PNB Partners with SCCL to provide Special Salary Saving Scheme with Insurance Cover Up to Rs 1.25 Crore

Punjab National Bank (PNB), one of India’s largest public sector banks, has signed an important agreement with The Singareni Collieries Company Limited (SCCL) to offer a special salary saving scheme designed for SCCL employees. This new scheme not only provides regular banking services but also includes strong financial protection and insurance benefits for employees and their families.

The agreement was signed in Hyderabad, in the presence of Shri Ashok Chandra, Managing Director & CEO of PNB, and senior officers from both organisations. The aim is to ensure that the coal mining workers and their families are financially secure in case of emergencies, accidents, or unfortunate events.

What Does the Scheme Offer?

This scheme, called the PNB Salary Saving Scheme, offers high insurance coverage and multiple other financial benefits. Below are the details explained in a simple way:

1. Personal and Accident Insurance

• Personal Accident Insurance: If the employee dies in an accident, their family will receive up to ₹1.25 crore.
• Air Accident Insurance: In case of a death due to an air crash, the family will receive up to ₹2.50 crore.
• Permanent Disability Cover: If the employee is permanently disabled due to an accident, they will get up to ₹1.25 crore.
• Term Life Insurance: In case of natural death, ₹10 lakh will be provided to the family.
• Hospital Cash Benefit: If the employee is hospitalized, ₹60,000 per year will be provided as a cash benefit to cover expenses.

Special Benefits for the Employee’s Family

This scheme is family-friendly and offers benefits that go beyond the employee:

2. Family Banking

• The spouse and up to two children of the employee will get zero-balance accounts.
• These family members will also get personal accident insurance of ₹5 lakh each (within the total coverage of the main account holder).

3. Education Support

• In case of the employee’s death or disability, ₹5 lakh each will be given for higher education of two children (up to age 25), for a maximum of three years.

4. Marriage Assistance

• The scheme provides up to ₹10 lakh per daughter (for a maximum of two daughters aged 18–25) to help with marriage expenses.

5. Emergency Support

• Ambulance Charges: ₹10,000
• Funeral Expenses: ₹10,000
• Emergency Medical Costs: ₹25,000
• Air Ambulance Cover: ₹1 lakh

Additional Banking Benefits

SCCL employees will also get premium banking services, including:

• Free debit card with accident insurance coverage up to ₹10 lakh.
• Free credit card and cheque book.
• Discounted locker rent.
• Lower interest rates and reduced charges for loans like personal loans, car loans, and home loans.
• Faster and easier loan processing with less paperwork.

What PNB’s CEO Said

Speaking at the launch, Shri Ashok Chandra, MD & CEO of PNB, said:

“This partnership with SCCL is a great example of how banks can offer customised financial protection to employees in high-risk sectors like mining. This scheme will serve as a model for other industries. We aim to provide similar benefits to workers in other sectors too.”

How to Apply or Get More Information?

SCCL employees can take advantage of this scheme by visiting their nearest PNB branch or by contacting PNB’s dedicated helpline numbers for more details and support.

This scheme is a big step in providing financial safety, health coverage, education support, and dignity to the families of coal mine workers. It’s a powerful example of how a public sector bank like PNB is working to improve the lives of ordinary working families.