Punjab National Bank Signs MOU with Indian Air Force for ‘PNB Rakshak Plus Scheme’
Punjab National Bank (PNB), the country’s premier Public Sector Bank, has inked a Memorandum of Understanding (MoU) with the Indian Air Force (IAF) to supply specially developed products to defence personnel under the bank’s flagship ‘PNB Rakshak Plus’ scheme. Personal accidental insurance, air accidental insurance, and other benefits are available to current, retired, and trainee members of the defence forces, central armed police forces, state police forces, metro police, and retired defence pensioners under this plan.
The agreement was signed on behalf of the Indian Air Force by Shri Atul Kumar Goel, MD & CEO of PNB, and Chief of Air Staff, Air Chief Marshal Vivek Ram Chaudhari, PVSM, AVSM, VM, ADC, at the Indian Air Force Auditorium in Delhi.
Air Chief Marshal Vivek Ram Chaudhari, PVSM, AVSM, VM, ADC, expressed thanks for collaborating with PNB on the signing of the Memorandum of Understanding.
PNB’s MD & CEO, Shri Atul Kumar Goel, commented on the partnership, saying, “This is a historic occasion that allows PNB Parivar the opportunity to serve the country in a befitting manner.” PNB now supports the armed troops through 120 cantonment branches located around the country. Nine of them have been changed into special branches honouring the martyrs, such as our Martyr Branch in Jalandhar, which is named after Flying Officer Nirmal Jit Singh Sekhon, PVC (Posthumous) and provides the best possible treatment to Armed Force Personnel. The broad network of PNB meets the financial requirements of our brave warriors and their families who live in inaccessible and distant places. In addition, we plan to make more mobile ATMs, digital, and doorstep banking available to our fighters. This engagement would only strengthen PNB’s ongoing support for Indian Air Force personnel and veterans.”
The following are the key characteristics of “PNB Rakshak Plus”:
- Personal Accidental (Death) Insurance worth Rs. 50 lakh.
- Coverage for air accidents (death) of Rs. 100 lakh.
- Personal Accidental (Permanent Total Disability) insurance coverage of Rs. 50 lakh.
- Sweep Facility
– Minimum Sweep In/Out – Rs. 1000/-
– Initial threshold amount – Rs. 10000/-
– Multiples of – Rs. 1000/- - There are no ‘Cash Handling Charges’ for the transaction(s), meaning that all PNB branches in India are considered ‘Home’ branches.
- Overdraft for the last three months’ net salary/pension ranging from Rs. 75000 to Rs. 3 lakh.
- Interest rate and service charge reductions under the Housing, Car, Education, and Personal Loan Schemes.
- Education loans are given through “PNB Pratibha” forwards of Primary Account holders who enrol in top Institutes and Army Educational institutions.
- To family members, open a zero balance savings account.
- Locker rent is reduced by 25%, and Annual Maintenance Charges (AMC) are waived for three years from the date of issue.
- Financial help of Rs. 1 lakh per year for four years, or the actual expense, whichever is smaller, for the education of a PAI’s two surviving and dependent children (male/female) (Death).
- Unlimited free DDs/POs with a Rs 50,000 cap for each free DD/ PO.
- Gorkha personnel can send money from their PNB account in India to their connected account at Everest Bank Limited (EBL) in Nepal for free, and vice versa.
- Free SMS alerts for account and related debit/credit card transactions (s).
Senior bank and IAF officials, including Air Marshal K Anantharaman, VSM, Air Officer in Charge of Administration, Air Vice Marshal Ashok Saini, VSM, PNB Executive Director Shri Vijay Dube, and PNB CGM Shri Sunil Soni, attended the MoU signing ceremony.
