SBI, Indian Army renew MoU to offer benefits to army personnel, their families

State Bank of India Wednesday said it has renewed its memorandum of understanding with the Indian Army to offer specially crafted benefits to all serving and retired Army personnel and their families through its Defence Salary Package (DSP) Scheme.

Under the MoU, the bank offers complimentary personal and air accidental insurance (death) covers, additional cover in case of on-duty death, permanent total disability / partial disability covers.

It also supports the education of children and marriage of girl child of the deceased Army personnel, the bank said in a release.

Going forward, veterans would also be eligible for complimentary personal accidental (death) insurance, irrespective of age.

Family pensioners will also be eligible for a bouquet of benefits, it said.

"State Bank of India is humbled in offering a host of curated benefits to Army personnel through its Defence Salary Package (Army), which ensures ease of access to banking facilities to them and their families," SBI Chairman Dinesh Khara said in the release.

The bank also offers zero-balance savings bank accounts with many complementary benefits and waiver of service charges.

Attractive interest rates and concession on processing charges are offered to serving personnel on the home loan, car loan, education loan, and Xpress credit personal loan, the bank said.