State Bank of India (SBI) has renewed the Memorandum of Understanding (MoU) with the Indian Air Force, to offer a specially curated bouquet of benefits and features to all the serving and retired Air Force Personnel and their families through its unique Defence Salary Package (DSP) Scheme, as per an official statement.

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The MoU was signed in New Delhi in the presence of Air Chief Marshal V R Chaudhari, PVSM, AVSM, VM, ADC, Air Marshal K Ananthraman, VSM, Air Officer In-charge Administration, and Air Vice-Marshal Ashok Saini, VSM, Asstt. Chief of Air Staff (Accounts & Air Veterans), Swaminathan J., Managing Director, SBI, P C Kandpal, Dy. Managing Director SBI, Devendra Kumar, CGM, SBI, Air Vice Marshal A K Singh, Defence Banking Advisor, SBI, and other senior officials from the Bank and Indian Air Force. 

SBI says it offers extensive benefits to the Air Force personnel by way of complimentary Personal Accidental Insurance, Air Accidental Insurance, and additional cover in case of on-duty death (during action). Insurance cover for Permanent Total Disability / Partial Disability is also available. 

"In case of death of air personnel, the family of the deceased is taken care of by providing add-on covers for child education and marriage of girl child."

"Under this package, retired personnel will also be eligible for complimentary Personal Accidental Insurance, irrespective of their age. The families of Pensioners would also be entitled to a number of benefits." 

"Considering the selfless services rendered by the Air Force Personnel towards nation-building, the benefit extended by the Bank under this tie-up is a small token of SBI’s gratitude at the recognition of their selfless service."
 
Commenting on the development, Dinesh Khara, Chairman, SBI stated that “It is an honor and a matter of pride for us to be associated with the Indian Air Force and to offer a host of curated benefits through our Defence Salary Package. At SBI, we endeavor to support the undying efforts of the Air Force personnel in securing the safety of our nation and its citizens. We will continue to provide tailor-made solutions to defence personnel under our flagship defence salary scheme.”

"As part of the Bank’s commitment to the defence forces, enhanced benefits contained in the MoU will be automatically extended to all the Air Force personnel who are covered under the Bank’s Defence Salary Package," the statement concluded.