PNB’s Rakshak Plus Scheme: Financial Protection for India’s Defence and Paramilitary Heroes

Punjab National Bank (PNB), one of India’s leading public sector banks, has launched the Rakshak Plus Scheme — a specialized financial and insurance plan dedicated to serving and retired personnel of the defence, paramilitary, and law enforcement services. Designed with the unique risks and sacrifices of these professions in mind, the scheme offers high-value insurance coverage and financial security tailored to the needs of India’s real-life heroes and their families.

Understanding the Rakshak Plus Scheme

At its core, PNB’s Rakshak Plus Scheme is more than a regular bank account or insurance policy. It’s a comprehensive financial offering, combining everyday banking benefits with robust personal accident insurance coverage. It ensures that families of those in uniform are protected financially in case of unforeseen circumstances.

The scheme simplifies access to crucial financial tools and provides a safety net worth ₹1 crore in the event of death or permanent total disability, offering peace of mind to those who put their lives on the line for the country.

Key Benefits of the PNB Rakshak Plus Scheme

The standout feature of the Rakshak Plus Scheme is its Personal Accidental Insurance cover of ₹1 crore. This benefit is applicable in the unfortunate event of death or permanent total disability of the insured individual due to an accident.

Other notable benefits include:

1. Zero Balance Savings Account: No requirement to maintain a minimum balance.
2. Free Debit Card: Issuance of a debit card with attractive transaction limits.
3. Concession on Loan Processing Fees: Special offers on loans and advances to eligible customers.
4. Preferential Rates on Loans: Discounted interest rates on personal, home, and vehicle loans under defence salary package.
5. Dedicated Relationship Management: Priority service at PNB branches for enrolled personnel.

These features make the scheme a holistic financial support system, rather than just a policy.

Eligibility: Who Can Apply?

The PNB Rakshak Plus Scheme is exclusively available for:

1. Serving and retired personnel of the Indian Army, Navy, and Air Force
2. Members of paramilitary forces including BSF, CRPF, CISF, ITBP, SSB
3. Personnel from state police services, Coast Guard, and other uniformed forces

To avail the scheme, eligible individuals must open a Rakshak Plus savings account with PNB and fulfill any documentation requirements related to their service identity and designation.

Real-World Impact: Why It Matters

For individuals working in defence and paramilitary roles, financial stability is critical — not just for themselves but also for their dependents. The ₹1 crore accident insurance coverage can be life-changing for a family in the event of a tragedy.

Moreover, the inclusion of banking concessions, loan benefits, and zero-balance facilities makes it easier for service members to manage their finances while posted in remote or high-risk areas. Families, especially spouses and children, also benefit from the reassurance of long-term financial security.

Limitations and Things to Keep in Mind

While the scheme is generous, it is important to be aware of a few points:

1. Insurance claims are valid only in cases of death or permanent total disability caused by accidents, not natural causes or illnesses.
2. There may be exclusions and waiting periods as per the terms of the insurance provider linked with the scheme.
3. To keep the account active and enjoy continued benefits, account holders may be required to transact periodically.
4. Some benefits, such as preferential loan rates, may be subject to creditworthiness and bank discretion.

It is advisable to read the full terms and conditions and consult with a PNB representative before enrolling.

Conclusion: A Thoughtful Financial Shield for Those Who Serve

The PNB Rakshak Plus Scheme is a timely and thoughtful initiative, recognizing the needs of India’s defence and paramilitary personnel. By combining practical banking services with high-value accident insurance, it provides much-needed financial reassurance to those who serve the nation and their families.

If you or your loved one is a part of the armed forces, paramilitary, or law enforcement, this scheme deserves serious consideration. It is not just a financial product — it's a recognition of service, and a promise of protection.

To apply or learn more, visit your nearest PNB branch or explore the official PNB website.