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SBI Para Military Salary Package - PMSP

State Bank of India is an institution that is widely known across the country. It has branches set up in every Indian city and some branches overseas. Since its establishment, SBI has expanded the scope of the services that it offers its customers. These services span across various a variety of financial services that range from savings accounts and loans to insurance products and equity investments.

One of the services that SBI offers its customers is the salary account. SBI has 8 different salary accounts and each of these has been developed to cater to a specific group of salaried employees. The bank has salary accounts developed for individuals employed by governmental organisations, private institutions as well as individuals employed with the country’s armed forces. One such salary account is the Para Military Salary Package (PMSP). The PMSP is extended to those individuals who are employed in various sectors of the country’s Central Para Military Forces. The account is offered to the following groups:

  • Central Industrial Security Force (CISF)
  • Central Reserve Police Force (CRPF)
  • Indo Tibetan Border Police (ITBP)
  • Border Security Force (BSF)
  • National Security Guard (NSG)
  • Sashastra Seema Bal (SSB)

The account is available in the following variants, each of which differs based on the designation held by the Para Military personnel. The accounts are categorised as follows:

Platinum: This account type is offered to individuals who hold positions such as Special Director General, Inspector General, Additional Director General, Deputy Inspector General, and Director General among others.

Diamond: This type of account is offered to individuals who hold the position of Commandant and Second-in-Command.

Gold: This account type is offered to individuals who hold positions such as Assistant Commandant and Deputy Commandant.

Silver: This type of account is offered to individuals who hold positions such as Inspector, Sub-Inspector, Head Constable, and Subedar Major among others.

Features and benefits

  • The PMSP is a zero balance salary account. The account does not require the account holder to maintain a minimum average balance in their account.
  • The account gives account holders the benefit of carrying out free unlimited transactions at all bank ATMs.
  • The PMSP gives account holders the privilege of obtaining a 25% concession on locker rental fees.
  • Select account holders can avail the bank’s overdraft facility which allows account holders the benefit of drawing up to 2 months of their net monthly income.
  • Home loans, personal loans, auto loans, and education loans can be availed at preferential rates with a 100% discount on the loan processing charges.
  • The bank issues multi-city cheques, demand drafts, internet banking service, and SMS alerts free of charge.
  • The account comes with the auto-sweep facility that the account holder can activate to the multi-option deposits offered by the bank. This facility allows account holders to earn a higher rate of interest on their salary account.
  • SBI offers PMSP customers with a complimentary personal accident and air accident insurance coverage. The bank offers insurance covers of Rs.20 lakh and Rs.30 lakh respectively for accidents that result in the death of the account holder.
  • The features and benefits associated with the account continue to remain active for individuals employed with paramilitary forces even after they have retired and use the PMSP to draw their pension.

Benefits to the Employer

  • Employers have the benefit of using the SBI’s internet banking facilities for salary disbursal. This significantly reduces administrative costs and the amount of paperwork involved.
  • The process of onboarding new employees is further simplified for the convenience of the employers. The process can be completed by requesting a visit from a bank official or by opening the account online.
  • The bank does not levy any charges for salary disbursal.
  • Employers can manage all the salary accounts of their employees simultaneously across a number of SBI branches.

SBI has created salary accounts keeping in mind the account holder’s type of employment and has based the features of the account on them.

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