The country’s largest lender State Bank of India (SBI) on Monday said it has signed a pact with the Border Security Force to offer special benefits to the serving and retired BSF personnel and family pensioners. The state-owned bank will provide special complimentary personal and air accidental insurance (death) cover, additional cover in case of on-duty death, and permanent total disability or partial disability cover, among others.
The memorandum of understanding (MoU) will also support child education and the marriage of girl children of the deceased BSF personnel, through the Central Armed Police Salary Package (CAPSP). The retired personnel will be eligible for complimentary personal accidental (death) insurance, irrespective of age, whereas family pensioners will be eligible for a bouquet of benefits.
In a statement, the bank said, “Considering the selfless services rendered by BSF personnel, the bank will offer zero-balance savings bank accounts with a host of complimentary benefits and waiver of service charges to recognize their contribution toward nation-building. Bank will also provide attractive interest rates and concession on processing charges for serving personnel on Home, Car, Education, and Xpress Credit Personal loans.”
SBI Chairman Dinesh Khara said, “At SBI, we endeavour to do our best to support the undying efforts extended by the BSF personnel for the safety of our nation and citizens. We are humbled to partner with the Border Security Force and provide solutions that aim to benefit and ensure financial security for the BSF personnel and their families.”
He added that it is an honour and a matter of pride for the bank to be associated with this force and offer a host of curated benefits through the CAPSP, which ensures ease of access to banking facilities to them and their families.
The MoU is designed and customised to best suit the requirements of serving BSF personnel, pensioners and their families. Senior officials of the bank and BSF and retired army personnel were present at the event.
The MoU was signed in New Delhi in the presence of S L Thaosen IPS Special Director General BSF, Saloni Narayan Deputy Managing Director (Retail Business) SBI, Devendra Kumar Chief General Manager (Personal Banking) SBI, Krishna Choudhary IPS (Retd) Advisor (CAPF) SBI, Ravi Gandhi IG (Adm) BSF, Manoj Kumar Yadav DIG (Finance) BSF, Vikas Kumar DIG (Adm) BSF, P S Yadav DGM (Salary Package Accounts) SBI and other senior officials from BSF and SBI.
State-owned State Bank of India is India’s largest commercial bank in terms of assets, deposits, branches, customers and employees. It is also the largest mortgage lender in the country which has so far fulfilled the home buying dreams of 30 lakh Indian families. The home loan portfolio of the bank has crossed the milestone of Rs 5 lakh crore. As on December 31, 2021, the bank has a deposit base of over Rs. 38 lakh crore with CASA ratio of 45.74 per cent and advances of more than Rs. 28 lakh crore.
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