PNB Agni Rakshak for Agniveers: From zero balance account to Rs one crore insurance, check key benefits

Agniveers are already entitled for an attractive customised monthly package along with Risk and Hardship allowances as applicable in the three services.

The Punjab National Bank has signed an Memorandum of Understanding (MoU) with the Indian Army to provide key benefits to 'Agniveers'. The bank has named the scheme PNB Agni Rakshak under which it will open a salary account for Agniveers. In a series of tweets made yesterday, the bank said, "PNB signed an MoU with the Indian Army to provide specially designed products to the Agniveers under the bank’s exclusive scheme 'PNB AGNI RAKSHAK'. The signing ceremony of MoU was chaired by Lt Gen C. B. Ponnappa, AVSM, VSM (Adjutant General) along with senior Army Officers and officials from Ministry of Defence. MoU was exchanged between Lt Gen. V Sreehari, SC, SM, DG (MP & PS) on behalf of the Indian Army, and Shri Sunil Soni, CGM, PNB, in New Delhi."

The PNB Agni Rakshak Account will provide zero balance salary account to Indian Army's Agniveers besides an insurance cover of up to Rs one crore. The scheme has been designed in line with PNB's existing Rakshak Plus Scheme for Defence Personnel.

The zero balance salary account comes bundled with attractive banking services such as over-draft, sweep facility, debit and credit cards, lockers, cheque books, alerts and internet banking etc.

The other free personal accidental insurance worth Rs 50 lakh covering death, total and partial disability and Rs one crore worth free air accidental (death) insurance. 

Other benefits included under personal accidental insurance include child education, girl child marriage cover, imported medicine, plastic surgery and Rs 10 lakhs in case of terror attacks etc.

Agniveers are already entitled for an attractive customised monthly package along with Risk and Hardship allowances as applicable in the three services. On completion of the engagement period of four years, Agniveers will be paid one time ‘SevaNidhi’ package which will be tax exempt. After their four year service, Agniveers will get Rs 11.71 lakhs. Agniveers will be provided non-contributory Life Insurance Cover of Rs 48 lakh for the duration of their engagement period in the Indian Armed Forces.