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Punjab National Bank’s gold schemes serve as a convenient and reliable investment in gold. The bank offers special gold schemes that are designed to generate healthy returns on gold. Investors can buy the yellow metal from the bank directly. PNB is one of the banks that have been authorized to issue Sovereign Gold Bond scheme. The gold scheme bonds are issued by the Reserve Bank of India (RBI) on behalf of the Government of India. PNB gold scheme bonds are issued at specific branches of the bank, post offices and through agents. PNB also specializes in offering loan against gold schemes that customized to enable investors to opt for a loan to meet their unique financial objectives.
Let’s have a look at the PNB gold schemes:
Sovereign Gold Bonds (SGBs) introduced by Punjab National Bank in the year 2015 enables investors to invest in the yellow metal without holding physical gold. These bonds can be bought in the denominations of grams of gold on cash payment. The returns, that is, the accumulated amount and the interest accrued can be redeemed in the form of cash after the completion of the maturity tenure.
Gold coins and ingots available at selective branches of Punjab National Bank acts as an effective gold investment.
Advance against Gold Jewellery, Ornaments and Gold Coins
Punjab National Bank offers tailor-made loan schemes against gold for productive purposes like agricultural activities. There are also loans customized for non-productive purposes like expenditures required for education, marriage, health and medical needs and other unforeseen expenses.
The following documents are accepted as proofs of identity while applying for a PNB loan. The original as well as the photocopy has to be presented at the time of loan application.
Any one of the above, original and its photocopy, can be presented at the time of applying for a PNB gold scheme.
Can I apply for a gold loan from Punjab National Bank online?
No, Punjab National Bank does not enable online applications for gold loan. However, installment payments can be done through the online medium.
What are the documents required for being eligible for purchasing PNB gold schemes?
The necessary KYC or Know Your Customer documents that are accepted as proofs of identity are:
What are the payment options for PNB gold schemes?
Punjab National Bank offers online as well as offline options for payment of installments. The offline options are cash, cheque and demand draft, while online payment option is by ECS.
What are the purposes of the various forms available for PNB Sovereign Gold Bond 2015?
Here’s the list for the different types of forms for PNB Sovereign Gold Bond along with their purposes:
Form A - Application
Form B – Receipt of acknowledgement
Form C - Holding certificate
Form D - Nomination
Form E - Cancellation of Nomination
Form F - Transfer