Indian Army has singed Memorandum of Understanding (MoU) with State bank of India (SBI) on Defence Salary Package. It is revised version of first MoU between SBI and Indian Army signed in 2011 and was renewed again in February 2015 to add suited requirements of serving soldiers, pensioners and families.
Number of additional facilities have been incorporated in revised MoU which includes free personal accident death cover, free permanent total disability cover and other accidental benefits to the deceased soldier and family. The revised MoU will benefit large number of serving and retired Army personnel who have their accounts with the SBI
Currently Indian Army has MoUs on Defence Salary Package with 11 public and private sector banks. These MoUs are considered for inception and renewal with banks on analyzing their utility and suitability to requirements of serving soldiers, pensioners and families.