Indian Army signs MoU with SBI on Defence Salary Package

On July 12, Indian Army signed a Memorandum of Understanding (MoU) with the State Bank of India (SBI) on the Defence Salary Package that will include free personal accident death, free permanent total disability cover and other accidental benefits to the deceased soldier and family.

The revised MoU will benefit a large number of serving and retired Army personnel who have their accounts with the SBI. The first MoU between SBI and the Indian Army was signed in 2011 and was renewed in February 2015. The renewed MoU will be valid till January 3, 2019.