To guarantee prompt payment of principal and interest, Punjab National Bank (PNB) asks all investors in Sovereign Gold Bonds (SGB) and RBI Bonds, particularly those holding mature or soon-to-mature bonds, to confirm their bank account information as soon as possible. Delays could occur if your account is closed or inaccurate.
To prevent problems with crediting redemption and interest amounts, PNB advises against closing your operational account before redemption; if this is required, please supply alternative account information.
PNB posted this important announcement on the bank’s official X handle.
All Sovereign Gold Bond (SGB)/RBI Bond Investors of PNB, particularly those whose interest is not being paid and whose bond is already matured or going to mature, are requested to visit their branch and verify the bank account on priority.
In case of wrong account number or closed account number, bank will not be liable for any delay. In case of unclaimed interest or principal more than 6 years, customer has to follow RBI guidelines as mentioned on RBI/Bank Website.
Further, it is requested not to close their operative accounts till redemption. In case of urgency for closure of operative account, please provide alternate account details before proceeding for operative account closure failing which redemption and interest amount will not be credited.
What are Sovereign Gold Bonds (SGBs)?
The Reserve Bank of India issues Sovereign Gold Bonds on behalf of the Indian government. The basic unit of these bonds is one gram of gold, and the lowest investment allowed is also one gram. These bonds are offered in multiples of grams of gold. An annual interest rate of 2.50% is paid to investors in sovereign gold bonds. The interest is credited semi-annually to the bank account of the investor and the last interest is paid on maturity along with the principal.These bonds have an eight-year maturity period; after the fifth year, there is an option to sell.
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