The Punjab National Bank (PNB) has signed a memorandum of understanding with Assam Rifles to provide specially designed banking products to security personnel, a statement said on Tuesday.
The agreement was signed between Col. PS Singh of the Assam Rifles Branch and PNB Chief General Manager Sunil Soni at the force headquarters in Shillong, the capital of Meghalaya, on Monday evening. The MoU was signed to provide benefits such as personal accident insurance and air accident insurance under the “PNB Rakshak Plus” program.
“Collaborating with Assam Rifles is an important step in our journey and demonstrates our unwavering commitment to providing the best possible financial services to our heroes,” Soni said. He also said the bank would provide preferential services at preferential rates to paramilitary personnel.
The Chief Executive of Assam Rifles, Lt. Gen. PC Nair expressed his gratitude to the PNB for partnering with the oldest paramilitary force in the country by signing the MoU. The scheme covers several benefits, including personal accidental death cover of Rs 50 lakh, air accidental death cover of Rs 1 crore and an overdraft up to last three months’ net salary or pension ranging from from Rs 75,000 to Rs three lakh.
The program also includes concessions on interest rates and service charges for housing, car, education and personal loan products.