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  • PNB Gold Schemes

    Punjab National Bank offers special schemes for customers to invest or buy gold directly from the bank. PNB is one of the issuing banks for the Sovereign Gold Bonds scheme. The bonds are issued by the Reserve Bank of India (RBI) on behalf of the Government of India. The bonds are issued at designated banks, post offices and through agents. PNB also has loan against gold schemes that help customers secure a loan to meet financial needs for productive and nonproductive purposes.

    Sovereign Gold Bond 2015

    Sovereign Gold Bonds (SGBs) are an opportunity to invest in gold without holding physical gold. The SGBs are government securities issued by the Reserve Bank of India on behalf of the Government of India. These bonds come in denominations of grams of gold. Investors can purchase a bond by paying the issue price in cash. The bonds will be redeemed upon maturity in cash.

    Features

    • Bonds are available in denominations of 1 gram of gold and in multiples of 1 thereafter.
    • An investor must purchase at least 2 grams of gold.
    • The maximum subscription is limited to 500 grams per person in one fiscal year. In case of joint holders, this limit applies to the first applicant.
    • Nomination facility is available only to the first holder of the bond.
    • The price of the bonds are determined based on the previous week’s simple average closing price of gold of 999 purity as published by the Jewelers Association Ltd (IBJA) and the India Bullion. The bonds are fixed in Indian Rupees.
    • The issue price for this tranche of the bonds has been fixed at Rs.2,684.
    • Bonds carry a fixed interest rate of 2.75% p.a.on the initial investment.
    • Interest is paid in half yearly instalments. The last instalment shall be paid upon maturity along with the principal amount.
    • The application can be cancelled before the closure of the issue.
    • Investors will be issued a holding certificate. The certificate can be converted into a demat form.
    • The bond has an expiration date of 8 years from the date of issue.
    • The bonds can be redeemed prematurely on interest payment dates starting from the 5th year of the date of issue of the bonds.
    • Interest earned on the bonds is subject to tax as per the provisions of the Income Tax Act 1961 and capital gain tax.

    Benefits

    • The bonds can be used as collateral for loan applications. It is accepted by banks, Non-Banking Financial Companies (NBFC) and financial institutions.
    • The bonds can be transferred or gifted provided the person fulfils the eligibility criteria.
    • Tax is not deducted at source.

    Eligibility

    • Indian residents are eligible to apply.
    • Individuals, trusts, universities, charitable institutions and HUFs are eligible.
    • The bond can be held jointly.
    • Parents and legal guardians can apply on behalf of minors.
    • It is mandatory to provide bank account details to enable the payment of interest and the principal.

    Application and Issuance

    • Application forms are available at the issuing bank branches, designated post offices or agents. The form is also available online on the RBI website.
    • Applications for the SGBs will be accepted by all Punjab National Bank branches from 5th November 2015 to 20th November 2015. The closing date can be changed with prior notice from the Government.
    • The bonds will be issued by 26th November 2015.
    • Applicants must fill out Form A stating the grams of gold, their full name and address.
    • KYC documents are required. Applicants can submit any one of the following:
      • Passport
      • Aadhaar Card
      • PAN
      • TAN
      • Voter ID
    • The payment for the bonds can be paid via cash, cheque, ECS, or demand draft.

    Forms

    Form A - Application

    Form B - Acknowledgement receipt

    Form C - Holding certificate.

    Form D - Nomination

    Form E - Cancellation of Nomination

    Form F - Transfer

    Sovereign Gold Bond 2016

    The third tranche of SGBs was made available in the month of March for the year 2016. The bonds were issued by the Reserve Bank of India on behalf of the Government of India. The bonds can be traded on exchanges and the NDS-OM from a date which will be declared by RBI.

    Features

    • Bonds are available in denominations of 1 gram of gold and in multiples of 1 gram thereafter.
    • The price of the bonds are fixed in Indian Rupees. Prices of the bonds are determined based on the previous week’s simple average closing price of gold of 999 purity as published by the Jewelers Association Ltd (IBJA) and the India Bullion.
    • The issue price for the third tranche of the bonds was fixed at Rs.2,916 per gram.
    • Investors will be issued a holding certificate. The certificate can be converted into a demat form.
    • The bond has an expiration date of 8 years from the date of issue.
    • The bonds can be redeemed prematurely on interest payment dates starting from the 5th year of the date of issue of the bonds.
    • Interest is payable half yearly at the rate of 2.75% p.a. on the initial value of the investment.
    • Interest earned on the bonds is subject to tax as per the provisions of the Income Tax Act 1961 and capital gain tax.

    Benefits

    • The bonds can be used as collateral for loan applications. It is accepted by banks, Non-Banking Financial Companies (NBFC) and financial institutions.
    • The bonds can be transferred or gifted provided the person fulfils the eligibility criteria.
    • Tax is not deducted at source.
    • Nomination facility is available only to the first holder of the bond.
    • The bonds are eligible for Statutory Liquidity Ratio.
    • Commission for the distribution of bonds is payable at 1% of the subscription amount.

    Eligibility

    • Indian residents are eligible to apply.
    • Bonds are available to individuals, trusts, universities, charitable institutions and HUFs.
    • The bond can be held jointly.
    • Parents and legal guardians can apply on behalf of minors.
    • It is mandatory to provide bank account details to enable the payment of interest and the principal.
    • An investor must purchase at least 2 grams of gold.
    • The maximum subscription is limited to 500 grams per person in one fiscal year. In case of joint holders, this limit applies to the first applicant.

    Application and Issuance

    • Application forms are available the issuing bank branches, designated post offices or agents. The form is also available online on the RBI website.
    • Applications for the SGBs will be accepted by all Punjab National Bank branches from 8th March, 2016 to 14th March 2016. The closing date can be changed with prior notice from the Government.
    • Applicants must fill out Form A stating the grams of gold, their full name and address.
    • KYC documents are required. Applicants can submit any one of the following:
      • Passport
      • Aadhaar Card
      • PAN
      • TAN
      • Voter ID
    • The payment for the bonds can be paid via cash, cheque, ECS, or demand draft. Cash payment up to Rs.20,000 is accepted.

    Forms

    Form A - Application

    Form B - Acknowledgement receipt

    Form C - Holding certificate

    Form D - Nomination

    Form E - Cancellation of Nomination

    Form F - Transfer

    Advance Against Gold Jewellery, Ornaments and Gold Coins

    Punjab National Bank offers loans against gold for productive purposes that include agricultural activities. The loans are also sanctioned for non-productive purposes such as marriage expenses, educational costs, medicals and other unforeseen expenses.

    Features

    • The quantum of finance offered depends on the purpose of the loan.
      • For productive purposes, the quantum of finance offered depends on the requirement.
      • For loans sanctioned for non-productive purposes, the maximum loan quantum offered is Rs.10 lakhs.
    • Interest rates applicable on the loan depends on the purpose of the loan.
      • For non-productive purposes, the interest rate is the MCLR + 2.60% p.a.
      • For productive agricultural purposes, the interest rate is MCLR + 1.60% p.a.
      • For other productive purpose, the interest rate is the MCLR + 2.60% p.a.
    • A margin of 25% is required.
    • The security accepted includes gold jewellery and ornaments. Gold coins issued by any scheduled bank of Punjab National Bank is also accepted at the discretion of the bank. The weight of the coins should not exceed 50 grams per customer.
    • The repayment period offered is 12 equated monthly instalments or 4 quarterly installments.
    • For agricultural purposes, interest is recovered yearly or half-yearly instalments taking into consideration the crop harvest.
    • The loan can be prepaid without any extra charges.

    Fees and Charges

    Particulars Charge
    Interest Rate for non-productive purposes MCLR + 2.60% p.a.
    Interest Rate for agricultural purposes MCLR + 1.60% p.a.
    Interest Rate for other productive purposes MCLR + 2.60% p.a.
    Processing fee (upfront) 0.70% + service tax + education cess
    Documentation Charge Rs.270 + service tax for loans up to Rs.2 lakhs
    Rs.450 + service tax for loans above Rs.2 lakhs
    Prepayment Charge Nil

    Punjab National Bank Gold Coins

    Gold has proven to be a good and safe investment. The yellow metal is popular for its shine, glamour and malleability. Customers can purchase gold coins and ingots at select branches of Punjab National Bank. This opportunity to buy gold easily from the bank branch also guarantees purity.

    Features

    • The gold coins offered are manufactured in Switzerland by the PAMP Refinery.
    • Gold coins are 24 karat, 999.9% fine and have an Assay certification.
    • PNB offers gold coins in the denominations of 5 grams, 8 grams, 10 grams and 20 grams.
    • The coins are hallmarked and come with the PNB logo which signifies a banking relationship of trust with the customer.
    • The gold coins come in special tamper-proof packaging.

    Benefits

    • Gold coins are a good investment as the metal is highly valuable and in great demand.
    • These coins make an ideal corporate gift or can be given as a token of love.
    • You are assured of quality and purity when you purchase the coins from PNB.

    Punjab National Bank offers gold investment and loan options to customers. Customers can take advantage of the opportunities at select bank branches.

    Also Know About the other Gold Schemes by Banks

    Andhra Bank Gold Schemes Axis Bank Gold Schemes HDFC Gold Schemes
    ICICI Gold Schemes IDBI Bank Gold Schemes Indian Bank Gold Schemes
    SBI Gold Schemes

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    Gold Rate In States
    Bank Gold Schemes
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