Punjab National Bank Credit Card Against FD

What is a Punjab National Bank Credit Card Against FD?

A Punjab National Bank (PNB) credit card against FD is an easy way to get a credit card without needing income proof or a credit history. Backed by your fixed deposit, it provides a secure way to access credit while you continue to earn PNB FD interest rates.

PNB offers three card variants under this scheme—Rupay Platinum, Classic Visa, and Gold Visa—each with standard credit card features. This makes it an ideal choice for young professionals and new-to-credit customers who want to use their savings to build a good credit score.

Punjab National Bank Credit Card Against FD Features

Here are the key features of the Punjab National Bank credit card against FD:

• Credit Limit: The credit limit for the Punjab National Bank credit card against FD is set in multiples of ₹1,000, with a minimum limit of ₹10,000 and a maximum of ₹4,00,000.
• Age Eligibility: To apply for a PNB credit card against FD, the applicant must be between 18 and 75 years of age.
• Affordable FD Amount: The low minimum fixed deposit required to get a secured credit card makes it accessible to individuals who may not qualify for a regular card. For PNB, you only need to deposit a small amount (e.g., ₹13,000) to start building your credit history.
• Easy Application: The Punjab National Bank credit card against FD offers a hassle-free application process with just a few clicks through the PNB ONE app.
• Zero Documentation: The Punjab National Bank credit card against FD requires no documentation or income proof, making the application process simple and paperless.

Pros and Cons of Punjab National Bank Credit Card Against FD

The table below outlines the Pros and Cons of the Punjab National Bank credit card against FD:

Registration Process For Punjab National Bank Credit Card Against FD 

Here are the steps to apply for a PNB Credit Card against FD through the PNB ONE app:

• Initiate Application: Log in to the PNB ONE app and tap the 'Credit Card against FD' icon.
• Select FDs: Choose the fixed deposit(s) you want to use as security. The app will then show your new credit limit based on your selection.
• Customize Card: Select your desired card variant, enter your email ID, and the name you want on the card.
• Submit & Receive: Fill in the remaining details and submit the application with a one-time password (OTP). Your virtual card will be generated immediately on the screen.

Application Process for Punjab National Bank Credit Card Against an FD

You can easily apply for a Punjab National Bank credit card against FD through the PNB ONE mobile app by following these simple steps:

1. Log in to PNB ONE App: 

   Access your account using your login credentials on the PNB ONE mobile application.

2. Navigate to the Credit Card Option: 

   Click on the ‘Credit Card Against FD’ icon available on the app dashboard.

3. Select Fixed Deposit(s): 

   Choose one or more eligible fixed deposits from the list shown. A lien will be marked on all selected FDs.

4. View Credit Limit:

   After selecting the FD(s), the system will automatically calculate and display the credit limit on the screen.

5. Choose Card Variant: 

   Select your preferred credit card variant from the available options.

6. Enter Required Details: 

   Fill in your email ID and the name you want to appear on the card. For Rupay cards, also enter the nominee details.

7. Submit the Application: 

   Complete any remaining details as per the selected card type, enter the OTP received, and submit your application.

8. Get Virtual Card Instantly: 

   Once submitted, your virtual credit card is generated and displayed immediately within the app.

Closure Process of Punjab National Bank Credit Card Against FD

Follow these simple steps to close your Punjab National Bank credit card against FD and release your lien deposit:

1. Clear Outstanding Dues: 

   Before initiating the closure, you must pay off all outstanding dues on your credit card. 

2. Submit Closure Request: 

   Once your dues are cleared, you can request closure of your Punjab National Bank credit card against FD through the PNB ONE app, internet banking, or by visiting your nearest PNB branch with valid ID proof.

3. Lien Release on FD: 

   After verifying your request and confirming zero balance, the bank will remove the lien on your fixed deposit. This is an automated step but may take 1–3 business days after closure, depending on internal processing.

4. Regain Access to Your FD: 

   Once the lien is released, your FD becomes fully accessible again. You can choose to continue it till maturity, withdraw it, or renew it under a different scheme as per your financial plan.

5. Confirmation and Card Disposal: 

   You will receive an official confirmation from the bank either via SMS, email, or within the PNB ONE app, stating that your credit card has been closed. 

Who Should Consider a Punjab National Bank Credit Card Against FD?

The Punjab National Bank credit card against FD is well-suited for individuals who want access to credit without the usual eligibility barriers. It is especially beneficial for:

• Existing PNB FD Holders: who want a quick and paperless way to access a credit card without breaking their deposit.
• Students or First-time Credit Users: Looking to build a credit profile using their savings.
• Homemakers and Retirees: Those who have fixed deposits but no regular source of income.
• Individuals with Low or No Credit Score:Those trying to rebuild or establish their creditworthiness.

Key Takeaways

The Punjab National Bank credit card against FD is issued against a fixed deposit and is suitable for individuals who may not have income proof or an existing credit history. It functions like a regular credit card, allowing bill payments, online transactions, and EMI options. The fixed deposit remains active and continues to earn interest at the applicable FD interest rate. You can access up to 80% of your FD amount, with a credit limit set in multiples of ₹1,000 and capped at ₹4,00,000, making it an effective tool to gradually build or strengthen your credit profile.