Indian Army chooses SBI as its banker

New Delhi : The Indian Army on Thursday joined hands with the State bank of India (SBI) on the Defence Salary Package, which will include free personal accident death and total disability cover.

"A number of additional facilities have been incorporated in the revised Memorandum of Understanding (MoU) which includes free personal accident death cover, free permanent total disability cover and other accidental benefits to the deceased soldier and family.

"This MoU will benefit a large number of serving and retired Army personnel who have their accounts with the SBI," the Defence Ministry said in a statement.

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.