Punjab National Bank (PNB) has inked a Memorandum of Understanding (MoU) with the Indian Army for Defence Salary Package. The first MoU between PNB and the Indian Army was signed in 2011 and was valid for a period of three years. The MoU is tailor made to suit the requirements of serving soldiers, pensioners and families.
Besides, number of additional facilities have been incorporated in the revised MoU after due consultation between Bank & Army authorities. Some features which have been improved from the previous MoU are that the Personal Accidental Insurance (PAI) cover has been extended to Rs 2 lakh and Rs 5 lakh from Rs 50,000 and Rs 2 lakh respectively.
Further, 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 MoU also has a provision for yearly review of specific features and requests.
