SBI signs MoU with border security force to offer special benefits through CAPSP scheme

 

SBI signs MoU with border security force to offer special benefits through CAPSP scheme

What is the news :

• 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.

About the MoU:

• 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.
• The MoU is designed and customized to best suit the requirements of serving BSF personnel, Pensioners, and their families.

Benefits to serving Personnel under CAPSP scheme:

• Zero balance account and free unlimited transactions across ATMs of any Bank.
• Complimentary Personal Accident Insurance (Death) cover of Rs. 50 Lakhs to all ranks.
• Complimentary Air Accident Insurance (Death) cover of Rs. 1 Crores to all ranks.(Terms & Conditions Apply).
• Complimentary Personal Accident (Permanent Total Disablement) cover of Rs. 50 Lakhs to all ranks.
• Complimentary Personal Accident (Permanent Partial Disablement) cover upto Rs. 10 Lakhs to all ranks.
• Xpress Credit Personal Loans, Home Loans, Car Loans and Education Loans available at attractive rates.
• 100% waiver of processing fee on Xpress Credit Personal Loans, Car Loans and Home Loans (Actual TIR and Valuation charges will be recovered, where applicable).
• Up to 25% off on annual locker rent.
• Avail of Auto-Sweep to create e-MODs (Multi Option Deposits) and earn higher interest.
• Free issuance of Drafts, Multi City Cheques, SMS Alerts. NEFT/RTGS.
• Overdraft equivalent to 2 Months Net Salary (subject to maximum cap based on variant of account)
• Earn points on various transactions through our loyalty program SBI Rewardz.
• Host of regular offers on Debit Cards and YONO by SBI.
• Additional Rs. 10 Lakhs for death against terrorist/ Naxalites/ foreign enemy.
• Family Savings Account – SBI Ristey.
• Xpress Credit loan cover upto 5 Lakh for SBI Loan Account for death in action against Anti National Activities / Terrorist / Naxalites / Foreign enemy.

Benefits to pensioner veterans under CAPSP scheme:

• Zero balance account and free unlimited transactions across ATMs of any Bank.
• Complimentary Personal Accident Insurance (Death) cover of Rs. 30 Lakhs to all ranks.
• Home Loans, Car Loans and Education Loans available at attractive rates.
• 100% waiver of processing fee on Car Loans and Home Loans (Actual TIR and Valuation charges will be recovered, where applicable).
• Up to 25% off on annual locker rent
• Avail of Auto-Sweep to create e-MODs (Multi Option Deposits) and earn higher interest.
• Demat & Online Trading A/c facility available.
• Free issuance of Drafts, Multi City Cheques, SMS Alerts. NEFT/RTGS.
• Earn points on various transactions through our loyalty program SBI Rewardz.
• Host of regular offers on Debit Cards and YONO by SBI

About State Bank Of India:

• SBI chairman – Dinesh kumar khara
• SBI headquarter – Mumbai
• SBI founded on 1^st july 1955
• One fact about sbi’s logo – it is came from national institute of design, Ahemedabad and it was inspired by the kankariya lake.

About border security force :

• The Border Security Force(BSF) is India’s border guarding organisation on its border with Pakistan and Bangladesh. It is one of the seven Central Armed Police Forces (CAPF) of India, and was raised in the wake of the 1965 war on 1 December 1965, “for ensuring the security of the borders of India and for matters connected there with”.
• Formed – 1 december 1965
• Director general – Pankaj Kumar Singh

Other recent news about SBI :

• State Bank of India (SBI) plans to launch a complete Digital Bank by revamping its digital banking platform ‘YONO’ as ‘ONLY YONO.’
• India’s largest bank has set a target of 12-18 months period for implementation of ONLY YONO (including migration from existing YONO to ONLY YONO).
• This move comes in the wake of Niti Aayog recently publishing a draft discussion paper on licensing of Digital Bank, which may result in a formal guideline by the Reserve Bank of India (RBI) to establish various types of Digital Banks in our country.
• “ONLY YONO is envisaged as the next generation of YONO which will make SBI ready to launch a complete Digital Bank with a leaner and modular architecture, more streamlined journeys, sleek and personalized customer centric design and capturing value from ecosystems,” SBI said in a document.
• The design of ONLY YONO has to facilitate the bank to roll out multiple journeys and bring the improvements quickly to meet the business expectations and maintain Banks competitive edge in the retail segment, which is mainly driven and powered by technology, it added.
• ONLY YONO’s technical capability is proposed to be built with modern technology, products, and the power of the cloud to handle high volumes with superior customer experience.
• “In order to sustain the exponential growth achieved through YONO and maintain a leading edge in the market, the bank has assessed the current pain points in the YONO ecosystem.
• “Accordingly, the bank has embarked on a journey to scale YONO to the next level. These transformations will be done as the bank keeps adding newer functionalities to the YONO application,” SBI said.
• The proposed platform will cater to the business’s requirement for implementing its vision for next five years from the launch of ONLY YONO