Arunachal Pradesh Police signed a memorandum of understanding (MoU) with the State Bank of India (SBI) in Itanagar on Tuesday. The MoU will fulfill the banking needs of the state’s police personnel and their families. The understanding was signed between deputy inspector general of police Madhur Verma (APP) and Kamlesh Kumar Singh of the SBI at the police headquarters here.

The state’s police personnel will have to open or convert their existing SBI accounts into Arunachal Pradesh Police Salary Package (PSP) accounts which would offer several added benefits to them. After the conversion of the account into a PSP, the police personnel would get benefits such as no minimum balance charge, no annual maintenance charge on ATM or debit cards and no charges for ATM transactions through SBI or other banks. Charges related to demand drafts would also be waived off by the SBI for the PSP account holders.

SBI would provide complimentary personal accident insurance (death) and air personal accident cover (death) from Rs. 5 to Rs. 20 lakh across various categories. Other benefits include additional accounts for National Pension Scheme, Public Provident Fund, Sukanya Samriddhi Scheme, SBI mutual funds and credit cards.