EPFO and India's Largest PSB Signs MoU for Insurance Benefits to Employees
Benefits of EPFO employees: EPFO and SBI signed a Memorandum of Understanding to provide insurance benefits for employees who maintain salary accounts with SBI.
EPFO and India's Largest PSB Signs MoU for Insurance Benefits to Employees
New Delhi, 5 September 2025: In a significant boost to EPFO employees, the Employees’ Provident Fund Organization (EPFO) under the Ministry of Labour and Employment, Government of India, has signed a Memorandum of Understanding (MoU) with the largest public sector bank, State Bank of India (SBI). This collaboration will provide insurance benefits for employees who maintain salary accounts with SBI.
As a major part of this initiative agreement, the insurance cover for accidental death is provided at Rs 1 crore, while the air accident death cover is at Rs 1.6 crore. The bank will give an extra benefit of up to Rs 1 crore of insurance cover on the RuPay Debit Card. Meanwhile, the insurance for natural death will be provided at Rs 10 lakh. The insurance cover benefits are exclusively for the EPFO employees who have their salary or savings accounts with SBI.
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Both government undertaking organizations are committed towards the best serving purpose of the nation and are obliged to take suitable responsibilities of working members.
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