Memorandum of Understanding (MoU) was signed between the Indian Army and Corporation Bank on the Defence Salary Package today. The signing ceremony was chaired by the Adjutant General, Lt Gen Rakesh Sharma, and was attended by top officials of Corporation Bank headed by Mr Gopal Murli Bhagat, Executive Director.

The MoU is tailor made to suit the requirements of serving soldiers, pensioners and families and includes free / concessional services including free drafts, free cheque books, free funds transfers to any bank in India through RTGS / NEFT, free ATM cards, Unlimited transactions on all ATMs including that of other Banks. Some important features of the MoU include Personal Accident Insurance Cover of Rs 5 & 10 lacs, Air Insurance Cover of Rs 5 to 50 lacs and Term Life Insurance Cover of Rs 5 & 10 lacs. All the facilities are also extended to the pensioners except Term Life Insurance Cover.

PIB

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SALARY ACCOUNTS UNDER DEFENCE SALARY PACKAGE (DSP)

ARMY/NAVY/AIR FORCE RASHTRIYA RIFLES (RR), ASSAM RIFLES AND GENERAL RESERVE ENGINEERING FORCE (BORDER ROADS ORGANISATION) GREF-BRO

Features of DSP

>> Convenience of Anywhere Banking at

• The largest network of more than 16,000 Core Banking Branches Extensive alternative channels.
• 53,000 plus ATMs of State Bank Group
• Free Internet Banking, Mobile Banking

>> Complete gamut of Banking Services including:-

• Unique Lifetime Account Number;
• Zero Balance Account facility with no penal charges for non-maintenance of minimum balance;
• Auto sweep (in & out) facility (on request)-Surplus amount in Savings bank account beyond threshold balance is transferred automatically into Term Deposits (multi option deposits) in multiple of Rs.1000/- and vice versa
• Free Personal Accident Insurance (Death) Cover to Primary Salary Package Account
• Free personalized Multi City Cheques
• Free Drafts*/RTGS*/NEFT*
• Free Core Power: Anywhere banking facility with the widest network of more than 16,000 branches. Free updating of pass-books at any branch
• Easy overdraft up to 2 months’ salary repayable within 6 months
• SMS Alerts
• Free Debit Cards
• Domestic cards for Silver Accounts, Gold Debit cards for Gold and
• Diamond Accounts and Platinum Debit Card for Platinum Accounts.
• Maximum daily withdrawal of Rs. 40,000 on Domestic Cards, Rs. 50,000 on Gold Cards and Rs. 1,00,000 on Platinum Cards.
• Various Personal loans like Home loan/ Auto loan/ Xpress Credit loan, etc. at attractive terms
• Demat facility, 3-in 1 Trading Account available
• Systematic Investment Plan in Mutual funds
• Range of other value added benefits

BPMS writes a letter to MoD for extension of facilities of Salary Accounts under DFS to the Defence Civilian Employees:-

REF: BPMS / MOD / 186 (8/1/R)

To,
The Secretary,
Govt of India, Min of Defence,
South Block, DHQ PO,
New Delhi – 110011

Subject: Extension of facilities of Salary Accounts under Defence Salary Package to the Industrial / Non-Industrial Civilian Employees.

Respected Sir,

Thanking you.
Sincerely yours

Annexed: As mentioned

Source: http://bpms.org.in/documents/salary-fqb1.pdf

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