CISF Signs MoU With SBI To Manage Salary Accounts Of Force Personnel

A significant step towards strengthening welfare of Force members, 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 Ms. Rekha Nambiar, DIG/Adm, CISF, and Ms. 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:
• ₹50 lakh personal accident insurance (death) cover
• 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:

• 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
• ₹5 lakh personal accidental death cover (excluding minors)

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.

This MoU underscores the commitment of both CISF and SBI to the welfare of the force personnel and their families. SBI will also endeavor to establish/renovate CISF Campus or nearby Branches and provide the latest technology to facilitate efficient banking operations. Awareness programs will be conducted by SBI at various CISF establishments to inform personnel about the bank's products and investment opportunities.