Singareni employees to get insurance coverage ranging from Rs 40 lakhs to Rs 62 lakhs for opening corporate salary accounts

HYDERABAD, MAY 06, 2023: The Singareni Collieries Company Limited (SCCL) has called upon the employees to convert their bank accounts as Corporate Salary accounts with State bank of India (SBI) and Union Bank of India (UBI) to avail insurance coverage ranging from Rs 40 lakhs to Rs 62 lakhs without any payment of any premium amount.

In a statement here on Saturday, Singareni Director (Finance) N Balaram said that they were providing their salaries through SBI, UBI and other bank accounts to the employees to the tune of over Rs 300 crore per month. In order to provide more benefits to the Singareni employees, the SCCL had signed an MoU with the SBI and UBI to ensure accidental insurance coverage to the employees without payment of single rupee as premium amount.

Accordingly, the SBI had assured to provide accidental insurance coverage of Rs 40 lakhs to Rs 50 lakhs. The UBI had announced accidental insurance coverage ranging from Rs 40 lakhs to Rs 62 lakhs cutting across their designation and salary. For the permanent disability also insurance amount of Rs 40 lakhs would be given to the account holder and for partial disability Rs 20 lakhs.

The employees would also benefitted through the Corporate salary account such as no charges for passbook, cheque book, demand draft and ATM card usage for the Singareni employees. There are no processing charges for house loans, vehicle loans and personal loans to the employees. Besides, the banks would also provide concessions for educational loans, temporary overdraft, concessions in locker charges etc.

The withdrawal amount through ATM card had been increased from Rs 40,000 to Rs 1 lakh. Besides providing free internet banking, ATM withdrawals could be done in SBI and other banks without any charges.


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