Punjab National Bank signs deal with Indian Army

The Indian Army and Punjab National Bank (PNB) have signed an agreement on defence salary package on Tueday.

The first agreement between PNB and the Indian Army was signed in 2011 and was valid for three years.

The agreement is tailor made to suit the requirements of serving soldiers, pensioners and families.

A number of additional facilities have been incorporated in the revised agreement after consultation between the bank and army authorities.

Speaking on the occasion Lt Gen Sharma said the agreement will benefit a large number of serving and retired Army personnel who have their accounts with PNB; and also provide them an opportunity to access modern banking facilities.

The basic features of the earlier facilities have been retained, which  includes the standard package of services including free drafts,  cheque books, funds transfers to any bank in India through RTGS / NEFT,  ATM cards, etc. 

Some features which have been improved in this renewal are that the personal accidental insurance (PAI) cover has been extended from Rs2 lakh to Rs5 lakh from Rs50,000  and Rs2 lakh respectively, previously.

Two major additions are the applicability of PAI and overdraft facility to pensioners and PAI cover for deaths occurring in the course of any active Army operations.

The agreement also has a provision for yearly review of specific features and requests.

All these services will be available through more than 6,500 branches across the country. PNB has established large number of branches in cantonment areas, to serve the Defence Personnel at their door steps.

The bank is also at an advanced stage of setting up of centralised pension processing centre at Allahabad and pension processing cell at the Indian Navy and Indian Air Force pension offices in Mumbai and New Delhi.