PNB Rakshak Plus Scheme – A Premium Banking Solution for India’s Defence Heroes
Serving the nation comes with immense responsibility, and financial security is equally important for every Defence family. Whether you’re serving in the Indian Army, Indian Navy, Indian Air Force, BSF, CRPF, CISF, ITBP, SSB, NSG, Coast Guard, or other eligible security forces, having a banking partner that understands your unique needs can make a significant difference.
Recognising this, Punjab National Bank (PNB) has introduced the Rakshak Plus Scheme, a specially designed Defence Salary Package offering banking benefits, accident insurance, retail loan concessions, premium debit card features, and exclusive financial privileges.
Unlike a regular savings account, the PNB Rakshak Plus Scheme provides a comprehensive package that combines banking convenience with insurance protection and lifestyle benefits.
In this guide, we’ll explain everything you need to know about the PNB Rakshak Plus Scheme, including eligibility, insurance cover, debit card benefits, loan concessions, and whether it’s the right salary package for Defence Personnel.
Quick Summary
| Particular | Details |
|---|---|
| Scheme Name | PNB Rakshak Plus Scheme |
| Bank | Punjab National Bank (PNB) |
| Suitable For | Serving Defence Personnel and other eligible uniformed services |
| Account Type | Defence Salary Package |
| Minimum Balance | Nil |
| Personal Accident Cover | Up to ₹100 Lakh |
| Air Accident Cover | Up to ₹150 Lakh |
| Loan Benefits | Interest concession & processing fee benefits on eligible retail loans |
| Debit Card | RuPay Rakshak Debit Card (variant based on eligibility) |
| Lounge Access | Domestic & International (as applicable) |
| Family Banking | Available |
Benefits and eligibility are subject to PNB’s prevailing terms and conditions.
Table of Contents
- What is PNB Rakshak Plus Scheme?
- Who Can Open a Rakshak Plus Account?
- Why Defence Personnel Should Choose This Scheme
- Insurance Benefits
- Banking Benefits
- Debit Card Benefits
- Loan Benefits
- Retail Banking Features
- PNB Rakshak vs Normal Savings Account
- FAQs
- Final Verdict
What is the PNB Rakshak Plus Scheme?
The PNB Rakshak Plus Scheme is a specialised salary account package launched by Punjab National Bank for eligible Defence Personnel and other notified uniformed services.
Instead of offering only basic banking services, this package combines:
- Zero balance banking
- Personal accident insurance
- Air accident insurance
- Term life insurance
- Retail loan concessions
- Premium debit card
- Lounge access
- Family banking benefits
- Locker concessions
- Demat account benefits
This makes it one of the most comprehensive salary account packages available for eligible Defence customers.
Why Defence Personnel Should Consider This Scheme
A Defence career is unlike any other profession. Frequent transfers, operational duties, field postings, travel, and family responsibilities require banking services that go beyond a standard savings account.
The Rakshak Plus Scheme addresses these needs by offering financial protection and convenience under a single banking relationship.
Some key reasons to consider it include:
- No minimum monthly average balance requirement.
- Comprehensive insurance coverage.
- Preferential treatment on eligible retail loans.
- Premium debit card with added benefits.
- Family account facilities.
- Digital banking services.
- Reduced banking charges on selected services.
Who is Eligible for the PNB Rakshak Plus Scheme?
According to the brochure, the scheme is available to eligible personnel from:
- Indian Army
- Indian Navy
- Indian Air Force
- Border Security Force (BSF)
- Central Reserve Police Force (CRPF)
- Indo-Tibetan Border Police (ITBP)
- Central Industrial Security Force (CISF)
- Sashastra Seema Bal (SSB)
- National Security Guard (NSG)
- Research & Analysis Wing (RAW)
- Intelligence Bureau (IB)
- Central Bureau of Investigation (CBI)
- Indian Coast Guard
- National Disaster Response Force (NDRF)
- Firefighters
- Other eligible personnel as notified by the bank.
Always confirm your eligibility with the nearest PNB branch before opening the account.
Minimum Balance Requirement
One of the biggest advantages of the Rakshak Plus Scheme is that no minimum monthly average balance is required, reducing the burden of maintaining a fixed balance in the account.
Insurance Benefits – A Major Highlight
The insurance package is one of the strongest reasons many Defence Personnel choose this scheme.
1. Personal Accident Insurance
Eligible account holders receive Personal Accident Insurance Cover up to ₹100 lakh, subject to the terms and conditions of the policy.
2. Air Accident Insurance
The scheme also provides Air Accident Insurance Cover up to ₹150 lakh, offering additional financial protection in the event of a covered air accident.
3. Permanent Total Disability (PTD)
Coverage for permanent total disability is included under the applicable insurance policy, helping provide financial support in the event of a qualifying disability.
4. Permanent Partial Disability (PPD)
The brochure also mentions coverage for permanent partial disability, subject to policy limits and conditions.
5. Term Life Insurance
Eligible account holders are provided Term Life Insurance Cover, adding another layer of financial security for their families.
6. Additional Cover for Action Against Anti-National/Terrorist Activities
One of the unique features of the Rakshak Plus Scheme is the availability of additional insurance cover for death arising from action against anti-national, terrorist, naxalite, or foreign enemy activities, subject to the policy terms. This recognises the operational risks faced by eligible personnel.
7. Medical & Emergency Benefits
The brochure also highlights additional benefits such as:
- Air ambulance support (subject to policy terms)
- Plastic surgery/burn treatment cover
- Imported medicine transportation
- Ambulance charges
- Body repatriation expenses
- Funeral expenses
- Emergency medical expense support
These features enhance the overall financial protection available through the scheme.
Education & Family Benefits
The Rakshak Plus Scheme includes certain family-focused benefits under the insurance package, such as support related to girl child and children’s education in specified circumstances, subject to the policy conditions.
These benefits demonstrate that the scheme is designed not only for the account holder but also with the welfare of the family in mind.
Defence Advantage
Unlike a regular savings account, the PNB Rakshak Plus Scheme is built around the unique needs of Defence Personnel.
It combines banking, insurance, loan concessions, and family benefits in one package, reducing the need to purchase multiple standalone financial products for basic protection.
For eligible personnel, this can simplify financial planning while providing valuable benefits linked to their service.
Debit Card Benefits
One of the biggest attractions of the PNB Rakshak Plus Scheme is its premium RuPay Debit Card, which is specially designed to provide enhanced banking convenience and lifestyle benefits for eligible Defence Personnel.
The debit card offers secure digital transactions, contactless payment technology, and access to a wide network of ATMs and merchant establishments. Depending on the eligible card variant issued under the scheme, customers may also enjoy complimentary airport lounge access and various merchant offers.
Key Debit Card Features
| Feature | Benefit |
|---|---|
| Contactless Payment | Fast & Secure Transactions |
| EMV Chip Protection | Enhanced Security |
| Online Shopping | Available |
| ATM Cash Withdrawal | As per Card Variant |
| Domestic Usage | Across India |
| International Usage | Selected Card Variants |
| Mobile Banking Compatibility | Yes |
| UPI Integration | Yes |
Expert Tip: Always enable transaction alerts and set daily spending limits through PNB Mobile Banking to improve card security.
Retail Loan Concessions
One of the major financial advantages of the PNB Rakshak Plus Scheme is preferential treatment on various retail loan products. Eligible Defence Personnel may receive concessions on interest rates, processing charges, and faster loan processing, subject to the bank’s prevailing policies.
Loan Benefits
| Loan Type | Benefit |
|---|---|
| Home Loan | Interest Rate Concession* |
| Car Loan | Preferential Pricing* |
| Personal Loan | Concessional Terms* |
| Education Loan | Attractive Interest Rates* |
| Loan Against Property | Available* |
*Subject to bank policy and customer eligibility.
For Defence Personnel planning to buy a house, purchase a vehicle, or fund higher education for their children, these concessions can help reduce the overall borrowing cost.
Free Credit Card Benefits
The Rakshak Plus Scheme also offers benefits related to eligible PNB credit cards, making day-to-day spending more rewarding.
Potential advantages include:
- Eligible annual fee waiver.
- Reward points on retail spending.
- Contactless payment facility.
- EMI conversion on eligible purchases.
- Fuel and shopping offers.
- Digital card management.
Customers should confirm the latest credit card offers available under the Rakshak Plus Scheme before applying.
Locker Benefits
Keeping important documents secure is essential for every Defence family. The Rakshak Plus Scheme offers concessions on safe deposit lockers, subject to availability and the bank’s prevailing terms.
Locker Facility Highlights
| Benefit | Availability |
|---|---|
| Locker Facility | Yes |
| Concessional Charges | Available |
| Multiple Locker Sizes | Yes |
| Nomination Facility | Available |
This benefit is especially useful for storing property papers, insurance documents, wills, jewellery, and other valuable items.
Lounge Access
Frequent travel is a part of military life. Whether travelling for official duty, training, or personal reasons, complimentary lounge access adds comfort during long journeys.
Eligible debit card holders under the Rakshak Plus Scheme can enjoy lounge access benefits according to the applicable card programme.
| Lounge Type | Availability |
|---|---|
| Domestic Airport Lounge | Eligible Variants |
| International Lounge | Selected Variants |
| Railway Lounge | As Applicable |
Always verify the number of complimentary visits and participating lounges before travel.
Auto Sweep Facility
The Auto Sweep Facility helps account holders maximise returns on idle savings without compromising liquidity.
How It Works
Whenever your savings account balance exceeds a predefined threshold, the surplus amount is automatically transferred into a fixed deposit.
Whenever funds are required, the fixed deposit is automatically broken in the required amount.
Benefits
- Better returns than regular savings accounts.
- Funds remain easily accessible.
- No need to manually create multiple fixed deposits.
- Ideal for salary account holders.
PNB Rakshak Plus vs SBI Defence Salary Package
Both PNB and SBI offer specialised salary packages for Defence Personnel. Choosing the right one depends on your banking requirements and service location.
| Feature | PNB Rakshak Plus | SBI Defence Salary Package |
|---|---|---|
| Zero Balance Account | ✅ | ✅ |
| Personal Accident Insurance | ✅ | ✅ |
| Air Accident Cover | ✅ | ✅ |
| Loan Concessions | ✅ | ✅ |
| Premium Debit Card | ✅ | ✅ |
| Lounge Access | Yes | Depends on Card Variant |
| Auto Sweep | ✅ | ✅ |
| Family Banking | ✅ | ✅ |
| Digital Banking | Excellent | Excellent |
Which One Should You Choose?
- Choose PNB Rakshak Plus if you prefer PNB’s branch network and bundled banking benefits.
- Choose SBI Defence Salary Package if you already maintain your salary account with SBI and use other SBI financial products.
The best option depends on your existing banking relationship, convenience, and the latest benefits offered by each bank.
Pros & Cons
Advantages
- Zero Balance Salary Account
- Comprehensive Insurance Benefits
- Premium Debit Card
- Retail Loan Concessions
- Family Banking Benefits
- Locker Concessions
- Auto Sweep Facility
- Digital Banking Services
- Lounge Access
- Trusted Public Sector Bank
Limitations
- Available only for eligible Defence and notified personnel.
- Some benefits depend on the debit card variant.
- Insurance is subject to policy terms and conditions.
- Loan concessions may change based on bank policy.
- Certain facilities may vary from branch to branch.
Expert Opinion – FaujiFinanceBazaar
The PNB Rakshak Plus Scheme is one of the most comprehensive salary account packages currently available for eligible Defence Personnel. It combines banking, insurance, loan concessions, and lifestyle benefits under a single relationship.
However, don’t choose a salary package based only on insurance cover or promotional brochures.
Before opening the account, compare:
- Insurance protection
- Home loan rates
- Personal loan benefits
- Digital banking experience
- Branch availability
- Customer support
- Your long-term banking requirements
A well-chosen salary account can simplify your financial life for years to come.
Frequently Asked Questions (FAQs)
1. Is the PNB Rakshak Plus Scheme only for Defence Personnel?
No. The scheme is available to eligible Defence Personnel and other notified uniformed services as specified by the bank.
2. Is there any minimum balance requirement?
No. Eligible customers can enjoy a zero-balance salary account under the scheme.
3. Does the scheme provide insurance benefits?
Yes. Eligible account holders receive multiple insurance benefits, including personal accident cover, air accident cover, term life insurance, and other specified protections, subject to policy conditions.
4. Can Veterans open a PNB Rakshak Plus Account?
Eligibility depends on PNB’s prevailing guidelines. Contact your nearest branch for the latest information.
5. Does the scheme offer loan benefits?
Yes. Eligible customers may receive concessions on retail loans such as home loans, car loans, education loans, and personal loans.
6. Is airport lounge access available?
Yes. Lounge access is available for eligible debit card variants under the applicable programme.
7. What is the Auto Sweep Facility?
It automatically transfers surplus funds from your savings account into fixed deposits, helping you earn higher returns while keeping money accessible.
8. How can I apply for the PNB Rakshak Plus Scheme?
Visit your nearest Punjab National Bank branch with your Defence identity proof, salary documents, and KYC documents. The bank will verify your eligibility and guide you through the account opening process.
Final Verdict
The PNB Rakshak Plus Scheme is much more than a salary account. It is a complete financial package designed to meet the unique needs of Defence Personnel and their families.
With zero-balance banking, comprehensive insurance, retail loan concessions, premium debit card benefits, lounge access, and digital banking facilities, it provides excellent value for eligible customers.
If you’re serving in the Armed Forces or another eligible uniformed service, it’s worth comparing the Rakshak Plus Scheme with your current salary account to see whether it better supports your financial goals.
Need Expert Financial Guidance?
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