Whether you are serving soldiers, or an ex-serviceman or a soldier for all of you, the bank has given a defense salary package from its end irrespective of rank. That is, if you open an account for your defense salary package, the bank provides you many facilities.
And in this article, today we will discuss, what facilities State Bank of India has provided to serving soldiers, ex-servicemen and family pensioners through its DSP account. complete information of DSP account of State Bank of India is already published and you may check it by clicking here. First of all we will talk about how many types of accounts can be opened in DSP account.
Basically, Gold, Diamond and Platinum, these three types of accounts are provided by SBI in the form of DSP, and rank wise entitlement are as under –
Gold account for JCO and other ranks,
Diamond account is opened for Lt to Major and
Platinum account is opened for Lt Col to Gen.
Now the first feature available in it is that you are not required to maintain a minimum balance in a DSP account. Even if you have zero balance, you will not be charged for continuing in the account.
Moreover, the lifetime unique account number remains available. You will be covered with a complimentary insurance cover. The PAI i.e. Personal Accident Insurance, if death occurs, insurance cover up to Rs 50 lakh is given to the serving soldier by SBI on DSP account and if there is air accident insurance, that too in case of death, up to one crore rupees is provided to the serving soldiers.
Now there is a condition if travel by defense aircraft or air ticket provided by department for official duty or air ticket purchased by debit to DSP account. Along with this, permanent total disability cover is also given during an accident and its amount is also given to serving soldiers with a maximum of Rs 50 lakh and permanent partial disability cover is also given during an accident, a maximum of up to Rs 50 lakh is given to serving soldiers. . Along with this, internet banking is given absolutely free of cost, so that you can do free unlimited online transactions like NEFT, RTGS and fund transfer, no additional charges are given.
Along with this, multi city check booklet is given free, up to 25 days overdraft facility can also be availed. If the salary is in the account then the amount equal to your salary for the next 2 months can be withdrawn in advance. The maximum is Rs 75,000 for JCO OR and Rs 1,50,000 can be availed from lieutenant colonel to major and after that, advance overdraft of Rs 2,00,000 can be availed from lieutenant colonel to general.
You will have the savings plus an auto sweep facility, keep 35000 rupees in the account and the remaining amount goes into auto sweep i.e. mode balance. According to this TDR or ASTDR to be created for a minimum amount of rupees 10000 and in multiples of rupees 1000 at any one instance which term deposit has been received. Similarly, setting up of standing instructions in SBI, if you have to make monthly timely payment, if you have to pay insurance, it is free and transfer of funds between SBI branches is also free and you can take the passbook in it and there is facility of free update.
3 in 1 account Demat sharing, share trading and saving plus this account is available in which 3 facilities can be taken in one. There are no fees on RTGS and NEFT charges. You can take NPS also
PPF account can be opened. Sukanya Samardhi is available. Draft issue charges are free. No matter how many drafts are made, this facility is available under a DSP account.
Now let’s talk about the fact that only for the DSP holder i.e. serving soldier along with his family members also may get , it SBI Rishta account can be opened in which SBI Rishta account can be opened for children, wife, parents and siblings. Some additional facilities are also available in this that you are not able to maintain minimum balance and debit card is available free, SMS alert is available free of charge.
Demand draft issue is charge free and auto sweep facility is available. But this is optional whether you want to take it or not. Now for the defense salary package DSP army pensioners also have DSP account and personal accident insurance of Rs 30 lakh is given in it.
Along with this, the benefit of pension is extended to serving personnel except those specially mentioned for serving personnel, this benefit is also extended to ex-servicemen. Now loan facilities are available to DSP account holders. You may get home loan. Soorya Special Home Loan Scheme is offered to DSP account holders. The interest rate on this is low. Overdraft facility is also available on home loan.
100% processing fee waived. Property search and valuation charges etc. apply. That means the processing fee in the home loan is immediately mapped to the Soorya Special Home Loan Scheme.
Education loan can also be taken with a maximum of Rs 50 lakh. For this, this education loan is given to those who are studying in India. If someone is raising a child in a foreign country then he/she gets an education loan of Rs 1.5 crore.
The interest rate is lower as compared to others. With this in mind we will talk about auto loan. Therefore prepayment is nil. There is Flexi repayment option. There is an additional concession of 0.25 in electric car. And 100% processing fees are waived.
Pre-approved 2 wheeler loan on SBI Yono. That is, pre-approved loans are available here. If we talk about personal loan then express credit is personal loan. Which means unsecured personal loan available up to Rs 35 lakh. 100% processing fees are waived. Interest rate is low.
Repayment period can be up to 72 months. And pre-approved express credit upto rupees 8 lakh through YONO. In 4 clicks only. That is, personal loan is availed through Eono. So only click on your chart. And Rs 8 lakh will be credited to the account.
Now if we talk about pension loan then maximum up to Rs 14 lakh can be availed for pension. And this loan is available till 76 years. So there is no doubt that a loan is not available on pension. Therefore, a loan of up to Rs 14 lakh can be taken against the pension.
Now let us talk about defense family pensioners. The scheme which is going on from 1st April 2022. Defense family pensioner also may open their DSP account. Or if you have a savings account, you can convert it into DSP.
There is no requirement to maintain minimum balance. There is no charge on ATM card. You can do free transactions. And multi city check is as per the pensioners entitlement. Can take upto 25 leaves free of cost. RTGS, NFT, Demand draft, all these can be issued for free.
To open a DSP account, just go to any bank branch. They will attend you and will provide all the benefits as discussed above. Free Personal Accident Insurance death cover in addition to account level personal accident insurance. Debit card up to Rs 2 lakh. 5 lakhs to the officers. 2 lakhs to JCO/OR. Free air accident insurance cover. 4 lakhs to JCOR, 10 lakhs to the officers. I have to talk about this. The solution for ATM card is its insurance cover. Check-in baggage loss. Where are you currently traveling by air? Looks like there is a loss. You may get a protection upto 25,000 rupees. Personal purchase protection for theft and burglary. There is a grant of Rs 2 lakh for this.