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Indian Army ties up with PNB on defence salary package

'Army hopes this MoU will benefit a large number of serving and retired Army personnel who have accounts with PNB and also provide them with an opportunity to access modern banking'

New Delhi: The Indian army has signed a memorandum of understanding with state-run Punjab National Bank on the defence salary package that will include free personal accident death cover. The nationalised bank first signed with the Indian Army for promoting the defence salary package "PNB Rakshak" in 2011 and was renewed in June 2015.

“A number of additional facilities have been incorporated in the MoU after concerted efforts. The Army hopes this MoU will benefit a large number of serving and retired Army personnel who have accounts with PNB and also provide them with an opportunity to access modern banking facilities,” the defence ministry said in a statement. “Salient features of the improved and updated MoU are free ‘RAKSHAK PLUS’ Scheme for serving pers and veterans, overdraft facility range from Rs 0.75 to 3.0 lakhs, multicity ‘At Par’ cheques, instant credit of outstation cheques, preferential allotment of lockers at concessional AMC and free SMS alerts.” The signing ceremony was chaired by the Adjutant General, Lt Gen Ashwani Kumar and was attended by top dignitaries of PNB headed by Mr Naveen Kumar, the statement added.