Indian Navy, PNB sign MoUs for banking solutions
Recently, two Memorandums of Understanding (MoUs) were signed between Punjab National Bank (PNB) and the Indian Navy to solidify their cooperation and meet the financial requirements of Indian Navy personnel.
The PNB Agni Rakshak Account was offered to Agniveers, members of the elite commando force of the Indian Navy, under the terms of the first Memorandum of Understanding. With features including a higher rate of interest, free accidental insurance, and a personal injury cover of up to Rs. 10 lakhs, this account is especially created to meet the specific financial demands of these crew. The account allows for limitless free transactions through PNB’s ATM network and can be opened with no balance.
The second MoU was signed to dedicate the PNB Rakshak Plus Account, a specially designed salary account for serving Indian Navy Defense Personnel and Veterans (Pensioners). This account has a number of advantages, including free online fund transfers, free issuance of demand drafts and pay orders, and a higher daily cash withdrawal limit. The account also includes free Personal Accident Insurance coverage for the account holder and their spouse up to Rs. 20 lakhs.
Commodore S. K Verma, CMDE (P&A), Indian Navy, and Sh. Sumesh Kumar, GM, PNB, along with other dignitaries, signed the MoUs. Mr. Kumar expressed his appreciation to the Indian Navy for their continued trust on the occasion.
PNB and the Indian Navy have had a long-standing relationship, with the bank providing a variety of financial products and services to the armed forces. PNB has been an active participant in meeting 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-sized businesses in rural areas.
The signing of these Memorandums of Understanding demonstrates PNB’s commitment to meeting the financial needs of Indian Navy personnel and their families. It also emphasizes the bank’s commitment to providing innovative and tailored financial solutions to meet the specific needs of its customers. With this collaboration, PNB hopes to strengthen its relationship with the Indian Navy and support its mission of protecting the nation’s interests.