Motorcycles of the State Bank of India, Overseas Bank of India, Bank of India, Canara Bank, Axis Bank, Varoda Bank and United Bank of India were signed in the presence of Chief Minister MK Stalin of Chennai Secretariat. Image source: Special arrangement
The Tamil Nadu government signed a memorandum of understanding (MOU) with seven banks on Monday (May 19, 2025) and they agreed to provide free insurance and benefits to state employees as long as they maintain a salary account with those banks.
The State Bank of India, Overseas Bank of India, Bank of India, Canara Bank, Axis Bank, Varoda Bank and United Bank of India signed in the presence of Chief Minister MK Stalin of Chennai Secretariat.
The signing of the agreement is consistent with the latest budget speech by the Finance Minister in Parliament. He said banks that government employees maintain their wage accounts have stepped forward to offer various offers to employees and their families for free.
The provisions of the memorandum are that in the case of accidental death or permanent disability, the personal accident insurance is Rs 1 crore and the marriage cost of the daughter of the government employee who died in the accident is Rs 5 lakh, which is the provisions of the memorandum.
The bank will provide up to Rs 1 million in higher education assistance, in the accident, the daughters of up to two government employees, and term life insurance for natural deaths during the service period of Rs 1 million.
While banks use personal loans, housing loans and education loans, interest concessions to government employees are also included in the Memorandum of Understanding.
publishing – May 19, 2025 04:10 pm ist
