New Delhi, Jan 10 (IANS): The personal accident and air accident insurance covers for serving army personnel and veterans have been increased to Rs 30 lakh and Rs 1 crore, respectively, under an MoU signed here on Thursday by state-run Punjab National Bank and the Indian Army, PNB said.

A bank statement said the memorandum of understanding (MoU) for the upgraded Rakshak Plus package incorporating various new features has been signed in continuation of the previous MoU signed in June 2015.

"To show solidarity with Indian Army personnel, the Personal Accident insurance (PAI) and Air Accident insurance (AAI) has been increased to Rs 30 lakh and Rs 1 crore, respectively," it said

PNB said it has offered concessional rates of interest on home loans, personal loans, educational loans and car loans.

"There are features inbuilt for carrying forward the home loan taken from Army Group Insurance Fund post superannuation of the personnel.

"Special rates of interest have been offered for educational loan for wards of army personnel and veterans who join specific colleges of the Army Education Welfare Organization," it added.

PNB also said it is in the process of creating exclusive the Rakshak portal and mobile app.

"Customised Rakshak credit and debit cards will be issued to all savings bank account holders under Rakshak Plus package," the statement said.