The State Bank of India (SBI) today signed a Memorandum of Understanding (MoU) with the Indian Army for offering customised salary packages to army personnel across the country.
The package would offer a unique lifelong account number, which can be retained by the holder even if he is transferred to another location, a press release issued here stated.
The personnel can also retain the account even after retirement to draw pension, it said.
Under the MoU, SBI would also offer free anywhere banking facility and give additional ATM cards for a single account holder.
This would enable family members of the army personnel to transact on the same bank account through any ATM, when they are away, the release said.
This package also offers automatic sweep to multi-option deposits ensuring higher yield on the salary savings and also free personal accident insurance, it said.