MoU on Defence salary package signed between Indian Army, State Bank of India

NEW DELHI: A Memorandum of Understanding (MoU) was signed between the Indian Army and State Bank of India (SBI) on the Defence Salary Package on 12 July 2018.nnThe signing-in ceremony was chaired by the Adjutant General Lt Gen Ashwani Kumar and was attended by top officials of SBI headed by PK Gupta, Managing Director (Retail and Development Banking), SBI.nnThe 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.nnA 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.nnThis MoU will benefit a large number of serving and retired Army personnel who are having their accounts with SBI.nnThe MoU will be valid till 03 Jan 2019 and continuation thereafter will be subject to review/renewal.