New Delhi. 13 Jul 2018. A Memorandum of Understanding (MoU) was signed between the Indian Army and SBI on the Defence Salary Package on 12 July 2018. The signing-in ceremony was chaired by the Adjutant General Lt Gen Ashwani Kumar and was attended by top officials of SBI headed by Shri PK Gupta, Managing Director (Retail and Development Banking), SBI.
The first MoU between SBI and the Indian Army was signed in 2011 and was renewed on 23 Feb 2015. The revised MoU is tailor made to suit the requirements of serving soldiers, pensioners and families. 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. 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 03 Jan 2019 and continuation thereafter will be subject to review/renewal.