Nagaland police has signed a Memorandum of Understanding (MoU) with the State Bank of India (SBI) for Police Salary Package Account (PSPA) with the objective to provide better financial services and welfare to the serving police personnel.

The MoU was signed by Director General of Police Nagaland, Rupin Sharma and SBI General Manager- NW-II Guwahati Circle, Dhruba Charan Bal on Saturday at the state police headquarters (PHQ) Kohima in the presence of senior officers of both Nagaland police and SBI including Additional DGP (Adm.), Renchamo P. Kikon and SBI Regional Manager Dimapur, Hubert A.S. Wungshim.

In a press release, the PHQ stated that under the agreement, SBI will offer a wide range of financial package to Nagaland police personnel, including insurance benefits upgraded to ₹1 crore for personal accidental cover; upgraded air accidental cover upto ₹2 crores; permanent total disability cover upto ₹1 crore; and permanent partial disability cover upto ₹80 lakhs.

The key highlight of the PSPA is the provision of ₹10 lakhs natural death cover for personnel dying in harness.

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The SBI will also be providing Family Saving Accounts for upto four family members with “zero balance” facility and accident cover upto ₹5 lakhs per family account holder.

It was also mentioned that once the package comes into effect, around 20,000 police personnel whose salary accounts are with SBI will get the benefit of the package. Other personnel willing to avail the scheme could do so by submitting an application and undertaking to concerned controlling officers, the press release added.