PNB Launches Credit Card Against Fixed Deposit: Customers who don’t qualify for ordinary credit cards can get credit cards against fixed deposits from the government-owned Punjab National Bank (PNB). Customers of salary account will be able to apply for this facility through the website, Internet Banking Service (IBS), or mobile banking app PNB One, according to the institution. 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.
January 2023 Current Affairs Quiz
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 under Rs. 2 crore with terms of one to three years were raised by 50 basis points from the previous rate of 6.25 percent to 6.75 percent. New rates for FDs, according to the bank, will take effect on 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. In addition to the new interest rates, the bank will continue to provide fixed deposit terms of 666 days at 8.1 percent annual interest rate.
