Memorandums of Understanding are concluded by NHQ centrally with various Banks (both public and private sector) to facilitate enhanced banking facilities and benefits for IN personnel, including veterans. Advisories related to Defence Salary Package (DSP) Account have been issued from time-to-time in order to increase awareness of IN personnel on the subject. SE messages, SMS alerts, Public Release have also been utilised repeatedly to ensure that the intended recipients use the benefits of MoU concluded with various Banks.
DSP Account benefits to Defence Personnel and Ex-Servicemen
It is noticed that many serving/ retired personnel and NoKs are either not aware of the benefits/ features or unaware about the procedure/ steps to be taken to avail the facilities. This consolidated advisory aims to summarise all relevant issues & guidelines to facilitate easier reference and timely actions by all concerned.
This advisory includes the following:
- Major benefits associated with DSP Accounts.
- Details of MoUs with Banks.
- Eligibility Conditions.
- Claim Procedure.
- Check Lists.
- Miscellaneous Instructions.
- Responsibility of Individual/ Account Holder.
- Responsibility of the unit towards ensuring Personal Accident Insurance (PAI) benefits.
Valid MoU Details
Presently, Indian Navy has valid MoU with 13 Banks (subject to change) as under: –
