Punjab National Bank (PNB) has shared a special information on the social media platform X for some of its customers who have invested in Sovereign Gold Bonds (SGB) and RBI bonds. According to this, if the bank’s customers who have invested in these bonds have not received interest and their bonds have matured or are about to mature, then they will have to go to their branch and verify their bank account within 5 days.
Punjab National Bank (PNB) has shared a special information on the social media platform X for some of its customers who have invested in Sovereign Gold Bonds (SGB) and RBI bonds. According to this, if the bank’s customers who have invested in these bonds have not received interest and their bonds have matured or are about to mature, then they will have to go to their branch and verify their bank account within 5 days.
What should PNB’s Sovereign Gold Bond investors know?
The bank says that the bank will not be responsible for the delay in case of wrong account number or account closure. Apart from this, if no claim has been made on interest or principal for more than 6 years, then the customers will have to follow the guidelines of the Reserve Bank. According to the guidelines of the Reserve Bank, ‘If the interest / redemption amount is not claimed within 30 days of the stipulated amount, the listed entity will transfer it to the escrow account within 7 days after the expiry of 30 days. If the remaining amount is not claimed even after 7 years, the Treasury Department will transfer this amount along with interest to IPEF.’
Investors are also advised not to close their operative account until redemption. If they close the concerned account for any reason, then provide another account number before closing it. In the absence of a second account number, the redemption and interest amount will not be credited to the account.
What is Sovereign Gold Bond (SGB)?
Sovereign Gold Bonds are government securities and are valued based on gold prices. These bonds are an alternative to physical gold. Investors have to pay the issue price in cash and the bonds will be redeemed in cash after maturity. These bonds are issued by the Reserve Bank.
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