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.
Thank you
With regards,
Col JC Narula (Retd)
SBI signs MoU with Indian Army for offering customized salary packages
Showing posts with label ATM. Show all posts
Showing posts with label ATM. Show all posts
Wednesday, February 9, 2011
Monday, June 8, 2009
SBI launches product for army personnel
Concessional loans, free ATM cards, credit cards
Our Bureau: hindubusinessline
New Delhi, May 31 State Bank of India has launched a new product – ‘Defence Salary Package – Army’ – that offers a bundle of free/concessional banking services to the officers and jawans of the Indian Army.
This product offering, which has already undergone a pilot run in three cantonments, includes concessional loans, free drafts, free cheque books, free fund transfer to the State Bank Group’s network of 15,000 branches besides free ATM cards, the SBI Chairman, Mr O.P. Bhatt, said here on Friday.
“Defence salary package is a gift wrapped with love from SBI employees to the Army,” Mr Bhatt said at the launch function for this new product. The Chief of Army Staff, Gen Deepak Kapoor, was present on the occasion. Mr Bhatt also said that the bank was looking at a new loan product to help jawans purchase two-wheelers by availing themselves of loans at concessional interest rates. SBI would also provide home, auto and personal loans to Army personnel at 25 basis points lower than floor rate. Also on the anvil is a SBI credit card tailor made for the armed forces.
This Defence Salary Package initiative would benefit many jawans and senior personnel of the Indian army who are posted in far-flung areas of the country and could not hitherto get good banking facilities. Once this product is rolled out to the entire army network, SBI will get about 12 lakh customers within its fold.
The Army is also at present undergoing a pilot project with the Controller General of Defence Accounts (CGDA) to convert its current cash system into a monthly salary payment system through bank accounts. The project includes a complete computerisation of salary records which are being maintained manually. Currently, the salary of personnel below officers rank (PBOR) of the army is paid on the “acquittance roll system” by which only their monthly requirement is paid to them in cash and the rest accumulates with the Government, usually until retirement.
SBI launches product for army personnel
Our Bureau: hindubusinessline
New Delhi, May 31 State Bank of India has launched a new product – ‘Defence Salary Package – Army’ – that offers a bundle of free/concessional banking services to the officers and jawans of the Indian Army.
This product offering, which has already undergone a pilot run in three cantonments, includes concessional loans, free drafts, free cheque books, free fund transfer to the State Bank Group’s network of 15,000 branches besides free ATM cards, the SBI Chairman, Mr O.P. Bhatt, said here on Friday.
“Defence salary package is a gift wrapped with love from SBI employees to the Army,” Mr Bhatt said at the launch function for this new product. The Chief of Army Staff, Gen Deepak Kapoor, was present on the occasion. Mr Bhatt also said that the bank was looking at a new loan product to help jawans purchase two-wheelers by availing themselves of loans at concessional interest rates. SBI would also provide home, auto and personal loans to Army personnel at 25 basis points lower than floor rate. Also on the anvil is a SBI credit card tailor made for the armed forces.
This Defence Salary Package initiative would benefit many jawans and senior personnel of the Indian army who are posted in far-flung areas of the country and could not hitherto get good banking facilities. Once this product is rolled out to the entire army network, SBI will get about 12 lakh customers within its fold.
The Army is also at present undergoing a pilot project with the Controller General of Defence Accounts (CGDA) to convert its current cash system into a monthly salary payment system through bank accounts. The project includes a complete computerisation of salary records which are being maintained manually. Currently, the salary of personnel below officers rank (PBOR) of the army is paid on the “acquittance roll system” by which only their monthly requirement is paid to them in cash and the rest accumulates with the Government, usually until retirement.
SBI launches product for army personnel
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