CISF signs MoU with SBI to manage salary accounts of force personnel

BW Online Bureau May 26, 2025

Accident insurance of Rs. 1 crore other benefits at no cost to Serving, retired force members and families : CISF

New Delhi, May 26

The Central Industrial Security Force (CISF) today signed a Memorandum of Understanding (MoU) with the State Bank of India (SBI) for managing salary accounts of serving and retired CISF personnel under the Central Armed Police Salary Package (CAPSP).

The MoU was formalised in a function held at CISF Headquarters, New Delhi, where it was signed for a period of three years w.e.f. 23.05.2025 to 22.05.2028 by Rekha Nambiar, DIG Adm, CISF, and Ranjana Sinha, General Manager (NRI & SP), SBI Corporate Centre, Mumbai, on behalf of SBI.

The agreement introduces a host of enhanced financial benefits for CISF personnel, marking a major milestone in CISF’s ongoing commitment to the welfare and financial security of its members. These benefits come at zero cost to Force members and are in addition. As per the new provisions of the MoU, the following key benefits will be extended.

For the first time benefits to retired personnel have been significantly enhanced. Important welfare benefits under the package include coverage for: Rs. 50 lakh personal accident insurance (death) cover.

It also gives zero balance account, free debit card with no annual maintenance charges, unlimited free transactions at SBI ATMs and 10 free transactions at other bank ATMs monthly, free demand draft issuance, optional auto sweep facility, 10% concession on annual locker rent

Additional Covers applicable in case of accidental death, if personal accident Insurance (Death) claim is found admissible:

Cost of Plastic surgery in burn cases

Children Higher Education (for Graduation)

Girl Child cover for Marriage

Air ambulance : Maximum up to Rs. 10 Lakh

Ambulance charges: Maximum up to Rs. 50,000.

The MoU also introduces the ‘SBI Rishtey’ Family Savings Account, enabling the spouse, children, parents, and siblings of CISF personnel to open up to four zero-balance accounts with a host of advantages.

To ensure timely delivery of benefits, a Complaint Redressal Mechanism is being put in place. A dedicated Relationship Manager from SBI (Advisor for CAPF & Police) will coordinate with a special cell under the Welfare Directorate, CISF HQrs, for smooth implementation and resolution of concerns related to CAPSP, officials added.