SBI renews MoU with Indian Air Force for Defence Salary Package

by Suman Gupta

• Reaffirming its commitment to Indian Air Force, the bank provides unique benefits to Air Force personnel and their families as well as veterans under Defence Salary Package (DSP).

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

• Family Pensioners will also be covered with certain benefits under the “Shaurya Family Pension Account”.

• Bank offers attractive interest rates and concession in processing fees to Air Force personnel on Home, Car, and Xpress Credit loans.

• Platinum Category Debit Card is offered to all commissioned officers.

Mumbai – 06 July 2022: Country’s largest Bank, 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. 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), Shri Swaminathan J., Managing Director, SBI, Shri P C Kandpal, Dy. Managing Director SBI, Shri 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 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.

Shri 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.

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 over 30 lakh Indian families. The home loan portfolio of the bank stands at Rs. 5.62 lakh crore. As on March 31, 2022, the bank has a deposit base of over Rs. 40.5 lakh crore with CASA ratio of 45.28% and advances of more than Rs. 28 lakh crores. SBI commands a market share of 35.3% and 23.7% in home loans and auto loans respectively. SBI has the largest network of 22,266 branches and 65,030 ATMs / ADWMs in India with 68,016 BC outlets. The number of customers using internet banking and mobile banking stand at 100 million and 48 million respectively. On an average 25000 new digital Savings Bank Accounts are being opened every day through YONO. YONO, which has almost 5 crore registered users, witnessed almost 1 crore average daily logins in Q4 FY22. In terms of digital lending, the bank disbursed pre-approved personal loans worth Rs. 6,477 crores through YONO in the same period. SBI also has the highest number of followers on Facebook and Twitter amongst all banks worldwide.