Axis Bank, India's third largest private bank, today signed a Memorandum of Understanding (MoU) with the Indian Army to offer a pan India salary account 'Power Salute' to all defence personnel.

Rajiv Anand, group executive & head, retail banking, Axis Bank said, ''It is a matter of pride for us to be of service to the Indian Defence personnel. We at Axis Bank strongly believe that it is a debt we owe to the armed forces and feel honoured to be able to offer Defence personnel special and exclusive products and services.  The salary account also provides convenience of accessing the account through any Bank ATM across India absolutely free; along with add on debit card for the spouse of personnel. Each of the account holder and family member who open the account will be covered with a free, enhanced Personal Accident cover.''

Shares of the bank gained Rs 3.25, or 0.58%, to settle at Rs 561.10. The total volume of shares traded was 637,361 at the BSE (Wednesday).