Punjab National Bank (PNB), and Patanjali Ayurved Limited (PAL) have launched co-branded contactless 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.
The co-branded cards come with a host of attractive benefits and spend-based waivers for the customers, an official statement said.
Co-branded cards offer a hassle-free credit service to purchase day-to-day Patanjali products, along with cash backs, loyalty points, insurance cover, and more. The cardholders may enjoy suitable cashback @2 percent 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 lakhs 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 lakhs and Select Card Rs 50,000 to Rs 10 lakhs.
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 ₹ 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.
Acharya Balkrishna, Managing Director of Patanjali Ayurved Limited, said, “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.”
Yoga guru Swami Ramdev also said, “This initiative will enable a seamless and safe shopping experience for customers at large while purchasing Patanjali products.”
Praveena Rai, COO, NPCI said, “We are optimistic that this strategic collaboration will provide further impetus to RuPay’s growth journey in the credit cards segment.”
Atul Kumar Goel, MD and CEO of PNB, said “The collaboration is expected to extend optimized benefits for customers and the public at large. The offerings are customized and personalized for affluent and mass segments.”