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PNB Launches Credit Card Against Fixed Deposit

State-owned Punjab National Bank (PNB) offers credit cards against Fixed Deposit to customers who don’t meet the eligibility criteria for regular credit cards. This facility will be available for salary account customers, and they shall be able to apply through the mobile banking app PNB One, website or Internet Banking Service (IBS), the lender said. Customers can avail loan without visiting a bank branch, adding there is a concession of 0.25 per cent on the interest rate when applied through digital platforms like PNB One. Get the RuPay or VISA credit card digitally against single or multiple FDs with 80% credit limit, the lender added.

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Benefits of PNB credit card against fixed deposit (FD):

1) No document submission

2) No Branch visit

3) NIL joining fees

4) Instant issuance of virtual credit card

5) Comprehensive Insurance Coverage (on RuPay variant)

6) Benefits of UPI linkage on RuPay Credit Card

7) Exciting reward points and offers

Punjab National Bank latest FD rates:

In a bid to attract deposits, PNB has increased the interest rate of fixed deposits across various tenures by 50 basis points. Interest rates on term deposits below 2 crore between one year and three years have been raised by 50 basis points to 6.75 per cent from earlier rate of 6.25 per cent. The bank said that new rates of FDs are effective from January 1, 2023.

It has also said that senior citizens will be getting an additional 50 basis points hike in interest rate of fixed deposits on any domestic deposit maturities which is worth less than 2 crore.

On PNB Uttam Scheme with no premature withdrawal option, the rate has been revised to 6.80 per cent from 6.30 per cent, it said. Apart from the revised interest rates, the bank will continue to offer attractive interest rates 8.1 per annum for fixed deposit of 666 days.

PNB Launches Credit Card Against Fixed Deposit_60.1

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