SBI signs MoU with Indian Army for offering customized salary packages

State Bank of India and the Indian Army entered into a Memorandum of Understanding for offering a customised Salary Package to Army Personnel across India at a formal function at Manekshaw Centre, New Delhi today.

Mr. Diwakar Gupta, Deputy Managing Director & Group Executive (National Banking Group) representing SBI and Lt.Gen V K Chaturvedi, AVSM, SM, Director General, Manpower Planning and Personnel Services, representing the Indian Army signed the MOU.

The package will offer, amongst other things, a Unique Lifelong Account Number which can be retained despite transfer and even after retirement to draw pension.  Under the MOU, SBI also offers, free Anywhere Banking and free additional ATM cards even for the single account holder so that even the family members away from the Army troops will be able to transact on the same Bank account through ATMs.

This package also offers automatic sweep to Multi Option Deposits ensuring higher yield on the salary savings and also free Personal Accident Insurance. There are also free drafts, free cheque books and free transfer of funds.

As a unique and innovative initiative under DSP Army, SBI is offering training facilities to Defence Personnel in State Bank Learning Centres, under the Train the Trainers concept interestingly called “Educate a Thousand, Empower a Million” which will equip them with knowledge on Banking, Investment opportunities and also impart “hands-on” training to them on Alternate Banking Channels like Internet Banking.

SBI also has tied up with some manufacturing majors Like HCL infosystems, Maruti Suzuki India Ltd, TATA Motors etc to offer attractive schemes to Defence Personnel like sizeable discounts, free foreign trips and free maintenance warranties. All these come with loans at attractive interest rates.

Other initiatives under this Package include installing Point of Sale machines at their CSD canteens, which can be used free of cost and opening of new ATMs, Multi Function Kiosks and Branches to suit the needs of Army Personnel in the remotest places.