New Delhi. A Memorandum of Understanding (MoU) was signed between the Indian Army and Punjab National Bank on the Defence Salary Package in New Delhi on January 8.

The signing ceremony was chaired by the Adjutant General, Lt Gen Ashwani Kumar and was attended by top dignitaries of PNB headed by Naveen Kumar.

A number of additional facilities have been incorporated in the MoU after concerted efforts. The Army hopes this MoU will benefit a large number of serving and retired Army personnel who have accounts with PNB and also provide them an opportunity to access modern banking facilities.

Salient features of the improved and updated MoU are free ‘RAKSHAK PLUS’ Scheme for serving pers and veterans, overdraft facility range from Rs 0.75 to 3.0 lakhs, multicity ‘At Par’ cheques, instant credit of outstation cheques, preferential allotment of lockers at concessional AMC and free SMS alerts.