A memorandum of understanding (MoU) was signed between Arunachal Pradesh Police and State Bank of India (SBI) in Itanagar on Tuesday, which is expected to go a long way in fulfilling the banking needs of the state’s police personnel and their families.
A press release from the superintendent of police (SIT Crime) Hemant Tiwari on Tuesday said: “Besides catering to the basic banking needs, the SBI would through the MoU, provide additional benefits like personal accident insurance to the police personnel.”
The state’s police personnel will have to open or convert their existing SBI accounts into Arunachal Pradesh Police Salary Package (PSP) accounts which would offer several added benefits to them.
The account opening or conversion can be done in any of the SBI branches of the state, Tiwari said.
The accounts will be divided into four categories of silver, gold, diamond and platinum depending upon the net monthly salary of the police personnel.
Once the account is converted into a PSP, the police personnel would get additional benefits such as no minimum balance charge, no annual maintenance charge on ATM or debit cards and no charges for ATM transactions through SBI or other banks.
Charges related to demand drafts would also be waived off by the SBI for the PSP account holders, the SP said.
Tiwari further said the SBI would provide complimentary personal accident insurance (death) and air personal accident cover (death) from Rs. 5 to Rs. 20 lakh across various categories.
Other benefits of the SPS include additional accounts for National Pension Scheme, Public Provident Fund, Sukanya Samriddhi Scheme, SBI mutual funds and credit cards.
The MoU was signed between deputy inspector general of police Madhur Verma, who represented the Arunachal Pradesh Police and Kamlesh Kumar Singh of the SBI at the police headquarters here.