Axis Bank MOU with Indian Army

Axis Bank MOU with Indian Army

Axis Bank, India’s third largest private sector bank, reinforced its commitement to the Defence sector  by signing an MOU with the Indian Army, offering a defence service salary package with best-in-class benefits and  features  under its ‘’Power Salute’’ initiative.

The signing ceremony was held at Army Headquaters, with the Indian Army  represented by Lt Gen R P Kalita, UYSM, AVSM, SM, VSM, DG (MP&Ps) and Axis Bank  represented by Mr. Reynold D’ Souza, Executive Vice President and  Lt Col M.K Sharma National Accounts Head, Axis Bank.  

 

Through this exclusive Defence service salary package, Axis Bank will offer numerous benefits to all ranks of army officers -

·         Personal Accidental cover of upto Rs.56 lakhs to all army personnel

·         Additional Upto 08 Lakhs Education Grant

·         Total Permanent Disability Cover benefit up to  46 Lakhs

·         Permanent Partial disability cover of up to Rs.46 lakhs

·         Air Accident cover of Rs. 1 Crore

·         Free Additional Debit Card for a family member.

·         Universal account number across India. All Axis Bank branches will serve us “Home branch’’

The MOU is a reflection of Axis Bank’s constant endevour to serve the Defence Forces, and help them meet their financial requirements, aspirations and milestones. Axis Bank’s digital initiatives have enabled soldiers at borders and other remote areas to stay connected and access a bouquet of banking solutions  .

SBI extends OTP-based

SBI extends OTP-based ATM withdrawal 24x7

• Extends OTP based ATM withdrawals to 24x7 for ₹ 10,000 and above at all SBI ATMs w.e.f September 18, 2020
• Bank urges customers to register or update their mobile numbers
•  This initiative aims at safeguarding customers from frauds and minimizing unauthorized transactions

With an aim to reinforce its ATM security system and safeguarding customers, country’s largest lender, State Bank of India (SBI) had introduced OTP based cash withdrawals of above ₹ 10,000 between 8 PM – 8 AM through SBI ATMs from January 1, 2020. Now, Bank is extending OTP-based cash withdrawal for ₹ 10,000 and above throughout the day across all SBI ATMs in the country starting September 18, 2020. For withdrawing ₹ 10,000 and above, SBI debit card holders now have to enter OTP sent on their registered mobile numbers along with their debit card PIN each time.

With the introduction of 24x7 OTP-based cash withdrawal facility, SBI has further strengthened the security level in ATM cash withdrawals. Implementing this facility throughout the day would prevent SBI debit cardholders from the risk of falling prey to fraudsters, unauthorized withdrawals, card skimming, card cloning and the likes.

The OTP is a system-generated numeric string of characters that authenticates the user for a single transaction. Once customers enter the amount they wish to withdraw, the ATM screen will ask for OTP where they would require to enter the same received on their registered mobile number. The OTP based cash withdrawal facility is available only at SBI ATMs as this functionality at non SBI ATMs has not been developed in National Financial Switch (NFS).

C S Setty, MD (Retail & Digital Banking), SBI – “SBI has always been at the forefront in ensuring convenience and safety to its customers through technological improvisation and augmentation of security level. With the enablement of 24x7 OTP authenticated ATM withdrawals we believe SBI customers will have a secured and risk-free cash withdrawal experience.”

Lakshmi Vilas Bank launches LVB DigiGo – an instant savings account opening facility!

Lakshmi Vilas Bank (LVB), one of Tamil Nadu’s oldest private banks has launched LVB DigiGo, a digital initiative to enable opening of savings account instantly. LVB DigiGo is a savings account with select features, including internet and mobile Banking.

Opening a savings account during COVID 19 pandemic has been a hassle. Customers prefer banking online rather than visiting branches for transactions. Therefore, banking from home for basic needs like money transfer has become a preferred choice. In this regard LVB’s new initiative will help people to on-board themselves and avail the most required banking services instantly through the website. This can later be converted to a fully featured account, upon visiting the nearest LVB Branch. With LVB DigiGo, customers can immediately start transacting their accounts.

Mr. S Sundar, Interim MD & CEO, LVB said, “We are happy to launch LVB DigiGo that will help many people to open a savings accounts with LVB by a few steps.  At LVB, we always believe that our customer’s needs should be attended to with utmost care, sincerity and interest. As a bank we are working towards bringing about digital solutions so that customers can make transactions from home without any hassle. It is our duty to ensure that all our customers are safe and enabled to avail our services from their fingertips.”

As a LVB DigiGo customer, one can visit the nearest LVB Branch and convert his/her “LVB DigiGo”, account to a fully featured regular account of choice and avail cheque book, debit card and a host of other facilities.