The Defence Salary Package (DSP) account is a unique offering by SBI, exclusively designed for the personnel of the Indian Army, Navy, Air Force, and other Defence Forces. It is a zero-balance account that comes with a host of benefits and features, catering to the specific needs and preferences of the Defence personnel and their families. Whether it is banking convenience, insurance coverage, loan facilities, or investment options, the DSP account has it all.
Here is a breakdown of the 12 advantages of the DSP account:
Zero balance account with unlimited free transactions across ATMs nationwide: The DSP account does not require any minimum balance to be maintained, and allows the account holders to withdraw cash from any ATM in the country without any charges. This gives them the freedom and flexibility to access their money anytime, anywhere.
Complimentary Personal Accidental Insurance (Death) cover of Rs. 50 Lakhs for all ranks: The DSP account provides a free personal accidental insurance cover of Rs. 50 Lakhs to the account holders, in case of death due to any accident. This cover applies to all ranks of the Defence Forces and is valid for the entire duration of the account.
Complimentary Air Accidental Insurance (Death) cover of Rs. 1 Crore for all ranks: The DSP account also provides a free air accidental insurance cover of Rs. 1 Crore to the account holders, in case of death due to any air accident. This cover is also applicable to all ranks of the Defence Forces and is valid for the entire duration of the account.
Complimentary Personal Accidental (Permanent Total Disablement) cover up to Rs. 50 Lakhs: The DSP account further provides a free personal accidental cover of up to Rs. 50 Lakhs to the account holders, in case of permanent total disablement due to any accident. This cover is based on the percentage of disability as per the policy terms and conditions and is valid for the entire duration of the account.
Complimentary Personal Accidental (Permanent Partial Disablement) cover up to Rs. 50 Lakhs: The DSP account also provides a free personal accidental cover of up to Rs. 50 Lakhs to the account holders, in case of permanent partial disablement due to any accident. This cover is also based on the percentage of disability as per the policy terms and conditions and is valid for the entire duration of the account.
Competitive rates on Xpress Credit, Home loans, Car Loans, and Education loans: The DSP account offers attractive and competitive interest rates on various loan products, such as Xpress Credit, Home loans, Car Loan, and Education loans. These loans are specially designed to meet the personal and professional needs of the Defence personnel and come with easy repayment options and flexible tenures.
100% waiver of processing fee on Xpress Credit, Car Loan, and Home Loan: The DSP account also offers a 100% waiver of processing fee on Xpress Credit, Car Loan, and Home Loan. This means that the account holders do not have to pay any extra charges or fees for availing these loans, and can save a significant amount of money.
Up to 25% off on annual locker rental: The DSP account also offers a discount of up to 25% on the annual locker rental fee. This means that the account holders can avail the safe and secure locker facility at a reduced cost, and store their valuables and documents with peace of mind.
Optional Auto-Sweep facility to create e-MODs (Multi Option Deposits) with higher interest: The DSP account also offers an optional auto-sweep facility, which allows the account holders to create e-MODs (Multi Option Deposits) with higher interest rates. This means that the account holders can earn more interest on their surplus funds, and also have the option to withdraw them anytime without any penalty.
Demat & Online Trading A/c facility available, along with free issuance of Drafts, Multi City Cheques, SMS Alerts, NEFT/RTGS: The DSP account also offers a demat and online trading account facility, which allows the account holders to invest in the stock market and trade online. This facility comes with free issuance of drafts, multi-city cheques, SMS alerts, and NEFT/RTGS transactions, making it convenient and cost-effective for account holders.
Overdraft equivalent to 2 months’ net salary (subject to a maximum cap based on the account variant): The DSP account also offers an overdraft facility, which allows the account holders to borrow up to 2 months’ net salary, subject to a maximum cap based on the account variant. This facility can be used to meet any urgent or unexpected expenses and can be repaid easily from the salary account.
For unfortunate events, an additional Rs. 10 Lakh is provided for death in action against terrorists, Naxalites, or foreign enemies: The DSP account also provides an additional benefit of Rs. 10 Lakh to the account holders, in case of death in action against terrorists, Naxalites, or foreign enemies. This benefit is over and above the existing insurance covers and is meant to provide financial support to the bereaved families of the martyrs.
There’s also the SBI Rishtey (Family Savings Account) for family members of Salary Package Customers with special benefits: The DSP account also offers a special family savings account, called SBI Rishtey, for the family members of the salary package customers. This account comes with special benefits, such as zero balance requirement, free ATM card, free cheque-book, free NEFT/RTGS, and free personal accidental insurance cover of Rs. 2 Lakhs.
Note 1: The benefits associated with the salary package are contingent upon the proper classification of the Savings Bank Account into the respective Salary Package and Variant in the bank’s system. Customers who receive their salary through SBI accounts must apply, along with proof of salary and employment, to their home branch for the conversion of the savings account to the relevant Salary Package/Variant (Conversion Forms).
Note 2: If the monthly salary is not credited to the account for a period exceeding 3 consecutive months, the special features provided under the Salary Package will be revoked. The account will then be treated as a Normal Savings Account under our standard charges structure, and all applicable charges will be imposed accordingly.
The Defence Salary Package account is a one-stop solution for all the banking needs of the Defence personnel and their families. It is a way of honoring and rewarding the brave and loyal service of the Defence Forces and providing them with the best banking experience. To open a DSP account, visit your nearest SBI branch or apply online through the SBI website.
Click here to learn more Defence Salary Package – Salary Account (sbi.co.in)
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