29 January 2011
The State Bank of India and the Indian Army have signed a Memorandum of Understanding for offering a customized salary package to army personnel across India. The deal was signed at a formal function at Manekshaw Centre in New Delhi today.
The MOU was signed by Diwakar Gupta, Deputy Managing Director & Group Executive (National Banking Group) representing SBI and Lieutenant General V K Chaturvedi, AVSM, SM, Director General, Manpower Planning and Personnel Services for the Indian Army.
Under the package army personnel will, among other things, get a unique lifelong account number which can be retained even on transfer or after retirement to draw pension. The bank also offers under the MOU, free Anywhere Banking and free additional ATM cards even for single account holders so that even family members can transact with the same bank account through ATMs when personnel are stationed away from home.
The package also offers automatic sweep to Multi Option Deposits that ensure higher yield on the salary savings as also free Personal Accident Insurance. Also offered are free drafts, free cheque books and free transfer of funds.
The SBI is also offering under a unique and innovative initiative, training facilities to defense personnel in learning centers in the bank. The concept called ''Educate a Thousand, Empower a Million'' would equip army personnel with knowledge on banking, investment opportunities and also impart ''hands on'' training for alternate banking channels like internet banking.
The bank in various tie ups with manufacturing majors like HCL Infosystems, Maruti Suzuki India Ltd, Tata Motors etc will offer attractive schemes with sizeable discounts, free foreign trips and free maintenance warranties. All these would be available with loans at attractive interest rates.
Other initiatives under the package include installation of Point of Sale machines at CSD Canteens. These can be accessed free of cost. New ATMs, multi function kiosks and branches to suit the needs of army personnel in the remotest places would also be set up.
Col JC Narula (Retd)
SBI signs MoU with Indian Army for offering customized salary packages
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