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

Punjab & Sind Bank has partnered with the Indian Army to offer a defense salary package. This package includes free insurance coverage and benefits for personnel, veterans, and trainees.

The bank has introduced customized banking solutions, including special accounts and services for different segments, to show its commitment to societal impact and sustainability. A memorandum of understanding (MoU) has been signed to formalize this partnership.

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The significant agreement 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.

”PSB Gaurav Bachat SB Salary account is exclusively designed to cater to the distinct banking requirement of serving and retired personnel. 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 said.

 

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

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