for a superior customer experience. It is a privilege for us to now serving the Indian Navy with an array of our convenient banking services, digitised financial solutions and enhanced access.” Malhotra said, “I welcome the initiative of IDFC First bank to offer customised banking solutions to suit the needs of Indian Navy and its personnel.”