Friday, October 24, 2025
spot_img

IOB Signs MoU with TN Government for Tailored Salary Package

spot_img
- Advertisement -

Indian Overseas Bank (IOB) has signed a Memorandum of Understanding (MoU) with the Tamil Nadu government to offer a tailored salary package for state government employees.

The agreement, formalized on May 19, 2025, aims to enhance financial security and banking accessibility for thousands of government workers.

The Tamil Nadu State Government Salary Package (SGSP) includes personal accident insurance, life insurance, loan concessions, and unlimited ATM transactions, reinforcing IOB’s commitment to public-sector banking partnerships.

Key Features of the Salary Package

Under the SGSP, Tamil Nadu government employees will receive exclusive financial benefits, including:

  • Personal Accident Insurance Cover – Up to ₹1.2 crore in case of accidental death or permanent disability.
  • Group Term Life Insurance Cover – ₹10 lakh for natural death during service.
  • Zero Minimum Balance Requirement – Employees can maintain salary accounts without any minimum balance restrictions.
  • Free ATM Card Issuance – Includes an additional ₹2 lakh personal accident insurance cover.
  • Unlimited ATM Transactions – Employees can withdraw funds from any ATM without incurring additional charges.
  • Loan Concessions – Special processing fee discounts and interest rate reductions on personal, housing, and education loans.

These benefits are designed to simplify banking while ensuring financial protection for Tamil Nadu government employees.

Government’s Vision for Employee Welfare

The Tamil Nadu government, under the leadership of Chief Minister M.K. Stalin, has prioritized financial security for state employees.

The SGSP aligns with the state’s budget commitments, ensuring that government workers receive comprehensive financial support.

The MoU was signed in the presence of Finance Minister Thangam Thennarasu, Chief Secretary N. Muruganandam, and IOB Executive Director Joydeep Dutta Roy, highlighting the strategic importance of the partnership.

Industry Trends and Banking Partnerships

IOB’s collaboration with the Tamil Nadu government reflects a growing trend of customized banking solutions for salaried employees.

Other banks, including State Bank of India, Indian Bank, Canara Bank, Axis Bank, Bank of Baroda, and Union Bank of India, have also signed similar agreements to provide salary-linked benefits.

These partnerships aim to enhance financial inclusion, ensuring that government employees have access to secure and affordable banking services.


Note: We are also on WhatsApp, LinkedIn, Google News, and YouTube, to get the latest news updates. Subscribe to our Channels. WhatsApp– Click HereGoogle News– Click HereYouTube â€“ Click Here, and LinkedIn– Click Here.

spot_img

Editorial

Why TCS Deferred FY25 Salary Hike: Better Hike Ahead?

TCS had initially announced its annual salary hike during...

Deloitte, PWC, EY, KPMG to Hire 1 Lakh People in India in FY25

According to estimates from top company officials and industry...

Higher EPS Pension Application Stuck: A Step-by-Step Guide to Fix

Nearly 97,640 Provident Fund (PF) members and pensioners under...

Employee Benefits at India’s Big 4 Firms Deloitte, PwC , EY, KPMG

The Big 4 firms; Deloitte, PwC (PricewaterhouseCoopers), EY (Ernst...

TCS Announces 4-8% Salary Hike for FY25, Lowest in Last 4 Years

Tata Consultancy Services (TCS), India's largest IT services provider,...

Must Read

Career Wellbeing While Work From Home, a new normal

Career Wellbeing While Work From Home, a new normal...

Epsilon Carbon appoints Ranjan Banerjee as CHRO

Epsilon Carbon, a leading manufacturer of coal tar derivatives...

BYJU’S starts another round of layoffs, 500-1000 people impacted

Edtech firm Byju’s has announced another round of layoffs....

Capgemini launches ‘Fostering Menopause Sensitivity Initiative’

Capgemini in India has introduced the latest initiative under...

Biweekly Major C-Suite Movements, October 2022

Here're quick details of the major C-suite movements from...

Infosys hands out salary hike letters, average pay hike below 10%

According to ET report, an Indian multinational information technology...

Flipkart to acquire Walmart’s cash-and-carry biz in India

According to the Entrackr report, Flipkart Group is set...

Related Articles

Sahiba Sharma
Sahiba Sharmahttps://sightsinplus.com/
Sahiba Sharma, Senior Editor - Content at SightsIn Plus