PNB Becomes First Public Sector Bank To Launch Credit Cards For FDs

Punjab National Bank has become the first public sector bank in India to launch a credit card for its fixed deposit customers. The bank informed its customers through a tweet, “Getting FDs done just got better. Get lounge access, exciting reward points, cash advances and much more with a Credit Card against Fixed Deposits!”

Get your RuPay or VISA credit card online against one or more FDs with up to 80% credit limit, as per the lender.

Advantages of PNB Credit Card over Fixed Deposit (FD)

1) no document

2) No branch visit

3) Zero joining cost

4) Instant Virtual Credit Card Issuance

5) Full Insurance cover (on RuPay version)

6) UPI connection on RuPay Credit Card benefits

7) Exciting prizes and promotions

PNB has increased the interest rate on fixed deposits by 50 basis points across all tenors to attract more deposits. According to PNB, interest rates for term deposits of less than Rs 2 crore held for one to three years have been increased by 50 basis points to 6.75 per cent from 6.25 per cent earlier. According to the statement, the rate on PNB Uttam Yojana, which does not offer premature withdrawal option, has been increased from 6.30 to 6.80 percent.

According to the statement, in addition to the updated interest rates, the bank will continue to offer fixed deposit terms of 666 days at 8.1 per cent annual interest rate. To celebrate the new year with its customers, Punjab National Bank (PNB) has increased interest rates on savings accounts and fixed deposit accounts below Rs 2 crore. The new rates have come into effect from January 1, 2023, according to the bank’s official website. PNB increased the interest rate on savings accounts as a result of the change by 25 basis points, while fixed deposit customers will experience an increase of up to 50 basis points across the range of tenures.

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