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



  • 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 ,18 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 Xpress Credit Personal Loan.

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.

Incidentally, State Bank of India reached out to the kins of 8 IAF Chopper crash victims and settled their insurance claims available under SBI’s Defence Salary Package within 24 hours through the Insurance Company. Earlier also, SBI under its Defence Salary Package, had arranged settlement of insurance claims of martyrs of terrorist attack at Sangoit, of Chhattisgarh Naxal attack, of Galwan Valley attack and of Pulwama attack, all within a day.

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