Indian Army and State Bank of India inked MoU

The Indian Army and State Bank of India (SBI) signed a Memorandum of Understanding (MoU) on the Defence Salary Package. The MoU is tailor-made to suit the requirements of serving soldiers, pensioners and families. The signing ceremony was chaired by the Adjutant General, Lt Gen Rakesh Sharma.

The revised MoU has incorporated a number of additional facilities and basic features of the MoU include the following:
•Number of free/concessional services like free drafts, free cheque books, free funds transfers to any bank in India through RTGS / NEFT, free ATM cards and others
•The provision also includes the Nepal Express Remittance Scheme which enables instant fund transfers to Nepal for the benefit of the Nepali Domicile Gorkha Soldiers serving in the Indian Army.
•Personal Accident Insurance (PAI) was enhanced and was linked to the Savings account instead of the debit card.
•Exemption percentage of margin money for house and car loans was enhanced while the processing charges on the loans were waved off.

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