ITANAGAR, Oct 13: The Arunachal Pradesh Police (APP) and the State Bank of India (SBI) signed a memorandum of understanding (MoU) at the police headquarters here on Tuesday to provide banking benefits to APP personnel.
The MoU is expected to fulfill the banking needs of the APP personnel in a hassle-free manner, and will benefit more than 15,000 families.
As per the MoU, “the SBI will open or convert existing accounts in the SBI of the permanent employees of the APP police salary package (PSP) accounts in the branches of SBI spread all across Arunachal Pradesh,” the PRO to the APP informed in a release.
These accounts will be divided into four categories, depending on net monthly salary, viz, silver for upto Rs 25,000 per month; gold for net salary from Rs 25,001 to Rs 50,000 per month; diamond for net monthly salaries from Rs 50,001 to Rs 1,00,000 per month; and platinum for net monthly salary of Rs 1,00,001 and above.
“Various additional benefits will be provided by the SBI to these SPS account holders, such as no minimum balance charges, no annual maintenance charges on ATM-cum-debit cards, no charges on doing ATM transactions at the SBI and other banks’ ATMs, and all charges related to issue of demand draft are waived off,” the PRO said.
The bank will also provide complementary personal accident insurance (death) from Rs 5 lakhs to Rs 20 lakhs across various categories. This cover is available for active salary accounts, even with zero balance, and without any ATM or PoS transactions. Deaths in terrorist attacks will also be covered.
The APP personnel will also be provided with additional personal accident (death) cover on ATM cards (subject to exact terms and conditions of the bank) of Rs 2 lakhs on gold and diamond debit cards and Rs 5 lakh on platinum debit cards.
“Complementary air accident insurance (death) cover from Rs 5 to Rs 30 lakhs across various categories of SPS accounts will also be available, provided air ticket(s) has been purchased using an SBI debit card or internet banking,” the release said.
It said “purchase protection of Rs 2 lakhs on all categories of debit cards and upto 25 percent of concession in locker charges will also be provided.”
As per the MoU, various additional benefits, like the national pension scheme, public provident fund, Sukanya Samriddhi Scheme, SBI mutual fund account and SBI credit card will also be provided.
The APP was represented by DIGP (HQ) Madhur Verma and the SBI was represented by Kamlesh Kumar Singh from the bank’s administrative office in Dibrugarh, Assam.