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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 Ministery of Defence and related Bank. 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
01Personal Accidental Cover
(Death)
Rupees 35 Lakhs 
02Total DisabilityRupees 35 Lacs
03Partial Disability% as assessed by Doctor
04Applicability of PensionersYes
05Cover on Anti Terrorist/ Naxal OperationYes
06Add on coverNo
07Additional Insurance on Debit Card/ Credit Card Rs 50 Lakhs (Min 3 POS transactions in 60 days)
08Additional Accidental Insurance CoverRupees 1 Crore (Tickets purchased through Kotak Mahindra Bank Salary Account)
09Purchase ProtectionUp to 1 Lakh
10Personal Accidental Insurance Death AssistanceUp to Rs 8 Lakhs (Education and Girl child Benefit)
11Waiver in processing fee on LoanWaived
12Concessional Rates on LoanYes
13Over Draft facilityRs 3,000 to 1.5 Lakhs (as per eligibility)
14Education LoanAvailable.
15Demand DraftUnlimited free
16Locker FacilityN/A
17Use of other Bank ATMUnlimited free
18Facilities for Nepali Gorkha SoldiersN/A
19Credit CardAvailable
20Demat Account/ Online trading accountAvailable
21ChequesUnlimited free
22ATM/ Debit Card facilityYes
23Free Advisory ServiceN/A
24Additional zero balance Salary AccountYes
25Doorstep BankingYes
26SMS facilityYes

Bandhan Bank DSP Account Benefits for Defence Employees

These benefits are available up to the Memorandum of Understanding (MoU) between the Ministery of Defence and Bandhan Bank From 04 Jan 2021 to 03 Jan 2024.
Ser No  Benefits Name
Quantity of Benefits
01Personal Accidental Cover
(Death)
Rupees 30 Lacs (Also applicable for Gentleman Cadets)
02Total DisabilityRupees 30 Lacs
03Partial Disability% as assessed by Doctor
04Applicability of PensionersN/A
05Cover on Anti Terrorist/ Naxal OperationYes
06Add on coverNo
07Additional Insurance on Debit Card/ Credit CardNo
08Additional Accidental Insurance CoverRupees 1 Crore (Tickets purchased through Bandhan Bank Salary Account)
09Purchase Protection2 to 5 Lacs
10Personal Accidental Insurance Death AssistanceEducation benefits of up to Rs. 1 Lakh per year for 4 years to a dependent child, Covered up to 2 children. (Also applicable for Gentleman Cadets) 
11Waiver in processing fee on LoanWaived
12Concessional Rates on LoanN/A
13Over Draft facilityN/A
14Education LoanN/A
15Demand DraftYes, Free unlimited
16Locker Facility 25% Concessional
17Use of other Bank ATMFree unlimited
18Facilities for Nepali Gorkha SoldiersN/A
19Credit CardAvailable on specific request
20Demat Account/ Online trading accountN/A
21ChequesUnlimited free
22ATM/ Debit Card facilityYes
23Free Advisory ServiceN/A
24Additional zero balance Salary AccountN/A
25Doorstep BankingFree
26SMS facilityYes

Bank of Baroda Bank DSP Account Benefits for Defence Employees

These benefits are available up to the Memorandum of Understanding (MoU) between the Ministery of Defence and Bank of Baroda From 21 Dec 2020 to 20 Dec 2023.
Ser No  Benefits Name
Quantity of Benefits
01Personal Accidental Cover
(Death)
Rupees 50 Lacs (On Duty), Rs. 40 Lacs (Off Duty/  Leave and Pensioners)
02Total DisabilityRupees 40 Lacs both Serving and Pensioners
03Partial DisabilityRupees 20 Lacs both Serving and Pensioners
04Applicability of PensionersYes
05Cover on Anti Terrorist/ Naxal OperationYes
06Add on coverPlastic Surgery 2 Lacs.
07Additional Insurance on Debit Card/ Credit CardAdditional Accidental Insurance in the range from Rs 15 Lacs to 50 Lacs under all variants of Credit Card
08Additional Accidental Insurance CoverRupees 1 Crore (Tickets purchased through Bank of Baroda Debit Card)
09Purchase ProtectionN/A
10Personal Accidental Insurance Death AssistanceHigher Education- 10% of PAI, Girl Child Marriage- 10% of PAI, Assistance of transportation of the dead body of Rs. 50000.
11Waiver in processing fee on LoanWaived
12Concessional Rates on LoanAuto Loan  concession of 0.25% of ROI, Hho have availed Home Loan
13Over Draft facilityOver Draft up to Rs. 03 Lac).
14Education LoanN/A
15Demand DraftYes, Unlimited free
16Locker FacilityConcession 50% on Locker Rentals
17Use of other Bank ATMUnlimited free
18Facilities for Nepali Gorkha SoldiersN/A
19Credit CardFree Lifetime
20Demat Account/ Online trading account100% Waiver of charge
21ChequesUnlimited free
22ATM/ Debit Card facilityYes
23Free Advisory ServiceN/A
24Additional zero balance Salary AccountN/A
25Doorstep BankingN/A
26SMS facilityYes

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
01Personal Accidental Cover
(Death)
Rupees 30 Lacs
02Total DisabilityRupees 30 Lacs
03Partial DisabilityNo
04Applicability of PensionersPAI of up to Rs 15 Lacs and AAI of up to Rs 1 Crore
05Cover on Anti Terrorist/ Naxal OperationYes
06Add on coverNo
07Additional Insurance on Debit Card/ Credit CardNo
08Additional Accidental Insurance CoverRupees 1 Crore (Tickets purchased through Yes Bank Salary Account)
09Purchase ProtectionRupees 25000
10Personal Accidental Insurance Death AssistanceRs 1 Lakh per year for 4 years for Class 12th and above
11Waiver in processing fee on LoanHome Loan- Nil,
Car Loan- 25%,
Personal Loan- Nil.
12Concessional Rates on LoanAuto Loan  concession of 0.25% of ROI, Hho have availed Home Loan
13Over Draft facilityRupees 75000 to 02 Lac.
14Education LoanNo
15Demand DraftUnlimited
16Locker FacilityNo
17Use of other Bank ATMUnlimited
18Facilities for Nepali Gorkha SoldiersNo
19Credit CardYes
20Demat Account/ Online trading accountFree account opening. AMC charges 50% to 100% waived off.
21ChequesUnlimited
22ATM/ Debit Card facilityYes
23Free Advisory ServiceYes (Where service exist)
24Additional zero balance Salary AccountNo
25Doorstep BankingNo
26SMS facilityYes

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