Indian Navy and PNB ink two MoUs for dedicated banking solutions to Agniveers and serving/veteran personnel

NEW DELHI- Punjab National Bank (PNB) and the Indian Navy recently signed two Memorandums of Understanding (MoUs) to strengthen their partnership and support the financial needs of Indian Navy personnel.

The first MoU was signed for offering the PNB Agni Rakshak Account to Agniveers, who are members of the Indian Navy's elite commando force. This account is specifically designed to cater to the unique financial needs of this personnel, offering features such as a higher rate of interest, free accidental insurance, and a personal accident cover of up to Rs. 10 lakhs. The account can be opened with zero balance and offers unlimited free transactions through PNB's ATM network.

The second MoU was signed for dedicating the PNB Rakshak Plus Account, a specially designed salary account for serving Defence Personnel and Veterans (Pensioners) of the Indian Navy. This account comes with a range of benefits such as free online fund transfers, free issuance of demand drafts and pay orders, and a higher daily cash withdrawal limit. The account also offers a free Personal Accident Insurance cover of up to Rs. 20 lakhs for the account holder and their spouse.

The MoUs were signed in the presence of Commodore S. K Verma, CMDE (P&A), Indian Navy, and Sh. Sumesh Kumar, GM, PNB, along with other dignitaries. Speaking on the occasion, Mr. Kumar expressed his gratitude towards the Indian Navy for their continued trust in PNB and reaffirmed the bank's commitment to supporting the financial needs of the armed forces.

The partnership between PNB and the Indian Navy goes back several years, with the bank offering a range of financial products and services to the armed forces. PNB has been actively involved in supporting the financial needs of the defense community, with products such as PNB Pride, a salary account for government employees, and PNB SFURTI, a loan scheme for small and medium enterprises in rural areas.

The signing of these MoUs is a testament to PNB's commitment to serving the financial needs of the Indian Navy personnel and their families. It also highlights the bank's focus on delivering innovative and tailored financial solutions to meet the unique needs of its customers. With this partnership, PNB aims to further strengthen its relationship with the Indian Navy and support its mission of safeguarding the nation's interests.