Last Updated: January 20, 2023, 11:06 IST
The Punjab National Bank has become India’s first public sector bank to launch credit cards for its fixed deposit customers. The bank informed its customers via a tweet, “Having an FD just got cool. Get lounge access, exciting reward points, cash advance and much more with a Credit Card against Fixed Deposits!”
Receive your RuPay or VISA credit card online in exchange for one or more FDs with an 80% credit limit, according to the lender.
PNB credit card advantages over fixed deposits (FD)
1) No documents
2) No branch visit
3) Zero joining costs
4) Instant virtual credit card issuing
5) Complete Insurance Protection (on the RuPay variant)
6) UPI connection on RuPay Credit Card Benefits
7) Exciting rewards and promotions
PNB has raised the interest rate on fixed deposits across all tenures by 50 basis points to draw in more deposits. According to PNB, interest rates for term deposits under 2 crore held for one to three years have increased by 50 basis points to 6.75 percent from 6.25 percent previously. According to the statement, the rate on the PNB Uttam Scheme, which does not offer a premature withdrawal option, has been increased from 6.30 to 6.80 percent.
In addition to the updated interest rates, the bank will continue to provide fixed deposit terms of 666 days at 8.1 percent annual interest rate, according to the statement. In order to celebrate the new year with its clients, Punjab National Bank (PNB) raised interest rates on savings accounts and fixed deposit accounts of less than 2 Cr. The new rates have been in effect as of 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 a rise of up to 50 basis points on a range of tenors.
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