Defence Salary Package Current Affairs

Indian Army inks MoU with SBI on Defence Salary Package

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.

Key Facts

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.

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Indian Army inks MoU with Axis Bank on Defence Salary Package

Indian Army has signed Memorandum of Undertaking (MoU) with Axis Bank on Defence Salary Package. The first MoU between Axis Bank and Indian Army was signed in 2011 and was renewed in March 2015.  The current MoU is tailor-made to suit e requirements of serving soldiers, pensioners and families. Recently, Indian Army had also signed similar MoU with HDFC bank.

Key Facts

Under the current MoU, Indian Army personnel will get free personal accident death cover and free permanent total disability cover of Rs 30 lakh apart from benefits. Moreover their children will get free educational cover of up to Rs 2 Lakh for children between the age of 12 and 20 years. Indian Army is hoping that this MoU will benefit large number of serving and retired Army personnel who are having their accounts with Axis bank and also provide them opportunity to access modern banking facilities.

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