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The Memoranda of Association were signed with 7 banks were signed in the presence of Chief Minister MK Stalin on Monday
The Tamil Nadu government has entered into agreements with seven banks—both public and private sector—to offer various insurance benefits and concessions free of charge to State government employees who maintain their salary accounts with these banks.
The Memoranda of Association were signed with Indian Bank, Indian Overseas Bank, State Bank of India, Canara Bank, Axis Bank, Bank of Baroda, and Union Bank of India, were signed in the presence of Chief Minister MK Stalin on Monday here.
Key provisions include a personal accident insurance cover of ₹1 crore in the event of accidental death or permanent disability, and ₹5 lakh in assistance for the marriage expenses of daughters of government employees who die in accidents.
Additionally, banks will provide up to ₹10 lakh in higher education assistance for up to two daughters of government employees who pass away due to an accident, along with a term life insurance cover of ₹10 lakh for natural death during service.
The agreement also includes interest concessions for government employees on personal loans, housing loans, and education loans from these banks.
Published on May 19, 2025
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