The first MoU between SBI and the Indian Army was signed in 2011 and was renewed on 23 February, 2015. According to Indian Army, the revised MoU is tailor-made to suit the requirements of serving soldiers, pensioners and their families.
"A number of additional facilities have been incorporated in the revised MoU which include free personal accident death cover, free permanent total disablement cover and other accidental benefits to the deceased soldier and family. This MoU will benefit a large number of serving and retired Army personnel who are having their accounts with SBI. The MoU will be valid till 3 January, 2019 and continuation thereafter will be subject to review/renewal," the Indian Army said in a statement.
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