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We discover a deep connection between parity-time (PT) symmetric optical systems and quantum transport in one-dimensional fermionic chains in a two-terminal open system setting. The spectrum of one dimensional tight-binding chain with periodic on-site potential can be obtained by casting the problem in terms of $2 \times 2$ transfer matrices. We find that these non-Hermitian matrices have a symmetry exactly analogous to the PT-symmetry of balanced-gain-loss optical systems, and hence show analogous transitions across exceptional points. We show that the exceptional points of the transfer matrix of a unit cell correspond to the band edges of the spectrum. When connected to two zero temperature baths at two ends, this consequently leads to subdiffusive scaling of conductance with system size, with an exponent $2$, if the chemical potential of the baths are equal to the band edges. We further demonstrate the existence of a dissipative quantum phase transition as the chemical potential is tuned across any band edge. Remarkably, this feature is analogous to transition across a mobility edge in quasiperiodic systems. This behavior is universal, irrespective of the details of the periodic potential and the number of bands of the underlying lattice. It, however, has no analog in absence of the baths.