Punjab National bank has launched credit cards against Fixed Deposits.
MAS Team | 20 January 2023
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Punjab National Bank (PNB) became the first public sector bank which offered Credit card against fixed deposits (FDs). PNB informed in a tweet that the customers can get a RuPay or VISA credit card digitally against single or multiple FDs with 80% credit limit. 
 
There are various benefits of availing PNB credit card against a FD
 
No document submission
No Branch visit 
NIL joining fees
Instant issuance of virtual credit card 
Comprehensive Insurance Coverage (on RuPay variant)
Benefits of UPI linkage on RuPay Credit Card
Exciting reward points and offers
 
PNB has also made changes to its fixed deposit rates across various tenures which has increased by 50 basis points to attract more deposits 
 
 According to the bank Interest rates on term deposits below Rs2 crore between one year and three years have been increased by 50 basis points to 6.75% from earlier rate of 6.25 %. Senior citizens will receive an additional 50 basis points hike in interest rate of fixed deposits on any domestic deposit maturities which is worth less than Rs2 crore. Apart from the revised interest rates the bank will continue to offer 8.1% per annum for fixed deposit of 666 days.
 
The new FD rates will be effective from January 1, 2023.