State Bank of India (SBI), the largest banking network in India, has launched a new financial product ‘Defence Salary Package’ for defence personnel under which they can get numerous benefits including a credit card.

Read on to know more about the features and benefits of the Defence Salary Package.

Defence Salary Package

The salary account of defence personnel now can be converted to Defence Salary Package. Defence personnel of Army, Navy, Air Force, Indian Coast Guard, Assam Rifles, Rashtriya Rifles and GREF can avail this facility and enjoy the benefits.

Based on the rank of the personnel, the account is categorised into Silver, Gold, Diamond and Platinum.

  • Silver: Personnel below officer level will come under this category.

  • Gold: Officers like Lieutenant, Captain, Major etc. will fall in this category.

  • Diamond: Lt Colonel, captain, commander etc.

  • Platinum: Director General, Air Marshal, Admiral etc.

Benefits of Defence Salary Package for the Employer

  • SBI Defence Salary package offers a convenient way to manage salaries across large number banking centres.

  • The process of opening the account is simple and hassle-free. SBI officials will visit your premises on request and help in opening the account.

  • Salary is credited to the account instantly.

  • Online banking saves time and cost of banking.

Benefits of Defence Salary Package to the Employee

The following are the salient points which bring out the benefits of the SBI scheme for defence personnel

  • Members of the Indian Army can open the account with zero balance and enjoy unlimited transactions across any ATMs in India.

  • Defence personnel get a personal accident Insurance cover up to 20 lakhs.

  • Members of the army also get a complimentary air accident Insurance cover up to 30 Lakhs.

  • The scheme for deference personnel also does away with processing fees on personal, home, car and education loans. The interest rates are comparatively lower than other banks.

  • The lockers for safe-keeping of valuables are available at a discount of 25%

  • With e-MOD (Multi Option Deposits) earn higher interest.

  • Demat and online trading account at the time of account opening itself.

  • Drafts, cheques are issued freely. No charges are levied on SMS alerts and online NEFT/RTGS.

  • Select customers get overdraft facility up to 2 months of net salary.

  • Defence personnel earn points on various transactions through the loyalty program State Bank Rewardz.

  • Consistent regular offers on Debit cards and the e-wallet State Bank Buddy.

SBI Credit Card for Defence Personnel

Defence Salary Package account holders are entitled to get credit cards based on their category. Exclusive offers on shopping, online booking, utility payments and fuel usage can be availed through your SBI credit card for defence personnel.

End Note

Indian soldiers who work in far-flung locations of the country can get an easy access to the banking facilities through the introduction of SBI Defence Salary Package. Moreover, special offers and discounts for the account holders prove to be a wonderful gift by the bank to the defence personnel for their selfless service to the nation.