·         Complete waiver on processing fee

·         Lowest interest rate of flat 10.50% to all Defence personnel till 30th September 2025

Bengaluru, August 14, 2025: State Bank of India, the country’s largest bank celebrates the 79^th Independence Day by launching a special personal loan scheme for Agniveers – young men and women serving in the armed forces under the Government of India’s short-term Agnipath recruitment programme. Under this loan scheme, Agniveers with a salary account at SBI can avail loans upto ₹ 4 lakh without any collateral and with a complete waiver of processing fee. The repayment tenure will align with the term of the Agnipath scheme, offering maximum flexibility and convenience to our nation’s brave hearts transitioning from civilian life. In addition to this, the bank is offering lowest interest rate of flat 10.50% to all Defence personnel till 30th September 2025.

While launching the product, Shri C S Setty, Chairman, SBI said, “On the auspicious day of Independence, we are honored to launch this exclusive financial product for Agniveers- the young warriors who are serving our nation with dedication and courage. At SBI, we believe that those who are protecting our freedom, they deserve our unwavering support as they build their futures. This zero-processing fee is just the beginning as we continue to create solutions that will empower India’s brave hearts in the years to come.”

These initiatives build on the Bank’s long-standing commitment to the welfare of India’s armed forces through its Defence Salary Package that has long been available to Agniveers. The package provides a host of benefits such as zero-balance accounts, free international gold debit cards, unlimited free ATM transactions at SBI ATMs nationwide, waiver of annual maintenance charges on debit cards, complimentary personal accident insurance (₹ 50 lakh) and air accident insurance (₹ 1 crore), as well as coverage for permanent disability (partial and total) up to ₹ 50 lakh, among other privileges.

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Bengaluru, March 6^th 2025: Bank of India, one of India’s leading public sector banks, announced the signing of a Memorandum of Understanding (MoU) with the Indian Army to extend the BOI Rakshak Salary Package to Army Personnel, Veterans and Agniveers recruited under the Agnipath Scheme. The MoU covers special benefits including enhanced free comprehensive Personal Accident Insurance Cover (PAI), attractive offers on Debit and Credit Cards and a host of other offers.

The ceremony for the exchange of MoUs was held on 4^th March, 2025 at the Indian Army Headquarters, New Delhi. Lt. Gen. Rajeev Puri, AVSM, VSM, DG (MP & PS) of the Indian Army chaired the ceremony. The event was also attended by Major Gen. V K Purohit, ADG PS, Shri Subrat Kumar, Executive Director, Bank of India and other Senior Officials of both the organisations.

Lt. Gen Rajeev Puri thanked BOI for extending the bouquet of services to Indian Army. He also suggested to have some Defence Friendly Branches of the Bank at Army Dominant areas.

Shri Subrat Kumar, Executive Director Bank of India said, “We are proud to be associated with the Indian Army and happy to extend the Benefits of our Rakshak Salary Scheme. He assured best banking products and customer service, supported by state-of-the-art digital infrastructure.” He also urged that Army Pensioners should avail the benefits of BOI Door Step Banking. On Behalf of Bank of India he expressed his gratitude towards the Indian Army.

BOI’s Rakshak Salary Scheme is a specially crafted salary account for personnel working in Defence Forces, Paramilitary, and State Police. It offers free personal accidental insurance cover of up to ₹100 lakhs, free air accidental coverage of ₹200 lakhs, along with many other privileges and concessions, with applicable terms and conditions.

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