Product Details
Bank Name
State Bank of India
Account Name
Defence Salary Package (DSP)(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
Annual Maintenance Fees
0
Minimum Account Balance
0
Debit Card Charges
It will depend upon the monthly salary of the user.
NEFT Charges
Free online
IMPS Charges
Free online
Fees and Charges
Defence Salary Package (DSP)(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
Defence personnel of the Indian Army, Indian Navy, Indian Air Force, Assam Rifles, Rashtriya Rifles (RR) and GREF [Border Road Organisation (BRO)] can avail Salary Accounts under Defence Salary Package (DSP). Only pensioner veterans are allowed to open this account.
Available in three variants, namely Gold, Diamond and Platinum based on rank of personnel of the Indian Army, Indian Navy, Indian Air Force, Assam Rifles, RR and GREF (Border Road Organisation). Personnel Below Officer Rank (PBOR) are categorised under Gold Variant; Officers are categorised under Diamond and Platinum variants.
Benefits
Features, Eligibility and Benefits
Pros & Cons
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.
Application Procedure
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Product Review
Account Opening and Procedure
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.