SBI renews its MoU with the Indian Army... Many Additional Benefits to Army Personnel and their Families

The Public Banking Sector, State Bank of India (SBI) has good news for Army personnel. On Wednesday, it announced the renewal of the Memorandum of Understanding with the Indian Army to provide various benefits to retirees and their families, including those currently serving in the Army.

SBI updated its Memorandum of Understanding (MoU) with the Indian Army to provide benefits to all Army personnel through the Defence Salary Package Scheme.

According to a recent announcement, SBI is offering enhanced complimentary personal accident insurance (death) cover, air accidental insurance (death) cover and permanent / partially disabled covers. In addition, SBI Bank offers attractive interest rates and discounted processing fees to the Indian Army on home loans, car loans and express credit personal loans. Provides Platinum Debit Card to all Commissioned Officers.

The new scheme also supports the education of children of martyred military personnel and the marriage of girls. Accordingly, in recognition of the services provided by the security personnel, SBI also offers Zero-Balance Savings Bank Accounts with a number of complimentary benefits, excluding service charges.

As part of the bank's commitment to the Defence Force, SBI has extended the enhanced benefits of the MoU to all Army personnel covered under the Defence Salaries Package.