PNB signs MOU with the Indian air force for ‘PNB RAKSHAK PLUS SCHEME’

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 PNB signs MOU with the Indian air force for ‘PNB RAKSHAK PLUS SCHEME’

Punjab National Bank (PNB), the nation’s leading Public Sector Bank, has signed a Memorandum of Understanding (MoU) with the Indian Air Force (IAF) to provide specially designed products to the defense personnel under the bank’s flagship scheme of ‘PNB Rakshak Plus’. This scheme includes, inter alia, personal accidental insurance, and air accidental insurance to serving, retired, and trainees of the defense forces, central armed police forces, state police force, metro police, and retired defense pensioners.

The agreement was exchanged between Shri Atul Kumar Goel, MD & CEO of PNB, and Chief of Air Staff, Air Chief Marshal Vivek Ram Chaudhari, PVSM, AVSM, VM, ADC on behalf of the Indian Air Force in a ceremony at the Indian Air Force Auditorium in Delhi.

 Chief of Air Staff, Air Chief Marshal Vivek Ram Chaudhari, PVSM, AVSM, VM, and ADC expressed gratitude for associating with PNB for the signing of the MoU.

Commenting on the collaboration, Shri Atul Kumar Goel, MD & CEO of PNB, said: “This is a historic moment which gives PNB Parivar the opportunity to serve the nation in a befitting manner. At present, PNB provides support for the armed forces through  120 cantonment branches spread across the nation. Nine of these have been transformed into special branches honoring the martyrs-for instance, our Martyr Branch at Jalandhar, is named after Flying Officer Nirmal Jit Singh Sekhon, PVC (Posthumous), and takes utmost care of Armed Force Personnel. The financial needs of our valiant soldiers and their families residing in inaccessible and remote areas are further met by the expansive network of PNB. Additionally, we intend to operationalize more mobile ATMs, and digital and doorstep banking for our warriors. This collaboration will only add to PNB’s unwavering commitment towards the Indian Air Force Personnel and Veterans.”

The salient features of “PNB Rakshak Plus” include:

  • Personal Accidental (Death) cover of Rs. 50 lakh.
  • Air Accidental (Death) Insurance cover of Rs. 100 lakh.
  • Personal Accidental (Permanent Total Disability) cover of Rs. 50 lakh.
  • Sweep Facility –
    Initial threshold amount – Rs. 10000/-
    Minimum Sweep In/Out – Rs. 1000/-
    Multiples of – Rs. 1000/-
  • No ‘Cash Handling Charges’ levied for the transaction(s) implying thereby that all branches of PNB, PAN-India, would be considered as ‘Home’ branch.
  • Overdraft up to last 3 months Net Salary/ Pension amounting from Rs. 75000 to Rs. 3lakh.
  • Concession in rate of interest and service charges under Housing, Car, Education, and Personal Loan Schemes.
  • Education loan under “PNB Pratibha” is available forwards of a Primary Account holder who takes admitted to premier institutes and the Army Educational institutions.
  • Zero balance saving account to family members.
  • Concession in locker rent – 25% Annual Maintenance Charges (AMC) waived off for three years from the date of issue.
  • Financial assistance of Rs. 1 lakh per year for 4 years or the actual expenditure whichever is less, for the education of two surviving and dependent children (Male / Female) of a PAI (Death).
  • Unlimited free DDs / POs with a ceiling of Rs 50,000 per free DD/ PO.
  • Gorkha personnel can remit the amount from his PNB a/c in India to their linked account in Everest Bank Limited (EBL) in Nepal and vice-versa, free of charge.
  • Free SMS Alerts for transactions in the account and on the connected Debit / Credit card(s).

Senior representatives from Bank & IAF, 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 were also present at the  MoU Signing Ceremony.

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