NEW DELHI, JANUARY 31, 2022
Punjab National Bank (PNB) and Patanjali Ayurved Limited (PAL) have launched co-branded credit cards in partnership with the National Payments Corporation of India (NPCI). The co-branded credit cards are offered on NCPI’s RuPay Platform and are available in two variants – PNB RuPay Platinum and PNB RuPay Select.
Starting the New Year on a positive note, both the co-branded cards come with a host of attractive benefits and spend-based waivers for the customers. They offer a hassle-free credit service to purchase day-to-day Patanjali products, along with cash backs, loyalty points, insurance cover and more. For three months from the card launch, the cardholders may enjoy suitable cashback @2% for transactions over and above Rs 2500, subject to a ceiling of Rs 50 per transaction at Patanjali Stores.
PNB RuPay Platinum and PNB RuPay Select cardholders will receive a welcome bonus of 300 reward points on activation. Additionally, the customers will get complimentary domestic and international airport lounge access, PNB Genie Mobile Application for card management, add-on card facility, lucrative reward points on spends, along with cash advance/revolve, EMI and auto-debit facilities.
Platinum and Select cards come with attractive insurance cover of Rs 2 lakh and Rs 10 lakhs respectively for Accidental Death and Personal Total Disability. Platinum Card offers a credit limit of Rs 25,000 to Rs 5 lakh and Select Card Rs 50,000 to Rs 10 lakh.
The Platinum version comes with a zero joining fee and an annual fee of Rs 500, while the Select version offers a low joining fee of Rs 500 and an annual fee of Rs 750. The annual fees will be waived off in case of the card is used at least once in each quarter in the preceding year.
“The synergies of this partnership will help accelerate the adoption of digital payments, especially amongst users in deeper tier-2 and tier-3 markets. Other than the attractive benefits, the most important feature is the interest-free purchases of Patanjali products for 20-50 days,” said Acharya Balkrishna, Managing Director of Patanjali Ayurved Limited.
Atul Kumar Goel, who will be the new MD and CEO of PNB from February 1, said ”It gives us an immense pleasure to announce the launch of PNB Patanjali cobranded credit card on Rupay platform. The collaboration is expected to extend optimized benefits for customers and public at large. The offerings are customized and personalized for affluent and mass segments. The benefits under co branding arrangement enriched with lucrative value propositions are one of the industry best aesthetically designed variants. We look forward to have a delightful experience for our customers with this collaboration on board.”
Praveena Rai, COO of NPCI, said, ” We are pleased to associate with Punjab National Bank and Patanjali Ayurved for the launch of co-branded RuPay contactless credit cards. We believe these cards will provide a unique and memorable shopping experience for millions of PNB and Patanjali customers as it caters to their healthy lifestyle needs. Being a modern, contemporary, youthful and differentiated brand, Rupay endeavours to create innovative offerings for seamless payment solutions for our customers as a way of life. We at NPCI are constantly working towards making digital payments easier and safer for customers with RuPay. We are optimistic that this strategic collaboration will provide further impetus to RuPay’s growth journey in the credit cards segment.”