India’s armed forces personnel—both serving soldiers and veterans—stand as the backbone of the nation, embodying courage, sacrifice, and glory. Recognizing their invaluable contributions, Punjab National Bank (PNB) has crafted the PNB Rakshak Plus Scheme, a specialized Defence Salary Package (DSP) account designed to cater to the unique financial needs of serving personnel, pensioners, and their families. As of March 31, 2025, this flagship program offers a blend of robust insurance coverage, tailored banking services, and exclusive benefits, ensuring that those who protect the nation receive the support they deserve.
This article provides an in-depth look at the PNB DSP account, covering its features, benefits, eligibility, and significance for all our serving soldiers and veterans who have brought glory to India.
The PNB Rakshak Plus Scheme: A Tribute to Valor
The PNB Rakshak Plus Scheme is more than just a banking product—it’s a tribute to the dedication of India’s military community. Launched to honor serving personnel from the Army, Navy, Air Force, and various paramilitary forces, as well as veterans and pensioners, this DSP account integrates comprehensive insurance protections with practical banking solutions.
Whether you’re an active soldier facing operational risks or a retired veteran enjoying a well-earned pension, PNB ensures that your financial security is prioritized. The scheme extends its benefits to personnel from the Border Security Force (BSF), Central Reserve Police Force (CRPF), Central Industrial Security Force (CISF), Indo-Tibetan Border Police (ITBP), state police forces, and other specialized units like the National Security Guard (NSG) and Assam Rifles, alongside their families.
Benefits for Serving Personnel
Serving soldiers operate in high-stakes environments, and the PNB Rakshak Plus Scheme reflects this reality with enhanced insurance and banking benefits tailored to their needs:
- Personal Accidental Insurance (Death): Rs. 1.00 Crore
This substantial coverage provides financial security to families in the tragic event of a soldier’s accidental death, acknowledging the risks inherent in their service. - Air Accidental Insurance Cover (Death): Rs. 1.50 Crore
For personnel involved in air operations or travel, this increased coverage—effective from April 1, 2024, following an MoU addendum with the Indian Army—ensures comprehensive protection against air-related accidents. - Personal Accident Permanent Total Disability: Rs. 1.00 Crore
In cases of permanent total disability due to accidents, this benefit offers a lifeline, helping soldiers manage life-altering circumstances with financial stability. - Accidental Insurance Cover, Death in Operations (Other than Declared War): Rs. 1.10 Crore
Unique to serving personnel, this additional Rs. 10 lakh cover recognizes the heightened risks during operational duties, providing extra support beyond standard accidental coverage.
The insurance benefits, updated in 2024, show PNB’s strong support for our soldiers through its special scheme called PNB Rakshak Plus. Along with insurance, serving soldiers also get helpful banking facilities like overdrafts of up to three months’ net salary (from Rs. 75,000 to Rs. 3,00,000), which can be very useful in emergencies.
Benefits for Pensioners
Veterans and pensioners, who have dedicated decades to the nation, receive tailored benefits under the PNB Rakshak Plus Scheme, ensuring lifelong financial security:
- Personal Accidental Insurance (Death): Rs. 50 Lakh
Pensioners drawing their pensions through PNB via SPARSH or the Centralised Pension Payment Centre (CPPC) are covered, offering peace of mind to retirees and their families. - Air Accidental Insurance Cover (Death): Rs. 1.00 Crore
This coverage extends to pensioners, safeguarding them against air travel-related risks, a benefit that remains relevant even in retirement. - Personal Accident Permanent Total Disability: Up to Rs. 50 Lakh
For permanent total disability, pensioners receive up to Rs. 50 lakh, supporting them through physical and financial challenges post-service. - Lifelong Coverage with No Age Limit:
Unlike many insurance schemes with age caps, PNB Rakshak Plus offers lifelong coverage for pensioners, regardless of age, as long as their pension is credited to a PNB account via SPARSH/CPPC. This is a game-changer for elderly veterans.
These benefits ensure that pensioners—whether from the defence forces, central police, or state police—continue to feel valued and supported long after their active service ends.
Major Banking Features at PNB
The PNB Rakshak Plus Scheme goes beyond insurance, offering a suite of banking services designed to simplify financial management for serving personnel, pensioners, and their families:
- Zero Balance Savings Bank Account for Family Members:
Spouses, parents, and dependent children of primary account holders can open zero-balance accounts, ensuring family-wide access to banking without maintenance costs. - RuPay Debit/Credit Card with Insurance Cover Up to Rs. 10 Lakh:
Issued to primary account holders, these cards come with an additional Rs. 10 lakh accidental insurance cover, enhancing everyday financial security. Platinum variants may offer higher limits and lounge access at airports. - Sweep Facility for Best Interest on Deposits:
With an initial threshold of Rs. 10,000 and transfers in multiples of Rs. 1,000, this feature automatically shifts excess funds from savings to fixed deposits, maximizing interest earnings without manual intervention. - Full Waiver of Fees & Documentation Charges on Loans:
Housing, car, and personal loans come with no processing fees or documentation charges, alongside concessional interest rates, making homeownership, vehicle purchase, or personal financing more affordable.
Additional benefits under PNB Rakshak Plus include no cash handling charges at any PNB branch — all branches are treated as “home” branches across India. Soldiers also get free SMS alerts, unlimited free demand drafts or pay orders (up to Rs. 50,000 each), and free passbook updates at any branch. For Gorkha personnel, fund transfers to Everest Bank Limited in Nepal are completely free, which is a big help for families living across the border.
Loan Benefits: Housing, Car, and Personal
The PNB Rakshak Plus Scheme enhances loan accessibility, recognizing the financial needs of soldiers and veterans:
- Housing Loans: Full waiver of fees and reduced interest rates make homeownership achievable, with options to carry forward loans from the Army Group Insurance Fund post-retirement.
- Car Loans: Affordable financing with concessional rates supports mobility needs for families.
- Personal Loans: Flexible funding for emergencies or personal goals, free of hidden charges.
The PNB Pratibha Education Loan further extends support to wards of primary account holders admitted to premier institutes or Army educational institutions, ensuring educational aspirations are met without financial strain.
Eligibility and How to Join
The PNB Rakshak Plus scheme is available to:
- Serving Personnel: All members of the Army, Navy, Air Force, paramilitary forces (like BSF, CRPF, CISF, ITBP), state and metro police, RAW, IB, CBI, Assam Rifles, NSG, NDRF, firefighters, and trainees.
- Pensioners: Defence and police pensioners whose pensions are credited to PNB accounts through SPARSH/CPPC or other government systems (not by cheque, NEFT, or RTGS).
- Agniveers: They are covered under the PNB Agni Rakshak plan, which is linked to the Agnipath Scheme.
To join the PNB Rakshak Plus scheme, serving personnel can open a salary account, while pensioners can convert their existing savings account at any PNB branch. The process is simple and free. Just submit an application with a service ID or pension proof, and get a new passbook and chequebook after conversion.
Significance in 2025
In 2025, as India continues to grow in economy and infrastructure, the PNB Rakshak Plus scheme has become an important support system for soldiers and veterans. For serving personnel, it reduces the financial risks of being on duty. For pensioners, it offers safety and respect in their retired life. The scheme is also linked with digital services through the Rakshak Portal and mobile app, making it easy to access. With 120 branches in cantonment areas and nine special branches named after brave martyrs (like Flying Officer Nirmal Jit Singh Sekhon in Jalandhar), PNB Rakshak Plus shows both strong service and deep respect for our heroes.
Conclusion
The PNB Rakshak Plus scheme, offered through the PNB DSP account, is a complete financial package for India’s serving soldiers and veterans. It includes Rs. 1.50 crore air accident insurance for active personnel, Rs. 50 lakh lifelong cover for pensioners, zero-balance family accounts, and loan waivers. As of March 31, 2025, PNB Rakshak Plus not only honors the sacrifice of our soldiers but also supports their families. Serving personnel and pensioners can call PNB’s toll-free number 1800-1800 or visit www.pnbindia.in to join the scheme and enjoy all its benefits.
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