Punjab & Sind Bank Joins Forces with Indian Army: A New Era of Financial Services

Punjab & Sind Bank has partnered with the Indian Army, introducing a comprehensive salary package that includes free insurance cover. The agreement also benefits veterans, trainees, and the spouse of martyrs with various financial products and services. This collaboration aims to provide tailored banking solutions to military personnel.

State-owned Punjab & Sind Bank has entered into a strategic collaboration with the Indian Army to introduce a defence salary package enriched with a range of exclusive facilities, including complimentary insurance coverage.

A formal memorandum of understanding (MoU) was inked for this initiative.

This MoU provides serving personnel, veterans, and trainees with accident insurance (Death/Disability) coverage up to Rs 1 crore and air accident coverage of Rs 1.2 crore.

'The PSB Gaurav Bachat SB Salary account is uniquely crafted to meet the specialized banking needs of both active and retired personnel, strategically targeting Agniveers enrolled in the Agnipath scheme. This solution aligns with the specific requirements of this segment,' PSB MD and CEO Swarup Kumar Saha stated.

The bank acknowledges the sacrifices of Veer Naari (spouse of martyrs), extending benefits akin to pensioners, Saha added.

Celebrating its 117th Foundation Day, the bank also unveiled the PSB Pink debit card with RuPay benefits tailored for women.

Further diversifying its service portfolio, the bank launched demat services through its partner Fisdom, enabling investments in the equity market and mutual funds.

An MoU with Maruti Suzuki India was also signed for vehicle loans via the Digital Lending Platform 'Maruti Suzuki Smart Finance'. Additionally, an agreement with IIM Amritsar aims to foster academic research and industry connections.

New digital offerings through the PSB UNiC App include streamlined account opening via video KYC, Bulk NEFT/RTGS transactions, free CIC credit scores, and Aadhaar OTP-based app registration.

These initiatives underscore the bank's dedication to societal impact and sustainable development.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)