A significant development has taken place in New Delhi, with the Employees’ Provident Fund Organization (EPFO) signing a Memorandum of Understanding (MoU) with the State Bank of India (SBI) on September 5, 2025. This collaboration aims to provide insurance benefits to EPFO employees who maintain salary accounts with SBI. The agreement is a major boost to EPFO employees, offering them enhanced insurance coverage.
Under this initiative, EPFO employees with salary accounts in SBI will be eligible for various insurance benefits. In the event of accidental death, the insurance cover will be Rs 1 crore, while air accident death will be covered for Rs 1.6 crore. Additionally, employees holding a RuPay Debit Card will receive an extra benefit of up to Rs 1 crore in insurance cover. Natural death will be covered for Rs 10 lakh. These benefits are exclusive to EPFO employees with salary or savings accounts in SBI.
The MoU between EPFO and SBI reflects the commitment of both organizations to serve the nation and take care of their working members. As government undertaking organizations, they strive to provide the best possible services and benefits to their employees. This partnership is a significant step towards achieving this goal, offering enhanced insurance coverage and financial security to EPFO employees.
The agreement is a win-win for both parties, with EPFO employees benefiting from the increased insurance coverage and SBI expanding its customer base. The collaboration also highlights the importance of public sector banks and organizations working together to provide better services and benefits to their employees. With this development, EPFO employees can now enjoy enhanced financial security and peace of mind, thanks to the comprehensive insurance benefits offered by SBI. Overall, the MoU between EPFO and SBI is a positive step towards improving the lives of EPFO employees and their families.