DEFENCE SALARY PACKAGE ACCOUNT IN SBI FOR DEFENCE PENSIONERS

MEMORANDUM OF UNDERSTANDING BETWEEN 

INDIAN ARMY AND STATE BANK OF INDIA

DEFENCE SALARY PACKAGE ACCOUNT IN SBI FOR DEFENCE PENSIONERS

The Indian Army and State Bank of India signed an agreement (MOU) on 12.07.2018 for providing certain facilities to the Serving defence personnel and Defence pensioners who are maintaining account with SBI.

In order to simplify and streamline the salary and pension disbursement procedure and to make available modern banking facilities to its personnel, has decided to accept the proposal submitted by SBI.

According to Para 12 of the MOU the DSP will also be extended to the pensioners in case  they choose to draw their pension through SBI

The features of the Personal Accident Insurance cover and Over Draft facility as explained in Para 4 will not be applicable to Pensioners.

The following facilities will be available to all defence pensioners who will convert their Defence Pension account into  Defence Salary Package Account.

1. Usage of the largest ATM network of sBI group free of charge.

2. Usage of other banks ATMs free of charges.

3. Anywhere Banking via ATM or internet.

4. Free shopping cum ATM Card.

5. Free supplementary shopping cum ATM card for joint account holders.

6. Instant credit of outstation cheques up to Rs.20000.

7. Free facility for setting up of Standing Instructions.

8. Preferential allotment of safe deposit lockers, subject to availability.

9. Minimum balance NIL.

10.No Annual maintenance charges.

11.Free issue of Drafts in all branches.

12. No processing free for Home loan, Car loan, Pension loan.

Many more facilities.  All those who are drawing pension from State bank of India may now convert their normal savings bank account into Defence Salary Package Account by submitting the following application to the branch manager.

Click here for the application.  Down load, take print out, fill up and give it to your Branch manager.

CLICK HERE FOR THE MOU WITH SBI