Banking Benefits To Air Force: PNB and Axis Bank have made a special deal with the Indian Air Force, the Air Force will get these amazing facilities.

New Delhi: State-owned Punjab National Bank (PNB) has signed a Memorandum of Understanding (MoU) with the Indian Air Force (IAF). This deal has been done to provide specially designed products to the defense personnel under the flagship scheme of the bank, PNB Rakshak Plus. The scheme inter alia includes Personal Accident Insurance and Air Accident Insurance for Defense Personnel serving, retired and trainees in the Armed Forces, Central Police Armed Forces, State Police Forces, Metro Police as well as retired pensioners (Banking Benefits To Air). Force).

Exchange of MoU between Atul Kumar Goel, MD & CEO, PNB and Chief of Air Staff, Air Chief Marshal Vivek Ram Choudhary, PVSM, AVSM, VM, ADC on behalf of Indian Air Force at a function at Indian Air Force Auditorium, Delhi done in. Chief of Air Staff, Air Chief Marshal Vivek Ram Choudhary, PVSM, AVSM, VM, ADC expressed his gratitude for his association with PNB.

Responding to the association, Atul Kumar Goel, MD & CEO, PNB said, “This is a historic moment providing the PNB family with an opportunity to serve the nation. Presently PNB is supporting the Armed Forces through 120 cantonment branches spread across the country. Nine of these were converted into special branches in honor of the martyrs who are taking proper care of the personnel of the Armed Forces for example our martyr branch in Jalandhar was renamed as Flying Officer Nirmaljit Singh Sekhon, PVC (Posthumous) PNB’s branches spread across the country are taking care of the financial needs of our brave jawans and their families living in remote and out of reach. Apart from this, we want to introduce more ATM, digital and doorstep banking services for our warriors. This association will further strengthen PNB’s unbreakable ties between the Indian Air Force and its Veterans.”

Key features of PNB Rakshak Plus include-

Personal accident (death) insurance cover up to Rs 50 lakh
Air accident (death) insurance cover up to Rs.100 lakh
Personal accident (complete disability) cover up to Rs 50 lakh
No cash handling charges on any transaction which means that all branches of PNB across the country will be treated as domestic branches.
Overdraft facility equal to the total salary / pension of the last three months, from Rs 75000 to Rs 3 lakh
Concession in interest rate and service charge on home loan, car, educational and personal loans
Educational loan available under PNB Pratibha Scheme in case of parents of children taking admission in any premier educational institution or army education institutions are primary account holders.
Facility to open zero balance savings account for family members
Concession in rent of locker – 25% of Annual Maintenance Charges (AMC) waived for three years from the date of issue

In case of death of the primary account holder, financial assistance of one lakh rupees per year to two children or dependents (boy or girl) or the actual expenditure whichever is less, for four years
Unlimited Free DD/PO with a limit of Rs.50000 per Free DD/PO
Gorkha personnel can transfer money from PNB account in India to their linked account of Everest Bank in Nepal without any charges. This facility will be applicable for both the sides
Free SMS on every transaction of account and related debit/credit
Sweep facility

• Initial limit amount—- Rs 10000
  Minimum sweep in/out — Rs.1000
• Coefficient in Rs 1000
  At the MoU signing ceremony, Air Marshal K. Anantaraman, VSM, Air Officer in Charge Administration, Air Vice Marshal Ashok Saini, VSM, PNB Executive Director Vijay Dubey and PNB Chief General Manager Sunil Soni, senior representatives of the Bank and IAF were also present.

Axis Bank signs deal with Indian Air Force

India’s third largest private sector bank, Axis Bank strengthened its commitment to the defense sector by signing an MoU with the Indian Air Force. Under this agreement, the Bank will provide Defense Services Salary Package with best-in-class benefits and facilities under its ‘Power Salute’ initiative.

Air Chief Marshal, VR Choudhary, PVSM, AVSM, VM, ADC along with Air Vice Marshal, Ashok Saini, VSM, ACAS (ACCT & AV) represented Indian Air Force at the signing ceremony held at Air Headquarters and Axis Bank Mr. Reynold D’Souza, Executive Vice President and Lt. Col. M.K. Sharma, National Accounts Head were present.

Through this special Defense Services Salary Package, the Bank will extend several benefits to all ranks of the Indian Air Force including Retired Soldiers, Cadets/Rectts.
56 lakhs to all personnel including Veterans, Cadets/Recruits. Personal accident cover up to
8 lakh for Children Education Grant. additional amount of
46 lakhs Rs. Permanent partial disability cover up to
1 crore Rs. air accident cover up to
Zero processing fee and 12 EMI waiver on home loan

Additional zero balance accounts for up to 3 family members at no charge
Universal Account Number across India. All Axis Bank branches will give us “Home Branch” service
The MoU reflects Axis Bank’s continued endeavor to serve India’s Defense Forces and its commitment to helping them achieve their financial needs, aspirations and vital goals.