NEW DELHI: The Central Industrial Security Force (CISF) has signed a Memorandum of Understanding (MoU) with the State Bank of India (SBI) to manage the salary accounts of serving and retired CISF personnel under the Central Armed Police Salary Package (CAPSP).
The MoU, which was formalised at CISF Headquarters in New Delhi, will be effective from May 23, 2025, to May 22, 2028. It was signed by Ms. Rekha Nambiar, DIG/Administration, CISF, and Ms. Ranjana Sinha, General Manager (NRI & SP), SBI Corporate Centre, Mumbai.
Under the new agreement, CISF personnel—both serving and retired—will receive a wide range of enhanced financial benefits at zero cost. These include:
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Personal Accident Insurance of ₹1 crore for serving personnel and ₹50 lakh for pensioners (up from ₹50 lakh and ₹30 lakh, respectively)
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Air accident insurance increased to ₹1.5 crore
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New term insurance cover of ₹10 lakh for serving members
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Permanent total and partial disability cover raised to ₹1 crore
Additional key benefits include:
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Zero balance account
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Free debit card with no annual maintenance charges
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Unlimited free transactions at SBI ATMs and 10 free transactions at other bank ATMs monthly
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Free demand draft issuance
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Optional auto sweep facility
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10% concession on annual locker rent
Further welfare provisions in case of accidental death include coverage for:
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Plastic surgery in burn cases
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Higher education for children
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Marriage support for girl children
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Air ambulance (up to ₹10 lakh)
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Ambulance charges (up to ₹50,000)
In a first, the MoU also extends benefits to the families of CISF personnel through the introduction of the ‘SBI Rishtey’ Family Savings Account. This allows spouses, children, parents, and siblings to open up to four zero-balance accounts, each featuring benefits such as free debit cards, ATM transaction waivers, and ₹5 lakh accidental death insurance cover (excluding minors).
To ensure smooth execution and benefit delivery, a Complaint Redressal Mechanism is being established. A dedicated SBI Relationship Manager will work in coordination with a special cell under CISF’s Welfare Directorate.
The collaboration also envisions SBI establishing or renovating CISF branches and conducting awareness programs across CISF establishments to inform personnel about banking products and investment options.
