PNB celebrates its 113th Foundation Day

On the auspicious day of Baisakhi, Punjab National Bank celebrated its 113th foundation day having established in 1895 at Lahore. With the changing scenario it has become Bank’s endeavor to step forward through new avenues / initiatives besides existing ones. In this regard Bank envisaged the following new forays on the eve of Bank’s Foundation Day:

‘PNB BAGHBAN’ FOR SENIOR CITIZENS UNDER “REVERSE MORTGAGE” CONCEPT:

Shri P. Chidambaram, Hon. Finance Minister, in his Budget Speech, made a reference in respect of this novel product for senior citizens. Now, PNB becomes the first Bank to disburse loans under the Scheme to 11 eligible senior citizens today, on the eve of Bank’s Foundation Day.

As per the Scheme a senior citizen of 60 years or more, who owns a house with clear title, free from any encumbrances, is eligible for loan. The Bank will extend the loan in the shape of monthly installments during loan tenor of 15-20 years or till the death of the last surviving spouse, whichever is earlier. The monthly loan amount shall be paid on “Reverse Annuity ” basis.

Since Reverse Mortgage concept is looked upon as a social security measure and not just a loan product, the Bank has pegged the interest at very attractive rate, i.e.. 10% (fixed).

WEALTH MANAGEMENT SERVICES

In the present scenario, investors are looking for higher Returns and proper management of their disposable funds. Wealth Management Services is the process of meeting an individual’s life goals through the proper management of his finances. It is with this perspective bank has launched wealth management services on the 113th foundation day of the Bank

Further to provide the multiple preferences, augment the compass of On-line trading and comfort to the customers, Shri S.C. Gupta, Chairman & Managing Director, Punjab National Bank has also launched the on line Securities Trading facility in association with Moti Lal Oswal Securities Ltd.

Shri U.S Bhargava, Chief General Manager, of Punjab National Bank today signed Memorandum of Understanding with Shri Hitungshu Debnath Director, Retail Business in respect of strategic alliance for such facility.

FLOATING RATE FIXED DEPOSIT SCHEME

Fixed deposit rates steadily inching up, investors are rushing to close their old fixed Deposits and make new ones to avail higher rate of interest facility. This may not be easy all the time. In continuation of its tradition of providing investment convenience for its customers, who wish to go along with the changes in the financial sector, Punjab National bank has come out with a unique product “PNB FLOATING RATE FIXED DEPOSIT SCHEME” which is first of its type to be offered by any bank in Indian Banking Industry. Under this scheme, the rate of interest payable on the fixed deposit will automatically change with the changes in fixed Deposit Card Rates made available by the Bank from time to time. The changes in rate of interest will be made applicable, automatically without presentation of the fixed deposit receipt by the depositors.

OPENING OF 113 OUTLETS

To offer the services at the door step of the customers and with this objective in view the bank opened additional 113 outlets on this esteemed day.

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