Tuesday, May 10, 2011

SBI, Indian Army sign MoU for customised salary package

The public sector State Bank of India (SBI) and the Indian Army have entered into a memorandum of understanding (MoU) for offering a customised salary package to Army personnel across the country.
The package will offer, among other facilities, a "unique lifelong account number" which can be retained despite transfer and even after retirement to draw pension.
Under the MoU, SBI will offer, free anywhere banking and free additional ATM cards even for a 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, the bank said in a statement. There are also free drafts, free cheque books and free transfer of funds.
SBI has also tied up with some manufacturing majors like HCL Infosystems, Maruti Suzuki India and Tata Motors 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.