Punjab National Bank (PNB) is a prominent bank in India that offers advanced banking solutions to all individuals. The bank offers a wide range of products and services such as loans, cards, deposits, insurance, agricultural banking products, etc. The bank has extensive e-services for different requirements. The PNB e-services are user-friendly and self-explanatory.
Under these e-services, there is a platform known as Unified Payments Interface (UPI). Here, you can consolidate all your bank accounts together and make the necessary transactions. You can also transfer funds with UPI to another party with a payment identifier such as account number, virtual address, or IFSC. For this, you will need a smartphone.
Features and Benefits of PNB UPI
Let us take a look at the features and benefits of PNB UPI:
- You need only this single app which is available on Android to make money transfers with any other bank that is a part of the UPI platform.
- You can collect money with this facility conveniently.
- The PNB UPI facility works every day including holidays. It is a 24-hour system.
- You will not have to pay any transaction charge for transferring funds through this option.
- UPI has a virtual payment address for which you do not need to use your IFSC code and account number. It also does not have any security threat. You can remember it very easily.
- The best thing about PNB UPI app is that you can utilise it even if you are not a PNB customer. You only need to include the accounts that you have with other banks that are a part of UPI.
- There is no waiting period for the activation of a new payee under UPI. You can make the fund transfer immediately when you choose UPI.
- You will receive a notification right after the transfer through an SMS and the UPI app.
- The verification of the payee is very quick on UPI.
Requirements for Utilising PNB UPI
Let us take a look at the requirements that need to be met for using PNB UPI:
- You will need an Android phone with Wi-Fi or mobile internet services.
- You should have an operative account with any bank that is a part of UPI.
- You should have a debit card that is associated with this bank account for making a UPI PIN to perform transactions.
- You should have a mobile number to enrol for the UPI service that should be connected to your PNB savings bank account.
How to Register for PNB UPI
Let us take a look at the steps that need to be followed while registering for PNB UPI:
- You first have to download the PNB UPI app on your mobile phone by going to Google Play Store.
- Next, you need to tap ‘Click Me’ for verifying your mobile number. For the verification process, a mobile number will be sent from your registered mobile number.
- Once your registered mobile number is verified, you will get the new registration screen. Here, you will have to fill the relevant information.
- Next, you have to make a password with 6 digits in order to login to the app.
- After you register here, you will go to the Dashboard of this app.
- Following this, you will have to create a PIN with 6 digits and then use it for all transactions.
- Next, you have to add Virtual Address, which is an exclusive identifying feature. This is required for transferring money with UPI. It will be related to a bank account. It should have at least 3 characters and can be alphanumeric. It is case-sensitive. You can make several virtual addresses for different bank accounts. You can also fix amount limit and frequency of usage for each virtual address and edit them later if required.
The PNB UPI app not only enables you to transfer funds to others, but also allows you to accept funds from others. For this, you will need to select the ‘Collect’ option on the homepage of the app.
Whether you have a PNB account or not, you can check out this neat and advanced banking app for a smooth experience with fund transfers.