The Indian Army has signed a Memorandum of Understanding (MoU) with the State Bank of India regarding defense salary package on July 12.

As per reports, the new and revised MoU is customized to suit the needs of serving army personnel, pensioners and their families.

The Indian Army said in a statement, "A number of additional facilities have been incorporated in the revised MoU which include free personal accident death cover, free permanent total disablement 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 are having their accounts with SBI. The MoU will be valid till 3 January, 2019 and continuation thereafter will be subject to review/renewal."

Adjutant General Lt Gen Ashwani Kumar chaired the signing-in ceremony, which was attended by top SBI officials. The Managing Director of Retail and Development Banking, SBI, Shri PK Gupta also attended the ceremony.

The first MoU between SBI and the Indian Army was signed in 2011 and was renewed on 23 February, 2015.

(Featured Image – Daily Post)