PNB Credit Card news: This scheme will be extended to those who have fixed deposits with the bank.
Fixed deposits are great financial instruments for those who want to make investments without any associated risks. However, low rates are a downside to FDs. Nevertheless, FDs are offered and promoted by many top banks including SBI, PNB and HDFC Bank. Now Punjab National Bank has offered credit cards against fixed deposits. It is for those who are not eligible to get a credit card via the regular channels. These people include those with bad CIBIL scores. PNB is the second largest public-sector bank in India.
This scheme will be extended to those who have fixed deposits with the bank. Those who have FDs in PNB can get a credit card. PNB will grant them VISA or RuPay credit cards. However, the credit card limit will depend on the amount of money deposited in PNB.
PNB will provide them a credit limit equal to 80 percent of the deposited money. Credit cards are normally unsecured loans. This means it is a loan against no collateral. These are issued to those who have a good credit score and unblemished credit history. So if you are not able to secure a credit card due to any reason, including a bad CIBIL loan, you can get one using this facility.
The benefits of these cards include no documentation needed. Those who have a bad credit score can improve their credit scores by securing PNB credit cards and then make timely repayments.
No joining of annual fees will be charged for credit cards against FD. No income proof will be needed. If you are not able to make payments, the money will be deducted from your FD.
The rate of interest will be 1.5 percent per month. Over-limit charge will be 2.5 percent. Late payment fees will be 30 percent of the minimum amount. The card repayment fee will be Rs 100 per card.
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 "PNB news: No joining of annual fees will be charged for credit cards against FD. (Representational)")
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