Financial institution PNB provides 17-crore rupee aid to families of fallen soldiers under the 'Rakshak Plus' program.
Punjab National Bank Introduces Rakshak Plus Saving Account Scheme for Defence Personnel
Punjab National Bank (PNB) has launched the Rakshak Plus Saving Account Scheme, a specialized banking solution designed exclusively for defence personnel, paramilitary forces, police services, ex-servicemen, and their dependents. This initiative aims to cater to the unique financial needs and service conditions of these groups.
Key Benefits of the Rakshak Plus Scheme
The Rakshak Plus Saving Account Scheme offers a range of benefits, including:
- Dedicated Banking Solutions: The scheme provides customized banking services tailored to the needs of defence and paramilitary personnel, ensuring convenience and priority service at branches.
- Competitive Interest Rates: The scheme offers preferential interest rates on savings, aligned with PNB's overall savings scheme offerings.
- Lower Loan Interest Rates: Defence personnel linked to the scheme can access personal loans at lower interest rates, typically around 10.50% p.a., making credit more accessible at favourable terms.
- Tailored Banking Services: The scheme may include easier documentation and eligibility processes, considering the nature of the account holders' professions and their service conditions.
Additional Perks of the Rakshak Plus Scheme
The Rakshak Plus Saving Account Scheme also offers:
- Free Accidental Death Insurance Cover: Account holders and their dependents are eligible for free Accidental Death Insurance Cover up to ₹30 lakh.
- Free Debit Card and SMS Alerts: The scheme provides free Debit Cards and SMS Alerts for account holders.
- Mobile-First Onboarding: PNB is planning to launch mobile-first onboarding for easy account access.
- Zero Balance Facility: The Rakshak Plus Saving Account Scheme has a zero balance facility, with no minimum balance requirement.
- Nominee Benefits: The scheme provides exclusive Nominee Benefits for faster claims processing.
- Priority Service: Account holders and their dependents can expect priority service at branches.
Supporting Martyrs' Families
PNB's commitment to the armed forces community is evident in its recent disbursement of ₹17.02 crore to the families of 26 martyred soldiers through the Rakshak Plus account's built-in insurance cover. This gesture reflects a heartfelt acknowledgment of their ultimate sacrifice.
Financial Literacy Workshops
In addition to financial benefits, PNB plans to organize financial literacy workshops for soldiers and their families, further strengthening its partnership with the defence community.
Expanding the Rakshak Plus Scheme
PNB is expected to increase insurance coverage in the Rakshak Plus scheme and aims to partner with the Ministry of Defence for better outreach. This expansion is a testament to PNB's unwavering commitment to the armed forces community.
[1] For more detailed information on the specific interest rates and other features of the Rakshak Plus Saving Account Scheme, please refer to the official PNB website or visit your nearest PNB branch.
[3] Punjab National Bank offers a variety of savings accounts for defence personnel, indicating specialized services and benefits for these groups.
The Rakshak Plus Saving Account Scheme, designed for defense personnel and their dependents, includes financing advantages such as lower loan interest rates and competitive savings interest rates. Additionally, this scheme supports technological advancements by planning for mobile-first onboarding and financial literacy workshops to educate the armed forces community.
