SBI inks MoU with Indian Army on salary package

SBIState Bank of India, country’s largest lender, announced recently that it has inked a Memorandum of Understanding (MoU) with the Indian Army on defence salary packages.

“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,” an official communiqué released by the Indian Army said.

Worth noting is, the first MoU between SBI and the Indian Army was signed in 2011. This was renewed on 23 February, 2015. According to Indian Army, the revised MoU is customised to best suit the requirements of serving soldiers, pensioners and their families, since 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.

The signing-in ceremony of the said MoU was chaired by Adjutant General Lt Gen Ashwani Kumar and was attended by top officials of SBI headed by PK Gupta, Managing Director (Retail and Development Banking).

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