PNB Partners with ITBP to Provide Exclusive Banking Benefits

Punjab National Bank (PNB) has signed a Memorandum of Understanding (MoU) with the Indo-Tibetan Border Police (ITBP) to provide specialized banking services and exclusive financial benefits to ITBP personnel, pensioners, and their families. The agreement, formalized on February 11, 2025, aims to enhance financial security for ITBP members by offering high insurance coverage and better banking services.

The MoU was signed at the ITBP Headquarters in New Delhi by PNB’s General Manager, S.P. Singh, and ITBP’s Inspector General (Administration), S.C. Mamgain. Several senior officials were present at the event, including PNB’s Chief General Manager, Binay Kumar Gupta, and ITBP’s Deputy Inspector General (Administration), Vikash Burman.

What Are the Key Insurance Benefits Under This Partnership?

Under this collaboration, PNB has introduced a wide range of insurance benefits tailored specifically for ITBP personnel, ensuring financial protection in case of accidents or unforeseen incidents. These include:

• Personal Accidental Insurance (PAI): ₹1 crore
• Air Accidental Insurance (AAI): ₹1.5 crore
• Permanent/Partial Disability Coverage: ₹1 crore
• Additional Cover for Death During Operations: ₹10 lakh
• Coverage for Imported Medicines (including transportation): Up to ₹10 lakh
• Air Ambulance Costs: Up to ₹10 lakh

These provisions ensure that ITBP personnel and their families receive extensive financial assistance in case of emergencies.

What Additional Benefits Are Offered to ITBP Pensioners and Families?

Apart from benefits for serving personnel, PNB extends its financial security measures to ITBP pensioners as well. The scheme provides:

• Lifetime Personal Accidental Insurance: ₹50 lakh
• Air Accidental Insurance: ₹1 crore

Additionally, dependents and families of Rakshak account holders are eligible for financial support under the scheme, ensuring comprehensive security for those who have served in the force.

How Does This MoU Align with PNB’s Ongoing Support for Defense Forces?

This partnership falls under PNB’s larger initiative, the “PNB Rakshak Plus Scheme”, which is designed to provide zero-balance salary and pension accounts for defense and paramilitary personnel. This scheme includes:

• Concessional loan rates
• Overdraft facilities
• Comprehensive insurance benefits

In June 2024, PNB increased the Air Accidental Insurance coverage for Indian Army personnel to ₹1.5 crore, a move that aligns with its continued efforts to enhance financial services for defense forces.

By signing this MoU with ITBP, PNB continues to demonstrate its long-term commitment to the financial security and well-being of India’s security forces. This initiative strengthens PNB’s role in offering exclusive banking benefits to those who serve the nation, ensuring better financial support, insurance coverage, and banking facilities for ITBP personnel and their families.

PNB Signs MoU with ITBP – Key Highlights