State Bank of India| SBI Defence Salary Package (DSP)(Serving Personnel)account Interest Rates, Minimum Balance, Features

Product Details

Bank Name

State Bank of India

Account Name

SBI Defence Salary Package (DSP)(Serving Personnel)

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.

Account Opening Fees

Debit Card Charges

It will depend upon the monthly salary of the user.

Annual Maintenance Fees

NEFT Charges

Free online

Minimum Account Balance

IMPS Charges

Free online

Fees and Charges of

SBI Defence Salary Package (DSP)(Serving Personnel)

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 p ersonal accident insurance (Death) cover up to Rs. 50 lakhs.
• Users will get complimentary a ir accident insurance (Death) cover up to Rs. 1 crore.
• Users will get complimentary personal accidental (Permanent Total Disablement) cover up to Rs. 50 lakhs and complimentary personal accidental (Permanent Partial Disablement) cover up to Rs. 50 lakhs.
• Additional Rs. 10 lakh for death in action against terrorist/ Naxalites/foreign enemy.
• Xpress Credit, Home loan, Car loan and Education loan are available at competitive rates. 100% waiver of processing fee on Xpress Credit, Car loan and Home loan.
• 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 serving personnel 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 of

SBI Defence Salary Package (DSP)(Serving Personnel)

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 p ersonal accident insurance (Death) cover up to Rs. 50 lakhs.
• Users will get complimentary a ir accident insurance (Death) cover up to Rs. 1 crore.
• Users will get complimentary personal accidental (Permanent Total Disablement) cover up to Rs. 50 lakhs and complimentary personal accidental (Permanent Partial Disablement) cover up to Rs. 50 lakhs.
• Additional Rs. 10 lakh for death in action against terrorist/ Naxalites/foreign enemy.
• Xpress Credit, Home loan, Car loan and Education loan are available at competitive rates. 100% waiver of processing fee on Xpress Credit, Car loan and Home loan.
• 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.

SBI Defence Salary Package (DSP)(Serving Personnel)

SBI Defence Salary Package (DSP)(Serving Personnel) Review

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

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

SBI Defence Salary Package (DSP)(Serving Personnel)

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.

Application Procedure

SBI Defence Salary Package (DSP)(Serving Personnel)