PNB inks pact with Singareni Collieries to launch salary saving scheme

Public sector lender Punjab National Bank has signed an MoU with The Singareni Collieries Company to launch PNB Salary Saving Scheme whose feature included a ₹1.25 crore accidental insurance coverage for SCCL employees.
The agreement was signed in Hyderabad recently in the presence of PNB MD and CEO Ashok Chandra, other senior officials from both organisations among others, the bank said in a release on Monday.
Besides the personal accidental insurance, the scheme offers term life insurance cover of up to ₹10 lakh; air accidental insurance of up to ₹2.50 crore; permanent total disability cover of up to ₹1.25 crore and family centric benefits including zero balance accounts for spouse and 2 children. It also offers a host of additional banking benefits, including concessions on interest rates, documentation and upfront charges in retail loans.
'The agreement with SCCL will serve as a model for other sectors. The customised scheme is now effective for SCCL employees and we are committed to extend similar comprehensive coverage to other industries soon,' Mr. Chandra said.

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