PNB Alert: Why Sovereign Gold Bond Holders Must Visit Their Branch Now
If you hold Sovereign Gold Bonds (SGB) through Punjab National Bank (PNB), you should check your bank records immediately. PNB recently issued an urgent request for all bondholders to visit their home branches to verify their account details. This update is particularly critical if you have stopped receiving your half-yearly interest or if your bonds […] The post PNB Alert: Why Sovereign Gold Bond Holders Must Visit Their Branch Now first appeared on Business League.
If you hold Sovereign Gold Bonds (SGB) through Punjab National Bank (PNB), you should check your bank records immediately. PNB recently issued an urgent request for all bondholders to visit their home branches to verify their account details. This update is particularly critical if you have stopped receiving your half-yearly interest or if your bonds are nearing their final maturity date in 2026.
The Risk of Wrong Account Details
The bank has made it clear that they will not take responsibility for payment failures caused by incorrect data. If you have changed your bank account or closed the one originally linked to your bonds, your money will simply bounce.
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Avoid Delays: Incorrect account numbers are the leading cause of “unclaimed” bond interest.
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Don’t Close Accounts Early: PNB advises you to keep your operative account active until you receive the final redemption amount.
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Update Before Closing: If you absolutely must close your account, you must provide the bank with your new account details before they process the closure.
What Happens to Unclaimed Money?
If your interest or principal goes unclaimed for more than six years, the situation becomes much more complex. According to RBI guidelines, banks must eventually transfer these “dormant” funds to the Depositor Education and Awareness (DEA) Fund. Once that happens, reclaiming your money requires a lengthy verification process involving the RBI’s UDGAM portal. By verifying your PNB account now, you can skip this bureaucratic headache entirely.
How to Verify Your Account
You cannot complete this process online. To ensure your 2026 payments arrive on time, follow these steps:
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Locate Your Original Certificate: Bring your physical SGB Holding Certificate to the bank.
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Carry Your ID: Have your PAN card and Aadhaar ready for KYC verification.
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Check the Passbook: Ensure the account number on the bank’s “SGB portal” matches your current active passbook.
The bank is prioritizing these walk-ins to clear the backlog of pending interest payments before the heavy redemption season starts in February.
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The post PNB Alert: Why Sovereign Gold Bond Holders Must Visit Their Branch Now first appeared on Business League.
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