PNB launches credit card against FD

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. “Having an FD just got cool. Get lounge access, exciting reward points, cash advance and much more with Credit Card against Fixed Deposits,” the PSU tweeted. 

PNB becomes the first public sector bank to launch credit card against fixed deposits digitally. Get your RuPay or VISA credit card digitally against single or multiple FDs with 80% credit limit, the lender said. 

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, PNB said in a statement.
 
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.