PNB Gold Loan & Schemes

Punjab National Bank Gold Scheme

✓ Gold Loan up to 2 Cr ✓ Interest Rate Starting @ 10% ✓ Highest Gold Loan / Gram

 The Punjab National Bank, commonly abbreviated to PNB, proudly wears the tag of India’s first Swadeshi bank. This Public Service Undertaking (PSU) has had a long and interesting history, ever since it commenced operations in 1895.

 

Along with this, the bank’s range of products and services have also grown over the years. Today, PNB offers a variety of financial products ranging from deposits and loans to insurance and mutual funds. In fact, the PNB gold loan is a popular financial service that people looking for emergency funds often rely on.

Punjab National Bank Gold Scheme

If you are looking for a convenient gold scheme in India, the PNB gold scheme is something that may meet your requirements. This bank allows you to avail a loan against your gold jewelry, so you can take care of any urgent or unexpected financial needs. In addition to this, there is also the PNB sovereign gold bond scheme that you can look into if you are interested in investing in gold.

Sovereign Gold Bond 2015 & 2016

Sovereign Gold Bonds (SGBs) are essentially securities issued by the Reserve Bank of India (RBI) on behalf of the government of India. They allow you to invest in gold without holding the yellow metal in physical form, thereby increasing the safety involved. SGBs are issued in multiples of one gram of gold. Once the maturity period is complete, you can redeem the amount accumulated in the form of cash. And if you are interested in investing in the Sovereign Gold Bond, PNB offers you this option.

Features of Sovereign Gold Bond 2015 & 2016

If you want in a PNB gold scheme, and if you have selected SGBs as your investment of choice, it is important to know the key features of Sovereign Gold Bonds before you go ahead and invest in them. Here are the key features of PNB Sovereign Gold Bonds.

  • Sovereign Gold Bonds are issued in denominations of 1 gram of gold.

  • If you want to make additional investments, those too will be in multiples of 1 gram of gold.

  • The minimum limit for purchase of SGBs is one gram.

  • The maximum limit in each fiscal year is 4 kg for individuals and HUFs and 2 kg for other entities.

  • If SGBs are held jointly, the limits mentioned above will apply with regard to the first applicant.

  • The ceiling limit includes SGBs subscribed during their initial issuance as well as SGBs purchased in the secondary market.

  • For these gold bonds, the nominal value is determined as the simple average of the closing price of gold of 99 purity over the last 3 working days. This data is taken from the details that the India Bullion and Jewellers Association Limited publishes.

  • For investors who apply online, the issue price is Rs. 50 less than the nominal value as determined above.

  • The tenure of these bonds is 8 years.

  • Premature redemption is allowed after the fifth year from the date of issue.

Benefits of Sovereign Gold Bond 2015 & 2016

The PNB Sovereign Gold Bond scheme offers several advantages to investors. Here are the top benefits that you can enjoy by investing in these securities.

  • SGBs offer interest on the investment amount at the rate of 2.5% per annum on the nominal value.

  • These bonds eliminate the risk associated with handling physical gold.

  • They also come with the sovereign guarantee, meaning the risk of default is practically zero, making them among the safest investment options available.

  • Your SGBs can be used as a collateral in case you need to avail a loan later in life.

Eligibility for Investing in Sovereign Gold Bond 2015 & 2016

There are some eligibility criteria involved here too. Knowing these criteria can help you determine if you are eligible to invest in PNB Sovereign Gold Bonds, so you can create your investment strategy accordingly.

  • Individuals who are residents in India can apply for these Sovereign Gold Bonds.

  • Charitable institutions, HUFs, trusts and universities can also apply.

  • An individual can also apply for SGBs on behalf of a minor child in case they are the guardian or parent of that child.

  • SGBs can also be held jointly by more than one individual.

Application and Issuance

If you want to apply for SGBs, you can do so through the branches of the issuing banks, post offices or through the relevant agents. This means you can apply for PNB Sovereign Gold Bonds easily if you want to invest in gold. Here are the other important things you need to know about the application and issuance of the SGBs.

  • To apply for the PNB Sovereign Gold Bonds, you need to submit any of the following documents.

    - PAN

    - Aadhaar card

    - Passport

    - Voter ID

    - TAN

  • You can make the payment for these gold bonds in the form of cash (up to Rs. 20,000), demand draft, cheque, or through internet banking.

  • The date of subscription and the date of issuance varies for the SGBs based on the series they belong to, as follows.

SGBs

Date Of Subscription

Date Of Issuance

2021-22 Series I

May 17 to 21, 2021

May 25, 2021

2021-22 Series II

May 24 to 28, 2021

June 01, 2021

2021-22 Series III

May 31 to June 04, 2021

June 08, 2021

2021-22 Series IV

July 12 to 16, 2021

July 20, 2021

2021-22 Series V

August 09 to 13, 2021

August 17, 2021

2021-22 Series VI

August 30 to September 03, 2021

September 07, 2021

 Forms

The following forms are relevant if you want to apply for or hold SGBs through Punjab National Bank.

  • Form A - Application of SGBs

  • Form B - Acknowledgement receipt for the application

  • Form C - Holding certificate for the SGBs issued

  • Form D - Making a nomination

  • Form E - Cancellation of nomination made

  • Form F - Transfer of gold bonds

PNB Gold Scheme: Gold Coins

Apart from PNB gold bonds, another way in which you can invest in gold is through gold coins, which are also among the many PNB gold schemes available in the market today. Check out the main features of PNB gold coins.

  • You can buy PNB gold coins in denominations of 5 grams, 8 grams, 10 grams or 20 grams of gold.

  • They come with a purity of 24 karat and carry the Assay certification.

  • These gold coins are of the highest quality.

Benefits of PNB Gold Scheme: Gold Coins

Investing in the gold coins offered by PNB comes with many benefits. Here are the top advantages.

  • They make for ideal investment options if you are looking to invest in physical gold.

  • There are no making charges or wastage involved.

  • PNB gold coins also make for a good gifting option.

Features of the Jewel Loan Scheme

If you are looking for a PNB gold loan to meet any emergency fund requirements, the ‘Advance Against Gold Jewellery/Ornaments’, which is a jewel loan scheme from the bank, can help you out. Here are the main features of the PNB bank gold loan that you should be aware of.

  • The minimum amount of loan in the PNB gold loan scheme ‘Advance Against Gold Jewellery/Ornaments’ is Rs. 25,000.

  • The maximum amount of loan you can avail is Rs. 10 lakhs.

  • The security that you will have to offer include gold jewelry and ornaments.

  • The PNB gold loan interest rate for advance against gold jewelry depends on whether you take a term loan or use the overdraft facility.

  • The PNB bank gold loan interest rate on a term loan in this category is repo linked lending rate (RLLR) plus BSP plus 1.95%.

  • The PNB bank gold loan interest rate on an overdraft facility in this category is repo linked lending rate (RLLR) plus BSP plus 2.20%.

FAQs

  • ✔️Which form should I use to apply for Sovereign Gold Bonds (SGBs) through PNB?

     To apply for PNB gold bonds, you need to use Form A for the application process.

  • ✔️What is the rate of interest on SGBs?

     The interest on PNB gold bonds is offered at 2.50% per annum on the nominal value of the bonds.

  • ✔️What gold schemes does PNB offer?

     PNB offers many gold schemes for people interested in investing in gold. You can invest in gold coins and Sovereign Gold Bonds. You can also avail an advance against any gold jewelry you have in your possession.

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