Defence Salary Pakage Account Benefits for Defence Personnel

DSP Account Benefits for Defence Employees Serving in Indian Army, Indian Air Force, and Indian Navy. These benefits are available up to the Memorandum of Understanding (MoU) between the Ministry of Defence and related Banks. These benefits are available only for Serving/ Retired Defence personnel.

Kotak Mahindra Bank DSP Account Benefits for Defence Employees

These benefits are available up to the Memorandum of Understanding (MoU) between the Ministery of Defence and Kotak Mahindra Bank From 03 Mar 2021 to 02 Mar 2024.
Ser No  Benefits Name
Quantity of Benefits
01 Personal Accidental Cover
(Death)
Rupees 35 Lakhs 
02 Total Disability Rupees 35 Lacs
03 Partial Disability % as assessed by Doctor
04 Applicability of Pensioners Yes
05 Cover on Anti Terrorist/ Naxal Operation Yes
06 Add on cover No
07 Additional Insurance on Debit Card/ Credit Card  Rs 50 Lakhs (Min 3 POS transactions in 60 days)
08 Additional Accidental Insurance Cover Rupees 1 Crore (Tickets purchased through Kotak Mahindra Bank Salary Account)
09 Purchase Protection Up to 1 Lakh
10 Personal Accidental Insurance Death Assistance Up to Rs 8 Lakhs (Education and Girl Child Benefit)
11 Waiver in processing fee on Loan Waived
12 Concessional Rates on Loan Yes
13 Over Draft facility Rs 3,000 to 1.5 Lakhs (as per eligibility)
14 Education Loan Available.
15 Demand Draft Unlimited free
16 Locker Facility N/A
17 Use of other Bank ATM Unlimited free
18 Facilities for Nepali Gorkha Soldiers N/A
19 Credit Card Available
20 Demat Account/ Online trading account Available
21 Cheques Unlimited free
22 ATM/ Debit Card facility Yes
23 Free Advisory Service N/A
24 Additional zero balance Salary Account Yes
25 Doorstep Banking Yes
26 SMS facility Yes

Bandhan Bank DSP Account Benefits for Defence Employees

These benefits are available up to the Memorandum of Understanding (MoU) between the Ministry of Defence and Bandhan Bank From 04 Jan 2021 to 03 Jan 2024.
Ser No  Benefits Name
Quantity of Benefits
01 Personal Accidental Cover
(Death)
Rupees 30 Lacs (Also applicable for Gentleman Cadets)
02 Total Disability Rupees 30 Lacs
03 Partial Disability % as assessed by Doctor
04 Applicability of Pensioners N/A
05 Cover on Anti-Terrorist/ Naxal Operation Yes
06 Add on cover No
07 Additional Insurance on Debit Card/ Credit Card No
08 Additional Accidental Insurance Cover Rupees 1 Crore (Tickets purchased through Bandhan Bank Salary Account)
09 Purchase Protection 2 to 5 Lacs
10 Personal Accidental Insurance Death Assistance Education benefits of up to Rs. 1 Lakh per year for 4 years to a dependent child, Covering up to 2 children. (Also applicable for Gentleman Cadets) 
11 Waiver in processing fee on Loan Waived
12 Concessional Rates on Loan N/A
13 Over Draft facility N/A
14 Education Loan N/A
15 Demand Draft Yes, Free Unlimited
16 Locker Facility  25% Concessional
17 Use of other Bank ATM Free unlimited
18 Facilities for Nepali Gorkha Soldiers N/A
19 Credit Card Available on specific request
20 Demat Account/ Online trading account N/A
21 Cheques Unlimited free
22 ATM/ Debit Card facility Yes
23 Free Advisory Service N/A
24 Additional zero balance Salary Account N/A
25 Doorstep Banking Free
26 SMS facility Yes

Bank of Baroda Bank DSP Account Benefits for Defence Employees

These benefits are available up to the Memorandum of Understanding (MoU) between the Ministry of Defence and Bank of Baroda From 21 Dec 2020 to 20 Dec 2023.
Ser No  Benefits Name
Quantity of Benefits
01 Personal Accidental Cover
(Death)
Rupees 50 Lacs (On Duty), Rs. 40 Lacs (Off Duty/  Leave and Pensioners)
02 Total Disability Rupees 40 Lacs both Serving and Pensioners
03 Partial Disability Rupees 20 Lacs for both Serving and Pensioners
04 Applicability of Pensioners Yes
05 Cover of Anti-Terrorist/ Naxal Operation Yes
06 Add on cover Plastic Surgery 2 Lacs.
07 Additional Insurance on Debit Card/ Credit Card Additional Accidental Insurance in the range from Rs 15 Lacs to 50 Lacs under all variants of Credit Card
08 Additional Accidental Insurance Cover Rupees 1 Crore (Tickets purchased through Bank of Baroda Debit Card)
09 Purchase Protection N/A
10 Personal Accidental Insurance Death Assistance Higher Education- 10% of PAI, Girl Child Marriage- 10% of PAI, Assistance of transportation of the dead body of Rs. 50000.
11 Waiver in processing fee on Loan Waived
12 Concessional Rates on Loan Auto Loan  concession of 0.25% of ROI, Hho have availed Home Loan
13 Over Draft facility Over Draft up to Rs. 03 Lac).
14 Education Loan N/A
15 Demand Draft Yes, Unlimited free
16 Locker Facility Concession 50% on Locker Rentals
17 Use of other Bank ATM Unlimited free
18 Facilities for Nepali Gorkha Soldiers N/A
19 Credit Card Free Lifetime
20 Demat Account/ Online trading account 100% Waiver of charge
21 Cheques Unlimited free
22 ATM/ Debit Card facility Yes
23 Free Advisory Service N/A
24 Additional zero balance Salary Account N/A
25 Doorstep Banking N/A
26 SMS facility Yes

Yes Bank DSP Account Benefits for Defence Employees

These benefits are available up to the Memorandum of Understanding (MoU) between the Ministery of Defence and Yes Bank From 22 Oct 2019 to 21 Oct 2022.
Ser No  Benefits Name
Quantity of Benefits
01 Personal Accidental Cover
(Death)
Rupees 30 Lacs
02 Total Disability Rupees 30 Lacs
03 Partial Disability No
04 Applicability of Pensioners PAI of up to Rs 15 Lacs and AAI of up to Rs 1 Crore
05 Cover on Anti-Terrorist/ Naxal Operation Yes
06 Add on cover No
07 Additional Insurance on Debit Card/ Credit Card No
08 Additional Accidental Insurance Cover Rupees 1 Crore (Tickets purchased through Yes Bank Salary Account)
09 Purchase Protection Rupees 25000
10 Personal Accidental Insurance Death Assistance Rs 1 Lakh per year for 4 years for Class 12th and above
11 Waiver in processing fee on Loan Home Loan- Nil,
Car Loan- 25%,
Personal Loan- Nil.
12 Concessional Rates on Loan Auto Loan  concession of 0.25% of ROI, Hho have availed Home Loan
13 Over Draft facility Rupees 75000 to 02 Lac.
14 Education Loan No
15 Demand Draft Unlimited
16 Locker Facility No
17 Use of other Bank ATM Unlimited
18 Facilities for Nepali Gorkha Soldiers No
19 Credit Card Yes
20 Demat Account/ Online trading account Free account opening. AMC charges 50% to 100% waived off.
21 Cheques Unlimited
22 ATM/ Debit Card facility Yes
23 Free Advisory Service Yes (Where service exist)
24 Additional zero balance Salary Account No
25 Doorstep Banking No
26 SMS facility Yes

PNB DSP Account Benefits Click here

SBI DSP Account Benefits Click here

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