Kalpa Media House | New Delhi |
A landmark Memorandum of Understanding (MoU) was signed today between two of India’s leading institutions – Indian Railways (IR), one the largest rail networks in the world, and the State Bank of India (SBI), the country’s largest public sector bank. The ceremony was honoured by the August presence of the Hon’ble Minister for Railways, Information & Broadcasting, Electronics & Information Technology, Shri Ashwini Vaishnaw; the Chairman, Railway Board, Shri Satish Kumar; and the Chairman, SBI, Shri C.S. Setty.
Under this MoU, insurance coverage for Railway employees maintaining salary accounts with SBI has been significantly enhanced. In case of accidental death, the insurance benefit has been increased to ₹1 crore, compared to the current coverage of ₹1.20 lakh, ₹60,000 and ₹30,000 for Group A, B, and C employees respectively covered under CGEGIS.
Additionally, all Railway employees holding only a salary account with SBI will now be eligible for natural death insurance coverage of ₹10 lakh—without the need for paying any premium or undergoing any medical examination.
With nearly 7 lakh Railway employees maintaining salary accounts with SBI, this agreement marks a major step towards employee welfare, reflecting a caring and constructive partnership between Indian Railways and SBI.
Some of the key complimentary insurance covers under this MoU include: Air Accident Insurance (Death) Cover of ₹1.60 crore plus an additional up to ₹1.00 crore on RuPay Debit Card; Personal Accident (Permanent Total Disablement) Cover of ₹1.00 crore; and Personal Accident (Permanent Partial Disability) Cover of up to ₹80 lakh.
This MoU between two leading entities is employee-centric, compassionate, and designed to bring exclusive benefits to the workforce—especially frontline railway personnel in Group C and others.
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