From Mines to Millions: SCCL Staff Strike Gold with PNB’s Power-Packed Salary Accounts

Unknown Apr 02, 2026 850 Views

Punjab National Bank (PNB) inked a historic Memorandum of Understanding (MoU) with The Singareni Collieries Company Limited (SCCL) to introduce an exclusive salary account scheme with robust financial protection and family benefits for SCCL employees. This partnership, inked in Hyderabad in the p...

Important Features of the PNB-SCCL Salary Account Scheme

Increased Insurance Coverage
Personal Accidental Cover of ₹1.25 crore for SCCL workers.
Air Accidental Cover up to ₹2.5 crore.
₹10 Lakh term insurance in the case of natural death.
Hospital Cash Benefit of ₹60,000 per year.
Permanent Total Disability Cover of ₹1.25 crore.
Family-Based Financial Security
Spouse and up to two children, each of whom has ₹5 lakh accidental insurance under the total sum assured.
Higher Education Cover: Up to ₹5 lakh for two dependent children (upto 25 years) for three years.
Marriage Cover: ₹10 lakh for each daughter aged 18–25 years for a maximum of two daughters.
Emergency benefits including ambulance charge (₹10,000), funeral expense (₹10,000), emergency medical expense (₹25,000), and air ambulance benefit (₹1 lakh).
Premium Banking Benefits
Free credit and debit cards with extra insurance.
Free books of cheques, reduced rent on lockers, and reduced interest rates and processing fees for retail loans.
Value-added services and special helpline for SCCL staff.
Industry Impact

SCCL CMD N Balram had welcomed the move as a "historic milestone" to safeguard the families of coal workers, noting the scheme's potential to be replicated as a model by other industries. PNB's Ashok Chandra had assured the bank's move to take the coverage to other industries in the near future.

"This deal with SCCL will be a model for others. The tailored scheme has already been implemented for SCCL staff and hopefully the same level of detailed reporting will be implemented for other industries in the near future." — Ashok Chandra, MD & CEO, PNB

The scheme is already operational for all the SCCL employees, who can avail the use of these facilities by approaching their local PNB branch.

Source: indianpsu.com, telanganatoday.com, rediff.com

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