Mumbai, Feb 21 (PTI) After SBI and ICICI Bank, privatesector lender Axis Bank today launched a zero balance salaryaccount exclusively for Indian Army personnel.
The announcement from Axis, the third-largest lender,comes close on the heels of similar tie-ups forged by the twolargest lenders eyeing the benefits of upping the share of thecheaper CASA (Current and Savings Account) deposits in totalpie.
A memorandum of understanding was signed between thetwo entities today for starting the special account christened"Power Salute" salary account, a release issued here by thebank said.An account-holder can avail a loan without paying anyprocessing fees and will also be given an unique life-timeaccount number which can be used at all branches of the bank.
Apart from that, the account-holder can also withdrawcash at other banks'' Automated Teller Machines (ATMs) for freeas many time as he wants, it added.
Axis Bank already has an ATM in Thegu near thestrategic Nathu La pass situated at 13,200 feet which "tilldate is one of the highest ATMs in the world" installed forserving the armymen, the release said.