State-owned Punjab National Bank (PNB) is offering a new facility of overdraft against fixed deposits on the unified mobile banking application PNB One. Customers can avail of the offering with a few clicks and a single OTP.

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The bank is offering its customers the loan against deposits facility on offline deposits. This means the customer can avail of a loan without visiting a bank branch. The customer can enjoy a concession of 0.25 percent on the interest rate if they apply through digital platforms like PNB One, PTI reported.

Loans against deposits (LAD) will come with a host of features such as instant insurance of up to Rs 5 lakh, one OTP journey and no documentation.

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To apply for the LAD, customers will have to log in to PNB One app and click on the side menu. Then, they will have to click on “OD against FD”. Customers will have to read and accept the terms and conditions and click on ‘continue’. They will have to choose the FD option on the screen and continue. Next, the customer will have to enter their password. An OTP will be sent on the customer’s registered mobile number which they will have to enter and verify. The request for overdraft against a fixed deposit is instantly approved.

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PNB also launched a pre-qualified credit card facility that comes with features, including insurance coverage. This facility will be available to customers who hold their salary accounts with the bank. Customers will be able to apply through the mobile banking app PNB One, website or Internet Banking Service (IBS), PNB said in a statement. PNB will be offering this service under two platforms -- RuPay and Visa.

(Edited by : Sudarsanan Mani)