SBI reaffirms its commitment to Indian Army; Renews MoU with unique benefits to Defence Personnel, Veterans, and their families

by Suman Gupta

• Bank offers enhanced complimentary Personal Accidental Insurance (Death) cover, Air Accidental Insurance (Death) cover, Permanent/Partial Disability covers

• SBI also offers Personal Accident Insurance (Death) cover and other benefits under Defence Salary Package (DSP) to Defence Veterans

• Widows and NOK are also covered with certain benefits under DSP

• Bank offers attractive interest rates and concessional processing charges to defence personnel on Home loan, Car loan, and Xpress Credit Personal loan

• Platinum Debit Card offered to all commissioned officers

Mumbai – 15 December 2021: Country’s largest Bank, State Bank of India (SBI) has renewed its Memorandum of Understanding (MoU) with the Indian Army, to offer a curated bouquet of specially crafted benefits and features, to all serving as well as retired Army Personnel and their families through its Defence Salary Package (DSP) Scheme. The MoU was signed in New Delhi in the presence of AG Lt. Gen. Harsha Gupta, UYSM, AVSM, SM, VSM, Shri C S Setty, MD (R&DB) SBI, DG (MP&PS) Lt. General R P Kalita, UYSM, AVSM, SM, VSM, Smt Saloni Narayan, DMD (Retail Business) SBI, Shri Devendra Kumar, CGM (Personal Banking) SBI and other senior officials from the Army and the Bank.

Under this MoU, SBI offers extensive benefits by way of 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 education of children and marriage of girl child of deceased Army personnel. Going forward, Veterans would also be eligible for complimentary Personal Accidental (Death) Insurance, irrespective of age. Family Pensioners will also be eligible for bouquet of benefits.

Accordingly, the services rendered by Defence Personnel and recognizing their contribution in nation building, the Bank also offers, Zero-balance Savings Bank accounts with many complimentary benefits and waiver of service charges. Attractive interest rates and concession on processing charges are offered to serving personnel on Home Loan, Car Loan, Education loan, and Xp

On this momentous occasion, Shri Dinesh Khara, Chairman, SBI stated that “It is an honour and a matter of pride for us to be associated with the Indian Army. We have always believed in providing best value in our engagement with Army personnel who dedicate their lives for the safety of our nation and citizens. 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.”

The MoU is customized to best suit the requirements of serving Army personnel, Pensioners, and their families. As part of the Bank’s commitment to the Defence Forces, SBI will automatically extend the enhanced benefits contained in the MoU to all Army personnel who are covered under the Defence Salary Package.

About State Bank of India:State Bank of India is the largest commercial bank in terms of assets, deposits, branches, customers, and employees. It is also the largest mortgage lender in the country which has so far fulfilled the home buying dreams of 30 lakh Indian families. The home loan portfolio of the bank has crossed the milestone of Rs. 5 lakh crore. As on September 30, 2021, the bank has a deposit base of over Rs. 38 lakh crore with CASA ratio of 46.24% and advances of more than Rs. 27 lakh crore. SBI commands a market share of nearly 35% and about 28% in home loans and auto loans segment respectively. SBI has the largest network of 22,230 branches and 64,122 ATMs / CDMs in India with 70,786 BC outlets. The number of customers using internet banking and mobile banking stand at 94.4 million and close to 21 million respectively. The integrated digital and lifestyle platform – YONO SBI, has around 44 million registered users, which witnesses 12 million logins per day. Accelerating the digital agenda, in excess of 27,000 new digital savings bank accounts were opened per day in the quarter ended September 2021. In terms of digital lending, the bank disbursed personal loans worth Rs. 43,000 crore through the YONO mobile app till Q2 of FY22. SBI also has the highest number of followers on Facebook and Twitter amongst all banks worldwide.