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

New Delhi: State-owned Punjab & Sind Bank has signed an initial agreement with the Indian Army for a defence salary package that comes with a host of facilities, including free insurance cover.

A memorandum of understanding (MoU) has been signed to this effect.

In addition to many features, the MoU provides serving personnel, veterans, and trainees with personal accident insurance (Death/Disability) cover up to ?1 crore and an air accidental cover of ?1.2 crore.

"PSB Gaurav Bachat SB Salary account is exclusively designed to cater to the distinct banking requirements 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 the distinctive needs of this segment," said Punjab & Sind Bank MD and CEO Swarup Kumar Saha.

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

On the 117th Foundation Day of the bank, celebrated on Monday, Saha announced the introduction of the PSB Pink debit card powered by RuPay for women, which comes with a host of benefits.

The bank also commenced demat services through its wealth-tech partner Fisdom, allowing customers to make investments in the equity market and purchase mutual funds.

Additionally, the Delhi-based lender signed an MoU with Maruti Suzuki India for vehicle loans through their Digital Lending Platform 'Maruti Suzuki Smart Finance,' and an agreement with IIM Amritsar to promote academic research and industry interactions.

The bank launched a series of customer-centric digital offerings through its omnichannel PSB UNiC App, designed to ensure secure and hassle-free banking services.

Some of the offerings include opening savings accounts through video KYC, Bulk NEFT/RTGS, access to free CIC credit scores, and UNiC App registration through Aadhaar OTP.

These new product initiatives, Saha stated, are a testament to the bank's dedication to making a positive societal impact and creating a more sustainable future for all.