Product Details
Bank Name
State Bank of India
Account Name
Central Armed Police Salary Package(CAPSP)(Pensioner Veterans)
Account Type
Salary Account
Interest Rate
Balances less than Rs. 10 Crore - 2.70% p.a.
Free Debit Card
It will depend upon the monthly salary of the user.
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Account Opening Fees
0
Debit Card Charges
It will depend upon the monthly salary of the user.
Annual Maintenance Fees
0
NEFT Charges
Free online
Minimum Account Balance
0
IMPS Charges
Free online
Fees and Charges of
Central Armed Police Salary Package(CAPSP)(Pensioner Veterans)
Central Armed Police Salary Package(CAPSP)(Pensioner Veterans)
Special Features
Users will get a zero balance account and free number of unlimited transactions across ATMs of any bank in India.
Users will get complimentary personal accident insurance (Death) cover up to Rs. 30 lakhs.
100% waiver of processing fee on Car loans.
Users will get upto 25% off on annual locker rental.
Eligibility Criteria
Personnel of the following Central Armed Police Forces (CAPFs) can avail of Salary Accounts under Central Armed Police Salary Package. Retired Personnels can also open / convert their accounts in CAPSP. Only pensioner veterans are allowed to open this account.
Central Reserve Police Force (CRPF)
Border Security Force (BSF)
Central Industrial Security Force (CISF)
Sashastra Seema Bal (SSB)
Indo Tibetan Border Police (ITBP)
National Security Guard (NSG)
Railway Protection Force (RPF)
Railway Protection Special Force(RPSF)
Available in three variants, namely Gold, Diamond and Platinum categorised on the rank of the personnel
Benefits
Features, Eligibility and Benefits of
Central Armed Police Salary Package(CAPSP)(Pensioner Veterans)
Pros & Cons of
Pros
Users will get a zero balance account and free number of unlimited transactions across ATMs of any bank in India.
Users will get complimentary personal accident insurance (Death) cover up to Rs. 30 lakhs.
100% waiver of processing fee on Car loans.
Users will get upto 25% off on annual locker rental.
Users can avail of Auto-Sweep to create e-MODs (Multi Option Deposits) and earn higher interest.
Users can avail of Demat & Online Trading A/c at the time of on-boarding itself.
Users will get free online NEFT/RTGS transactions.
Users can earn points on various transactions through loyalty program "SBI Rewardz".
Cons
Low interest rates.
Central Armed Police Salary Package(CAPSP)(Pensioner Veterans)
Central Armed Police Salary Package(CAPSP)(Pensioner Veterans)
The account comes loaded with a number of value add features. However, the account offers low interest rate. It can be considered by individuals who are looking for a good package of value add features.
Abhijeet Saxena
Abhijeet Saxena
Nalsar University of Law
Ex- Senior Associate, Shardul Amarchand Mangaldas, Delhi
Ex - Khaitan & Co. Bengaluru,
Ex - National Stock Exchange, Mumbai,
Ex - Argus Partners, Mumbai
Review of
Central Armed Police Salary Package(CAPSP)(Pensioner Veterans)
Account Opening and Procedure of
How to open an Account?
How to Open an SBI Salary Account:
Online Application: Visit the SBI website or use the YONO app to start the application process. You'll likely need to provide details about your employer and income.
Video KYC: SBI often uses Video KYC for online account opening. You'll need to have your Aadhaar and PAN details handy.
Branch Visit (Potentially): While some processes are fully online, you might need to visit an SBI branch to complete certain formalities or verification steps.