PNB introduces WhatsApp Banking for customers and non-customers; Know how to activate

Bank WhatsApp PNB: The state-owned Punjab National Bank (PNB) announced on Monday that it has introduced WhatsApp banking services for customers and non-customers.

How to activate WhatsApp Banking?

Customers can activate the banking facility on WhatsApp by texting hi/hello to the number +919264092640 on WhatsApp, the public lender said in a statement.

Non-financial services such as balance inquiry, last five transactions, check stop, check book inquiry to its account holders can be used through WhatsApp banking service, he said.

At present, Punjab National Bank (PNB) would offer non-financial services such as balance inquiry, last five transactions, check stop, check book inquiry to its account holders through WhatsApp banking service .

Other informative services that would be provided to both account holders and non-account holders include online account opening, bank deposit/loan product applications, digital products, NRI services, branch/ATM location, opt-in and opt-out options, he said.

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

PNB raises mortgage rates

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

Along with this, the bank has also increased the marginal cost of funds lending rate (MCLR) by 0.05% across all mandates. The bank announced a 5 basis point hike in the key rate. “The base rate was revised from 8.75% to 8.80% wef 01-10-2022,” the bank’s website said.

The hike in interest rates, typically charged on a home loan, came after the Reserve Bank of India (RBI) raised its key rate for the fourth time since May 2022.

All home loans disbursed by banks are currently linked to an external benchmark lending rate (RLLR). With the latest increase in RLLR of 50 bps, here is an example showing the likely impact to your EMI output.

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