State-owned Punjab National Bank (PNB) has launched its pre-qualified credit card with a host of features, including insurance coverage. It has also introduced a new facility of overdraft against fixed deposit on PNB One in a few clicks and a single OTP (one-time password).
The pre-qualified credit card facility will be available for salary account customers. They will be able to apply through the mobile banking app PNB One, website or Internet Banking Service (IBS), according to a statement. The bank will offer this service through two payment gateways RuPay and Visa.
Customers can avail loan without visiting a bank branch, it said, adding that there is a concession of 0.25 per cent on the interest rate when applied through digital platforms like PNB One.
PNB Managing Director and CEO Atul Kumar Goel said, “As we move towards building a digitally sound financial ecosystem, I am happy to announce yet another step towards offering instant and hassle-free services. PNB’s new pre-qualified credit card service is a fully digital, consent-based and paperless credit card application process."
Goel added that on the basis of details entered, customers avail multiple attractive features of the card such as Exciting Reward Points, Comprehensive Insurance Coverage, Complimentary Domestic & International Lounge Access, Health Check, Complimentary Golf, Spa, Gym Sessions, Higher Credit Limits, and much more in a few clicks. “I am also excited about the introduction of the Overdraft facility against Fixed Deposit on PNB One as it adds further to our digital offerings, and I am very hopeful with both the products as they target the needs of the general public appropriately."
Last week, Punjab National Bank hiked its fixed deposit interest rates by up to 20 basis points. The new PNB FD rates are applicable on deposits below Rs 2 crore and have already come into effect. The PNB FD interest rates have been applied to fixed deposits with tenors of one year and up to 10 years. No new rate hike has been announced for its special 1111 days FD scheme.
The fixed deposit interest rates on deposits maturing in a year have been hiked by 20 bps to 5.50 per cent, up from the earlier 5.30 per cent. For deposits between tenures of over one year and up to two years, the PNB FD rates have been increased by 5 bps to 5.50 per cent. For deposits maturing in two years and up to three years, PNB FD interest rates have been hiked to 5.60 per cent, up by 10 bps. PNB has increased interest rates on fixed deposits maturing in over five years and up to 10 years by 5 basis points to 5.65 per cent Other rates have been kept unchanged by the Punjab National Bank.