In our previous post, we explored the DSP account benefits offered to serving soldiers of the Armed Forces. However, it's essential to highlight that the DSP account isn't limited to active-duty personnel alone. It also extends its support to retired Defense Personnel through the DSP Pension Gold account. If you've designated a separate account for your pension upon retirement, it's crucial to ensure it falls under the DSP category.

Until recently, there existed significant disparities between the benefits of the serving DSP account and the pensioner DSP account. However, a significant milestone was achieved on December 15, 2021, with the signing of a Memorandum of Understanding (MoU) between the Indian Army and SBI Bank. This agreement ushered in numerous benefits for pensioners and Shaurya family pensioners alike.

In this article, we delve into the facilities available to pensioners through the SBI DSP account, shedding light on the enhancements brought about by this landmark agreement.

SBI DSP Accounts for Ex-servicement

SBI Bank has also kept the pensioner Defense Salary Package (DSP) account holders in three groups which are as follows :-

• DSP Pension Gold Account  

Tailored for Junior Commissioned Officers (JCOs) and Other Ranks, the DSP Pension Gold Account provides retired military personnel with a comprehensive suite of banking services.

• DSP Diamond Account 

Designed for retired officers holding the ranks of Lieutenant, Captain, and Major, the DSP Diamond Account offers an elevated banking experience. With enhanced transaction limits, priority processing of loans, and access to exclusive banking privileges, pensioners in these ranks can enjoy seamless financial management and superior service

• DSP Platinum Account 

Exclusively crafted for retired officers ranging from Lieutenant Colonel to General, the DSP Platinum Account epitomizes luxury and sophistication in banking for pensioners of higher ranks.

Benefits of Gold DSP Pension Account for Ex-servicemen

• In DSP account, we are not required to keep a minimum amount in our account, which we call zero balance account.
• Free International Gold Debit Card* Exservicemen are not eligible for SBI Shaurya credit card.
• There is no annual maintenance charge.
• 1 extra card free for spouses of joint account holders.
• You can withdraw money any number of times from any bank's ATM without any charge.
• 25 cheques are available free of cost per month
• Cheque book demand can be given in any branch of SBI.
• 10% discount on annual locker rent.
• Free RTGS/NEFT
• Countless free demand drafts across all branches of SBI.
• 100% processing fee waiver of home loan.
• Car loan's 100% processing fee waiver and 5% relaxation in margin. Now what is this relaxation in margin? Don't worry, we will explain you with a straight example. Let's say you are taking a car worth 10 lakhs. If you go to the bank to take a loan of ? 10,000,00, then the bank will tell you that we will finance you up to eight lakhs or 8:30 lakhs. You will have to pay the remaining 1.5 lakh rupees yourself. The bank will not give you the entire ?10,000,00. So what has happened to this one and a half lakh rupees is your margin money. In other words, the defense person will get more loan amount than the civilian.
• Pension Loan Key Processing Fee 100% Waiver.

Complementary Insurance Cover (For Serving Personal) :-

• Personal Accident Insurance (in case of death) - Rs 30 lakh.

Additional cover if death occurs in accident:-

1. Plastic surgery (burn case) - If a person gets burnt due to fire and has to undergo plastic surgery, then there is a provision of Rs 10 lakh (maximum) for him.
2. For Transportation of Imported Medicine - If any medicine or injection is not available in your country. There is a provision of (maximum) Rs 5 lakh for the cost of transportation of that medicine or injection from another country.
3. Comma due to accident - If a person falls into a coma due to an accident. If death occurs after staying in coma for 48 hours, then there is a provision of (maximum) Rs 2 lakh.
4. For Air Ambulance - If a person meets with an accident and for any surgery or any other reason, he has to be transferred to another city by air ambulance as soon as possible, then there is a provision of (maximum) Rs 10 lakh.
5. Higher Education Cover- It is available for a child if the age of the child is between 18-25 years on the day of death, then there is a provision of (maximum) Rs 5 lakh.
6. Cover for marriage of a girl - If the girl's age is between 18-25 years on the day of death, then there is a provision of Rs 5 lakh (maximum) for the girl's marriage.
7. Family Transportation - If a person's accident happens in another city away from his family, then there is a provision of Rs 20000 for the expenses of 2 members of his family to travel to the city where the accident happened.
8. Repatriation of Mortal Remnance - If someone dies in another country or city, then there is a provision of Rs 20000 (maximum) to bring his body.
9. Ambulance Charge - If someone has to transfer to another city for treatment and the doctor gives in writing that ambulance is necessary for the patient, then there is a provision of Rs 15000 (maximum) for that.

Benefits of Shaurya Family Pensioner :-

1. Under Shaurya Family Pensioner Account, we are not required to keep a minimum amount in our account, which we call zero balance account.
2. Free International Gold Debit Card*
3. There is no annual maintenance charge.
4. You can withdraw money any number of times from any bank's ATM without any charge.
5. 25 checks are available free of cost per month
6. Check book demand can be given in any branch of SBI.
7. 10% discount on annual locker rent.
8. Free RTGS/NEFT.
9. Countless free demand drafts across all branches of SBI.
10. 100% processing fee waiver of pension loan.