As we all know that the account of every soldier of the Armed Forces is opened in a different bank under the Defense Salary Package. For this, all the three armies make agreements with different banks, which we call MoU (Memorandum of Understanding). Each bank offers different facilities and offers for the Defense Salary Package account holders. Full details of these features and offers are contained in the MoU. Separate MoU is signed with each bank and the terms of MoU change from time to time. Today in this post, we will give you complete information about the MoU signed by the Indian Army with SBI Bank for the serving person, which is valid till 13 Dec 2024.

SBI Bank has kept the Defense Salary Package (DSP) account holders in three groups which are as follows :-

• Gold - It includes JCOs/Other Ranks.
• Diamond - It consists of Lieutenant, Captain & Major.
• Platinum - It ranges from Lt Col to General.

Now we will tell the features and benefits of all the three groups in turn.

Features and Benefits of Gold DSP Account:-

1. Under DSP Account, we are not required to keep a minimum amount in our account, which we call zero balance account.
2. Free International Gold Debit Card*
3. No annual maintenance charge is levied.
4. 2 free debit cards for joint account holders.
5. You can withdraw money any number of times from any bank's ATM without any charge.
6. 25 cheques are available free of cost per month
7. Cheque book demand can be given in any branch of SBI.
8. If the service is more than 6 months then 2 months salary maximum Rs 75000 can be taken overdraft. Overdraft is a financial facility through which you can withdraw money from your bank account even when there is no money in it.
9. 10% discount on annual locker rent.
10. Free RTGS/NEFT
11. Countless free demand drafts across all branches of SBI.
12. 100% processing fee waiver of home loan.
13. Car loan's 100% processing fee waiver and 5% relaxation in margin now what is this relaxation in margin? Don't worry, we will explain you with a direct example. Let's say you are taking a car worth 10 lakhs and go to the bank to take a loan of ? 10,000,00, then the bank will tell you that up to eight lakhs or 8:30 lakhs We will finance it to you and you will have to pay the remaining one and a half lakh rupees yourself. The bank will not give you the entire ?10,000,00. So what has happened to this one and a half lakh rupees is your margin money. In other words, the defense person will get more loan amount than the civilian. 
14. xpress credit key processing fee 100% waived.
15. Under SBI Risthey, wife, children, parents and siblings can open family savings accounts, they also get the facility of zero account balance, free debit card issue, free SMS alerts etc.

Complementary Insurance Cover (For Serving Personal) :-

1. Personal Accident Insurance (in case of death) - Rs 50 lakh
2. Additional Personal Accident Insurance - (For martyrdom in combat with terrorist/Naxalist/ external enemy while on duty) - Rs 10 lakh
3. Permanent Total Disability Cover - If in an accident the human body suffers so much that due to which he cannot do any work or he is not fit for any employment like - paralysis, loss of sight in both eyes, loss of balance of mind For giving etc. - There is a provision of Rs 50 lakh.
4. Partial Disability Cover - If due to an accident a person gets so hurt that any part of his body stops working like injury in the back due to which he cannot do heavy weight or running, loses hearing etc. Also – There is a provision of Rs 50 lakh.

Additional cover if death occurs in accident:-

• Plastic surgery (burn case) - If a person gets burnt due to fire and has to undergo plastic surgery, then there is a provision of Rs 10 lakh (maximum) for him.
• For Transportation of Imported Medicine - If any medicine or injection is not available in your own country, then there is a provision of (maximum) Rs 5 lakh for the cost of transportation of that medicine or injection from other country.
• Coma due to accident - If a person falls into a coma due to an accident and dies after being in coma for 48 hours, then there is a provision of (maximum) Rs 2 lakh.
• For Air Ambulance - If a person meets with an accident and for any surgery or any other reason, he has to be transferred to another city by air ambulance as soon as possible, then there is a provision of (maximum) Rs 10 lakh.
• Higher Education Cover- It is available for a child if the age of the child is between 18-25 years on the day of death, then there is a provision of (maximum) Rs 5 lakh.
• Cover for marriage of a girl - If the girl's age is between 18-25 years on the day of death, then there is a provision of Rs 5 lakh (maximum) for the girl's marriage.
• Family Transportation - If a person's accident happens in another city away from his family, then there is a provision of Rs 20000 for the expenses of 2 members of his family to travel to the city where the accident happened.
• Repatriation of Mortal Remnance - If someone dies in another country or city, then there is a provision of Rs 20000 (maximum) to bring his body.
• Ambulance Charge - If someone has to transfer to another city for treatment and the doctor gives in writing that ambulance is necessary for the patient, then there is a provision of Rs 15000 (maximum) for that.
• Air Accident Cover - Rs 1 crore will be available if death occurs during air travel but ticket must be booked from DSP account.