New Delhi: The Employees’ Provident Fund Organisation (EPFO), under the Ministry of Labour and Employment, has entered into a Memorandum of Understanding (MoU) with State Bank of India (SBI), the country’s largest public sector bank. The agreement will extend enhanced insurance benefits to EPFO employees who maintain salary accounts with SBI.
Enhanced Insurance Coverage for Employees
Under the MoU, EPFO employees will receive comprehensive insurance benefits, including an accidental death cover of ₹1 crore and an air accident death cover of ₹1.6 crore. Additionally, the RuPay Debit Card issued by SBI will offer an extra insurance cover of up to ₹1 crore. For natural death, the insurance cover will stand at ₹10 lakh. These benefits are exclusively available to EPFO employees with active salary or savings accounts at SBI.
Strengthening Social Security Commitment
The collaboration highlights the shared commitment of both EPFO and SBI towards employee welfare and financial security. By providing high-value insurance protection, the initiative aims to safeguard the families of employees against unforeseen circumstances while reinforcing social security measures for the workforce.
About EPFO
The Employees’ Provident Fund Organisation (EPFO) is the largest social security organisation in India, operating under the Ministry of Labour and Employment. It manages provident fund, pension, and insurance schemes for the workforce, ensuring financial protection and retirement benefits for millions of employees across the country.
About SBI
State Bank of India (SBI), India’s largest public sector bank, serves over 50 crore customers through its vast network of branches and digital platforms. With a strong focus on financial inclusion, digital innovation, and customer-centric services, SBI continues to play a pivotal role in strengthening India’s banking sector.