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PNB launches credit card facility against FDs digitally

Published on January 20, 2023
Current Context: For consumers who don't meet the requirements for standard credit cards, Punjab National Bank (PNB) has introduced the first credit card against fixed deposits (FDs) to be issued digitally by a Public Sector Bank (PSB).
PNB launches credit card facility against FDs digitally
  • PNB has launched two consumer credit card types: "PNB Global Gold" and "PNB Global Classic," which are meant to accommodate different client needs and income levels. It was launched in association with VISA.
  • 84 locations will initially offer the PNB credit card, which has no annual fee, membership fee, or fuel surcharge.
  • Customers of the bank can convert one or more FDs with a maximum credit limit of 80% for a digital RuPay or VISA credit card.
  • Benefits of a PNB credit card over an FD include the instant issuing of a virtual credit card, extensive insurance coverage (on the RuPay variation), the advantages of Unified Payments Interface (UPI) linkage on the RuPay Credit Card, as well as attractive reward points and promotions.
  • In an effort to draw in deposits, PNB increased the interest rate on fixed-rate deposits (FDs) across all tenures by 50 basis points (bps). The new FD rates will go into effect on January 1, 2023.
  • Punjab National Bank (PNB):
    • MD & CEO – Atul Kumar Goel
    • Established –1894
    • Headquarters – New Delhi, Delhi

Question:

Q.1 Which bank became the First PSB to Launch a Credit Card Against FDs Digitally?
a. SBI
b. ICICI
c. PNB
d. HDFC
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