PNB Signs Pact With SCCL to Provide Salary Accounts With Host of Features

State-owned Punjab National Bank (PNB) on Monday said it has signed an agreement with The Singareni Colleries Company Limited (SCCL) to launch the comprehensive salary saving scheme featuring enhanced accidental insurance coverage of Rs 1.25 crore for SCCL employees.

The agreement was signed in Hyderabad in the presence of PNB MD and CEO Ashok Chandra and other senior officials from both organisations, the bank said in a statement.

This marks a significant milestone in providing comprehensive financial protection to coal mining workers and their families, it said.

"This 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," Chandra said.

As per the agreement, account holders would get up to Rs 5 lakh for two dependent children (aged up to 25 years) for college and higher studies, available for up to three years, it said.

The bank would offer a maximum Rs 10 lakh per daughter for marriage of up to two daughters (aged 18-25 years), it added.