State Bank of India (SBI), the country's largest lender, has reportedly entered into a memorandum of understanding (MOU) with National Insurance Company (NICL) to roll out accidental death and disability cover for savings bank account holders covered under Pradhan Mantri Suraksha Bima Yojana (PMSBY). Under this scheme, the savings bank accountholders in the age 18 to 70 years get accident insurance cover of Rs 2 lakh at a nominal premium of Rs 12 a year.
State Bank of India is an Indian multinational, Public Sector banking and financial services company. It is a government-owned corporation with its headquarters in Mumbai, Maharashtra.
