A landmark Memorandum of Understanding (MoU) was signed today between Indian Railways (IR), one of the world’s largest rail networks, and the State Bank of India (SBI), the country’s largest public sector bank. The ceremony was graced by Shri Ashwini Vaishnaw, Hon’ble Minister for Railways, Information & Broadcasting, and Electronics & Information Technology; Shri Satish Kumar, Chairman, Railway Board; and Shri C.S. Setty, Chairman, SBI.
Under this MoU, insurance benefits for Railway employees with SBI salary accounts have been significantly enhanced. In case of accidental death, the coverage has been increased to ₹1 crore, compared to the existing CGEGIS benefits of ₹1.20 lakh, ₹60,000, and ₹30,000 for Group A, B, and C employees respectively. Additionally, all Railway employees holding only a salary account with SBI will now be entitled to ₹10 lakh natural death coverage, without any premium or medical examination.
With nearly 7 lakh Railway employees maintaining salary accounts with SBI, the agreement represents a major step in employee welfare. Complimentary covers under this MoU include:
- Air Accident Insurance (Death): ₹1.60 crore, plus up to ₹1.00 crore on RuPay Debit Card.
- Personal Accident (Permanent Total Disablement): ₹1.00 crore.
- Personal Accident (Permanent Partial Disability): up to ₹80 lakh.
This employee-centric agreement reflects the compassionate partnership between Indian Railways and SBI, ensuring greater financial security and exclusive welfare benefits, especially for frontline staff in Group C and other categories.
