Punjab & Sind Bank signs pact with Indian Army for salary account

New Delhi: State-owned Punjab & Sind Bank has signed an initial agreement with the Indian Army on defence salary package which will come with a host of facilities, including free insurance cover.

A memorandum of understanding (MoU) has been signed to this effect.

Besides many features, the MoU provides the serving personnel, veterans and trainees with personal accident insurance (Death/Disability) cover up to Rs 1 crore and an air accidental cover of Rs 1.2 crore.

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"PSB Gaurav Bachat SB Salary account is exclusively designed to cater to the distinct banking requirement of serving and retired personnels. The product is also strategically aimed to tap Agniveers enrolled in the Agnipath scheme, ensuring a comprehensive financial solution that aligns with distinctive needs of the segment," Punjab & Sind bank MD and CEO Swarup Kumar Saha told PTI.

Through this product, the bank has also acknowledged the sacrifice of Veer Naari (spouse of martyr) and provided them all the benefits similar to pensioners, he said.

During the 117th Foundation Day of the bank celebrated on Monday, Saha said, the lender has also introduced PSB Pink debit card powered by RuPay for women with a host of benefits.

The bank also started demat services through wealth-tech partner Fisdom, which allows its customers to make investments in the equity market and purchase mutual funds.

The Delhi-based lender also signed an MoU with Maruti Suzuki India for vehicle loans through their Digital Lending Platform 'Maruti Suzuki Smart Finance' and an agreement with IIM Amritsar to promote academic research and industry interactions.

The bank also launched a series of customer-centric digital offerings through its omnichannel PSB UNiC App, designed to ensure secure and hassle-free Banking services.

Some of the offerings include opening savings accounts through video KYC, Bulk NEFT/RTGS, access to free CIC credit score and UNiC App registration through Aadhaar OTP.

These new product initiatives, he said, are a testament to the bank's dedication to making a positive societal impact and creating a more sustainable future for all.

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