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PNB Introduces WhatsApp Banking; Know How to Activate

by Rishilka Choudhury

Date & Time: Oct 06, 2022 7:00 AM

Read Time: 1 minute

State-owned Punjab National Bank (PNB) on October 3 said it has introduced banking services through WhatsApp for both customers and non-customers.

How to Activate WhatsApp Banking?

Customers can activate the banking service on WhatsApp by sending a message to +919264092640 on WhatsApp, according to the state-owned lender.

Non-financial services, such as balance inquiry, last five transactions, stop cheque, and request cheque book, are available to account holders via the WhatsApp banking service, according to the company.

At the moment, Punjab National Bank (PNB) will provide non-financial services to its account holders via WhatsApp banking, such as balance inquiry, last five transactions, stop cheque, and request cheque book.

Other informative services offered to both account holders and non-account holders include online account opening, enquire bank deposit/loan products, digital products, NRI services, locate branch/ATM, and opt-in/opt-out options.

The WhatsApp banking service will be available 24×7, including holidays, on both Android and iOS mobile phones.

PNB Increases Home Loan Rates

Recently, PNB has hiked the interest rate on home loans. The bank has hiked the repo-linked lending rate (RLLR) by 50 basis points (100 bps = 1%) from 7.70% to 8.40%.

Along with this, the bank has also hiked the marginal cost of funds lending rate (MCLR) by 0.05% on all tenures. The bank has announced a hike in base rate by 5 bps. “The Base rate has been revised from 8.75% to 8.80% w.e.f. 01-10-2022,” said the bank’s website.

The increase in interest rates, which are typically charged on home loans, comes after the Reserve Bank of India (RBI) raised the key policy rate for the fourth time since May 2022.

Currently, all home loans made by banks are linked to an external benchmarking lending rate (RLLR). With the recent 50-bps increase in RLLR, here is an example of how your EMI outgo is likely to be affected.

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