PNB Issues Advisory on Mastercard Restrictions for Russian, Sanctioned Customers

The Punjab National Bank (PNB) has issued a customer advisory stating that the Mastercard network activity with Russia still remains suspended in accordance with the Global Mastercard network rules and international sanctions against Russia.

The bank said that all Mastercard activity, including financial transactions and services, continues to be blocked for sanctioned customers irrespective of their location. Restrictions cover authorisation, clearing, and other core systems within Mastercard's network. The curbs apply both to customers based in Russia and to sanctioned individuals or entities operating in other countries. Clearing and settlement activities linked to affected customers also remain prohibited.

Mastercard suspended its operations in Russia in 2022 following the imposition of international sanctions. Since then, cards issued by Russian banks on the Mastercard network have stopped functioning outside Russia, and foreign Mastercard cards have ceased to work within the country.

Lounge Access Withdrawn on Platinum Debit Cards

In a separate communication, PNB informed customers that complimentary airport lounge access on Mastercard Platinum Debit Cards has been discontinued with effect from June 1, 2026. Cardholders who previously used this facility will no longer be eligible for the benefit. The bank has advised customers to factor this into their travel planning.

Revised FD Rates From June

PNB has also revised the deposit rates on fixed deposits (FDs) below Rs 3 crore, applicable from June 1, 2026.

For general customers, the bank now offers a deposit rate of 3-6.60 per cent across tenures ranging from 7 days to 10 years. For senior citizens, the applicable rates are between 3.50 per cent and 7.10 per cent for the same tenures.

The highest rate of 6.60 per cent for general depositors and 7.10 per cent for senior citizens applies to deposits with a tenure of 444 days. For one-year deposits, general customers will earn 6.25 per cent, while senior citizens will receive 6.75 per cent.

The changes come as the bank continues to update customers on regulatory developments and modifications to its product offerings.