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City cops’ salary in private bank soon
The Chennai city police are contemplating to handle the salaries of its 25,000 plus strong force using the services of a private bank, which has come up with a package of insurance covers and loan offers to the police personnel, who, otherwise, would find it difficult to get loans from banks.
By
migrator
migrator
Chennai
According to the latest circular received by Additional Commissioners of Police, Joint Commissioners of Police and Deputy Commissioners of Police, the special features of accounts of the private bank have to be communicated to all the police personnel for their willingness to opt for ‘power salute account’ by Axis Bank.
Those who are already maintaining accounts in the particular bank may also opt on willingness to convert it into power salute account to avail of the features.
The ‘power salute account’ comes with an offer of free unlimited ATM withdrawals from all banks, personal, house, car loan offer and free zero balance account for three family members, besides free education benefit of up to Rs 1 lakh for 4 years for higher education of wards of the deceased.
As per the proposals, the bank is offering free personnel accident death cover up to Rs 30 lakh for account holders, who will get a permanent disability benefit of Rs 30 lakh in case of accident and a free air accidental death cover up to Rs 1 crore.
The bank is also promising to continue to give the benefit even after retirement if it is credited to the bank’s salary account. “It is a proposal from the bank. We are yet to finalise it,” a senior official from Chennai police administration told DTNext on Sunday when asked about the initiative.
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