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SBI Signs a MoU with the Border Security Force to Provide Curated Benefits

In Business
April 04, 2022

Country’s largest Bank, State Bank of India (SBI) has signed a Memorandum of Understanding (MoU) with the Border Security Force to offer special benefits to the serving and retired BSF personnel and family pensioners through the Central Armed Police Salary Package (CAPSP) Scheme. 

The MoU will ensure extensive benefits to the security forces including complimentary Personal and Air Accidental Insurance (Death) cover, additional cover in case of on-duty death, and Permanent Total Disability / Partial Disability cover. The MoU will support child education and the marriage of girl children of deceased BSF personnel. The retired personnel will be eligible for complimentary Personal Accidental (Death) Insurance, irrespective of age, whereas family pensioners will be eligible for a bouquet of benefits. 

Considering the selfless services rendered by BSF personnel, Bank will offer zero-balance savings bank accounts with a host of complimentary benefits and waiver of service charges to recognize their contribution toward nation-building. Bank will also provide attractive interest rates and concession on processing charges for serving personnel on Home, Car, Education, and Xpress Credit Personal loans. 

On this significant occasion, Dinesh Khara, Chairman, SBI stated that “At SBI, we endeavour to do our best to support the undying efforts extended by the BSF personnel for the safety of our nation and citizens. We are humbled to partner with the Border Security Force and provide solutions that aim to benefit and ensure financial security for the BSF personnel and their families. It is an honour and a matter of pride for us to be associated with this force and offer a host of curated benefits through our Central Armed Police Salary Package (CAPSP), which ensures ease of access to banking facilities to them and their families.”

The MoU is designed and customized to best suit the requirements of serving BSF personnel, Pensioners, and their families. It was signed in New Delhi in presence of S.L. Thaosen, Special Director General BSF, Saloni Narayan Deputy Managing Director (Retail Business) SBI, Devendra Kumar Chief General Manager (Personal Banking) SBI, Krishna Choudhary Advisor (CAPF) SBI, Ravi Gandhi IG(Adm) BSF, Manoj Kumar Yadav DIG (Finance) BSF, Vikas Kumar DIG (Adm) BSF, P.S. Yadav DGM (Salary Package Accounts) SBI and other senior officials from BSF and SBI.