Last Updated on August 16, 2022 by
Being one of the most reliable nationalised banks of the country, Punjab national bank offers gold schemes through which its customers can make gold investments. These gold schemes offer peace of mind to its customers so you don’t have to constantly track things like today gold rate in Tripura or Rajasthan to see how your investments are performing. Visit this page for more info.
The bank offers 3 types of gold schemes, namely the PNB Swarna Sankalp Scheme, PNB Swarna Bima Gold Scheme and PNB Swarna Akshay Gold Scheme.
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PNB Swarna Sankalp Scheme:
The scheme is a regular savings plan wherein you can save the desired amount every month towards buying gold. Under this scheme, you can buy gold in the form of jewellery or coins. The minimum amount that you can deposit every month is Rs 1,000 and the maximum amount is Rs 20,000. So if you want to buy gold worth Rs 2 lakhs, then you need to deposit at least Rs 2,000 per month for 100 months.
You need to fill up an application form for enrolling under this scheme. The bank will issue a passbook for the account and also give you a debit card. The debit card can be used for depositing money under the scheme. You can withdraw cash from ATMs as well using the card.
The minimum period for which you need to make deposits is 36 months. That means till the complete tenure of 3 years, you cannot discontinue your investment in this scheme
PNB swarna bima gold scheme
Punjab National Bank offers a Swarna bima gold scheme for the term of 3 years. In this plan, the bank provides loans to customers against the gold available in their lockers maintained with the bank as security. This is a term deposit for 3 years and interest is calculated on a daily product basis.
To be eligible for this scheme you need to belong to one of the following groups:
- Salaried people, pensioners, professionals including doctors, engineers, Chartered Accountants, Architects, Company Secretaries etc., self-employed business persons and farmers.
- Resident individuals include co-operative societies and Hindu Undivided Families (HUFs).
- Non-individuals such as Clubs, Charitable Trusts, Public Trusts and Registered Societies including Housing Societies.
- Maximum age limit: 70 years (subject to review up to 80 years).
- Amount of loan: Gold jewellery pledged under the scheme should be worth at least Rs.10,000/- or preferably more in the case of salaried individuals/pensioners and Rs.50,000/- in the case of others.
Repayment period: 36 months.
PNB Swarna Akshay Gold Scheme
Punjab National Bank offers PNB Swarna Akshay Gold Scheme to its customers. According to the information available in the public domain, this plan is offered by PNB at a fixed rate of interest. The scheme offers a fixed rate of interest of 8.5% per annum on the amount deposited. The minimum amount that can be invested in this scheme is Rs 10,000 and the maximum amount is Rs 1 lakh.
Punjab National Bank Gold Coins
Customers can purchase gold coins and ingots at all branches of the Punjab National Bank throughout the country.
The following denominations of gold coins and ingots are available:
1. 5g and 10g Gold Coins (99% purity)
2. 24ct Gold Ingots (99% purity), in various sizes, from 1g to 100g each
Gold coins and ingots are issued to customers subject to prevailing market rates, after levying service charges or other charges as may be prescribed by the bank from time to time. To find the ideal time to invest in this scheme you should be aware of the current gold prices and you can find all about them with a simple Google search for gold rate today in West Bengal or for any other place.
Read More: Considering Punjab National Bank for a business loan? Must read this!
