Monday, June 8, 2015

Benifites of the SBI Defence salary packages to Pensioneres

                Please read this...and then read my next post on the same subject. That's a rejoinder to this email from Maj. Gen. Ramachandran from another veteran officer, Col Latif vadakkayil....

Dear All,
1. I am Maj Gen PK Ramachandran (Retd) currently serving in State Bank of India as Circle Defence Banking Advisor looking after the salary packages of Defence (including Indian Coast Guard) and Para Military Forces. I am working in the capacity of a contractual GM.
2. During interaction with various veterans and also referring to our data base, I have observed the following issues:-
(a) Many of our veterans are having pension a/c with SBI as normal SB A/C and not as Defence Salary Package Pension (DSP Pension) A/c. By this they are depriving themselves all the privileges associated with DSP A/c. They can give their consent to the Branch Manager and convert their existing SB a/c in to DSP Pension A/c. All the benefits stated in in DSP a/c are available to ESM less the following:-
(i) Personal Accident Insurance Cover.
(ii) Two months salary overdrawal facility limited to Rs 40,000/- to Silver Card.
(b) Depending on the rank they have retired they are eligible for the type of a/c they are entitled.
3. They are also entitled to Pension Loan as under:-
Particulars Age of the Pensioners
Up to 72 Years Above 72 and up to 74 Years Above 74 and up to 76 Years
Loan Amount (Pensioner) Rs 14.00 lakhs Rs 12.00 lakhs Rs 7.50 lakhs
Loan Amount ( Family Pensioner) Rs 05.00 lakhs Rs 4.50 lakhs Rs 2.50 lakhs
Repayment 60 Months 48 Months 24 Months
4. However, the loan amount cannot be more than 18 Months of Pension. All categories are entitled for a Second Loan within the eligible criteria. The interest rate is 3.5% above base rate (13.35% at current base rate).
5. Please also advise all veterans to link their Aadhaar with E-KYC (Know Your Customer) at the branch which would enable them to render life certificate from anywhere in the future as and when implemented. Branches are being given separate instructions for completing the Aadhaar based e-KYC.
6. You can contact me on Mob No 07032903055 and also on e-mail and second contact person at Local Head Office, Hyderabad is for any queries.
7. May I request you to keep all the veterans informed so that the benefits reaches them.
Maj Gen PK Ramachandran(Retd)
CDBA Army, LHO (Hyd)


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