South Western Railway, SBI sign pact for enhanced banking services

South Western Railway (SWR) has signed a Memorandum of Understanding (MoU) with State Bank of India for providing enhanced banking services for railway personnel under the Railway Salary Package (RSP).

According to a press release, this collaboration aims at improving employee welfare by offering tailored financial solutions, including automatic upgrade of existing SBI salary accounts to RSP through a simple application process.

Railway Salary Package includes benefits such as free access to SBI’s extensive ATM network and limited free transactions at other bank ATMs.

Employees can enjoy Anywhere Banking through SBI’s internet and mobile banking platforms, including the YONO app. Additionally, the package offers free shopping-cum-ATM/debit cards for primary and joint account holders and personalized financial advisory services.

Employees benefit from comprehensive insurance coverage, including ₹1 crore Personal Accident Insurance and ₹1.6 crore Air Accident Insurance.

The other features include disability coverage, Child Education Assistance, Girl Child Marriage Assistance and add-ons for medical emergencies like ambulance services and plastic surgery expenses.

Simplified access to loans, free NEFT/RTGS transactions, free demand drafts and concessions on locker rents are also available. The association provides additional benefits to family members of the employees, the release said.

Published - November 23, 2024 07:14 pm IST