PNB Overdraft: Do not worry if money is needed. Public sector Punjab National Bank is providing overdraft facility to its customers on Fixed Deposit. Customers will get the benefit of this on PNB’s mobile app PNB One. The bank has given this information by tweeting.
Meet your immediate cash needs with a few clicks and a completely paperless process, the bank said in a tweet. Get e-Overdraft on Fixed Deposit (FD) through PNB One.PNB customers can avail this service with just a few clicks and an OTP. Along with this, they will also get concession in the interest rate. On applying from PNB One, a concession of 0.25% will be given on the interest rate.
Overdraft is a type of loan. Customers can withdraw more than the current balance from their bank account. This extra money has to be repaid within a fixed tenure and interest is also charged on it. In this, the customer has to pay relatively less interest. The second advantage is that interest has to be paid only for the time for which the money is taken in overdraft.
Punjab National Bank says that the customer does not need to visit the bank branch to avail the overdraft facility on FD. Customers can avail this facility by applying online through Bank PNB One App.