Loans to individuals for productive and consumption purposes against the security of gold jewellery/ornaments and gold coins (issued by Scheduled Commercial Banks/MMTC).
Eligibility
Credit facilities shall be granted to fully KYC compliant customers.
Advance against the security of gold coins per customer is restricted to gold coins weighing up to 50 grams only.
Loan is not to be granted for speculative purposes. No loan is to be sanctioned against bullion, primary/smuggled gold and against re-pledge of gold.
Nature of Credit facility
1) Demand Loan 2) Term Loan 3) Overdraft
Quantum of Finance
Minimum: Rs 10000.00
Maximum: Rs 50.00 Lakh
Scale of Finance
75/65% of value of gold ornaments/jewellery arrived at the rate per gram of gold notified by the Bank on daily basis or 75/65% of Appraised value of the gold ornaments/jewellery arrived at by the appraiser, whichever is lower.
Repayment
Maximum repayment period
Overdraft facility-up to 12 months
Bullet payment/Installment (Quarterly/Half Yearly)-up to 12 months
EMI option-up to 36 months.
Term Loan facilities shall be repayable in equated installments (monthly/quarterly /HY/Yearly) or on maturity of loan in lumpsum and Overdraft facilities on demand not later than maturity period
Term Loan with EMI – Maximum upto 36 months.
Processing charges:
Loan/Limits up to Rs. 2.00 lakh : 500/-
Loan/Limits above Rs. 2.00 lakh : 0.50% subject to a maximum of Rs.10000/-
Documentation Charges :
Loan/Limits up to Rs. 2.00 lakh : NIL
Loan/Limits above Rs.2.00 lakh and up to 50 lakh: Rs.100 per lakh subject to max of Rs.2000/-
Methodology adopted by bank for determination of net weight of gold and price used to value the gold contents of the eligible collateral for determination of LTV ratio:
Gross weight of Jewellery in grams.
Weight of stones, wax & other metals in Jewellery in gram.
Net weight of gold excluding stones, wax, metals etc in Jewellery in grams (A-B)
Prevailing market price of per gram gold (22 carat).
Value of the gold as per the prevailing market price. F= C x E
Loan amount as per value of gold (75%/65% of F)
Loan amount as per the Scale of Finance fixed by the bank
[Scale of finance per gram (G) x Net Weight of Gold (C)]
Eligible Loan Amount: (F) or (H) whichever is lower
Price of Gold shall be circulated every day keeping in view average of the closing price of gold for the preceding 30 days as quoted by Indian Bullion and Jewellery Association (IBJA).In case a particular day happens to be a holiday at New Delhi or Gold Market, the rate quoted on the previous day shall be valid.
Scale of finance will be determined based on 75%65% value of gold ornaments/jewellery arrived at the rate per gram of gold notified by the Bank on daily basis or 75%/65%Appraised value of the gold ornaments/jewellery arrived at by the appraiser, whichever is lower.
Branches shall get the purity of ornaments checked by any of the following method-Touchstone Test/Nitric Acid Test.
KRISHI SWARNA KANTI
Purpose
To meet Working Capital requirements (including crop cultivation expenses) for Agriculture, Allied Activities viz., dairy, fishery, animal husbandry, poultry, bee-keeping and sericulture and Agro Processing, Repayment of debt taken from Non-Institutional Lenders for Agriculture.
To meet term loan requirements for capital expenditure.
Note: Loan is not to be granted for speculative purposes.
Purpose & genuineness of the credit is to be ascertained.
Farmers –engaged in Agriculture Allied Activities.
Distressed farmers indebted to Non-Institutional lenders.
Food & Agro Processing units
Other entities eligible to be classified under Agriculture as per RBI Guidelines.
Nature of Credit facility
1) working capital 2) Term Loan
Quantum of Finance
Minimum: Rs 10000.00
Maximum: Rs 50.00 Lakh
Valuation of Gold
Price of Gold shall be circulated by HO Retail Lending Deptt every day keeping in view average of the closing price of gold for the preceding 30 days as quoted by Indian Bullion and Jewellery Association (IBJA). In case a particular day happens to be holiday at New Delhi or Gold Market, the rate quoted on the previous day is valid.
In case a particular day happens to be holiday at New Delhi or Gold Market, the rate quoted on the previous day is valid.
Scale of Finance
Maximum up to 75%/85% of the market value of the gold as case may be
Repayment
Keeping in view seasonality of the crop/type of agriculture activity, the account to be adjusted within a maximum period of 12 months or as and when demanded
A. Term Loan
OR
OR
Equated Monthly/Quarterly/Half yearly/ yearly installments coinciding with the harvesting of crops/type of activity.
nterest is to be charged and recovered at Monthly/Quarterly/Half yearly/ yearly intervals coinciding with the harvesting of crops/type of activity or along with Bullet Payment of Principal
Repayment through Bullet Payment i.e. payment of interest and principal by way of Bullet Payment.
B. Working Capital Facility
Interest is to be charged and recovered at Monthly/ Half yearly intervals coinciding with the harvesting of crops/type of allied activity.
Account to be renewed annually. However, loan should be adjusted within 12 month
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A New Internet Banking and Mobile Banking Solution - PSB UnIC for Retail Customers including NRE/NRO and PSB UnIC Biz for Sole Proprietor customers and Corporate Customers has been rolled out successfully by the Bank bringing UPI, IMPS, NEFT, RTGS and many more banking services under one platform.
Please note that our customers have already been notified that the old Internet Banking Portal of the Bank will be pulled down by 28.02.2022. The Funds Transfer services were blocked for Retail Internet Banking Customers since 09.01.2022. However, our old Internet Banking Portal was running parallelly for the last few days for the benefit of old Retail and Corporate Internet Banking Customers. It has now been decided that the Old Internet Banking will be pulled down on midnight of 21.03.2022. Bill Payments and Tax Payments ( OLTAS and GST) can be done through PSB UnIC digital platform. Bill Payment services are moved to PSB UnIC from 16.03.2022 onwards and the OLTAS functionality will be live from 18.03.2022 through PSB UnIC.
Our existing old Internet Banking customers ( Retail and Sole Propriership) who are yet to register in PSB UnIC are requested to make a onetime registration by visiting our website: https://punjabandsindbank.co.in and by clicking on PSB UnIC and choosing appropriate Option as follows:
And submit the duly signed application form along with required documents Viz. Board Resolution / Partnership Letter with Deed / Trust, Society, Club Resolution Letter/ HUF Letter etc. and also the KYC documents of the Authorised Users immediately to the parent Branch.
These corporate customers will be sent a registration kit through email after submission of the above documents. By Using the credentials in the mail, the corporate customers are requested to register by following the instructions contained in the email and start availing the benefit of PSB UnIC Biz services.
General Manager-IT,
Punjab & Sind Bank
Internet Banking
Dear customers,
A New Internet Banking and Mobile Banking Solution - PSB UnIC for Retail Customers including NRE/NRO and PSB UnIC Biz for Sole Proprietor customers and Corporate Customers has been rolled out successfully by the Bank bringing UPI, IMPS, NEFT, RTGS and many more banking services under one platform.
Please note that our customers have already been notified that the old Internet Banking Portal of the Bank will be pulled down by 28.02.2022. The Funds Transfer services were blocked for Retail Internet Banking Customers since 09.01.2022. However, our old Internet Banking Portal was running parallelly for the last few days for the benefit of old Retail and Corporate Internet Banking Customers. It has now been decided that the Old Internet Banking will be pulled down on midnight of 21.03.2022. Bill Payments and Tax Payments ( OLTAS and GST) can be done through PSB UnIC digital platform. Bill Payment services are moved to PSB UnIC from 16.03.2022 onwards and the OLTAS functionality will be live from 18.03.2022 through PSB UnIC.
Our existing old Internet Banking customers ( Retail and Sole Propriership) who are yet to register in PSB UnIC are requested to make a onetime registration by visiting our website: https://punjabandsindbank.co.in and by clicking on PSB UnIC and choosing appropriate Option as follows:
And submit the duly signed application form along with required documents Viz. Board Resolution / Partnership Letter with Deed / Trust, Society, Club Resolution Letter/ HUF Letter etc. and also the KYC documents of the Authorised Users immediately to the parent Branch.
These corporate customers will be sent a registration kit through email after submission of the above documents. By Using the credentials in the mail, the corporate customers are requested to register by following the instructions contained in the email and start availing the benefit of PSB UnIC Biz services.
