The State Bank of India (SBI) is one of the country's most well-reputed and trusted banks. Established over 100 years ago, the bank extends financial services that go beyond just offering Savings Accounts to its customers.
One of the many financial services that the bank offers its customers is its various salary accounts. The salary accounts have features and benefits that vary depending on the needs of the customer. Apart from the corporate salary packages, SBI also has salary accounts for individuals employed by the state and central government. The Police Salary Package (PSP) is one such account.
The account was developed for those employed in the central police organisations including Civil Police, Railway Protection Force, Armed Police, and Government Railway Police.
The PSP features and benefits of the PSP vary based on the designation of the police official. The following are the variants of the salary account that differ based on the official position of the employee.
Police officers
Home guards
SBI has salary accounts for members employed in various fields. The PSP offers benefits to both the employers and employees.
SBI PSP is a salary account that is for the police personnel. It offers many benefits like zero balance, loan discounts, insurance, and free ATM transactions.
Employees of Central Police Organizations, Civil Police, Armed Police, Reserve Police, Union Territories Police, and Government Railway Police can avail of this package.
Yes, you can get personal, home, car, and education loans at favorable interest rates, and you can get up to 50% off on processing fees.
Yes, SBI PSP account holders get complimentary insurance coverage of upto Rs.20 lakh for personal accidents (death) and for air accidents (death) covers upto Rs.30 lakh.
No, there is no need to maintain a minimum balance, as PSP accounts have the benefit of zero balance.
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