{"id":16873,"date":"2026-10-31T12:41:56","date_gmt":"2026-10-31T07:11:56","guid":{"rendered":"https:\/\/goldenpi.com\/blog\/?p=16873"},"modified":"2026-10-31T12:41:57","modified_gmt":"2026-10-31T07:11:57","slug":"punjab-national-bank-bonds-types-yields-safety-and-ratings","status":"publish","type":"post","link":"https:\/\/goldenpi.com\/blog\/guide\/punjab-national-bank-bonds-types-yields-safety-and-ratings\/","title":{"rendered":"Punjab National Bank Bonds Explained: Types, Yields, Safety, and Ratings"},"content":{"rendered":"<div class=\"gpi-custom-widget-box\" style=\"border-left-color: #0066cc; background-color: #f0f7ff;\">\n<div class=\"gpi-custom-widget-title\" style=\"color: #0066cc;\">\ud83d\udcdd Quick Summary:<\/div>\n<h2 class=\"gpi-custom-widget-h2-content\"><span class=\"ez-toc-section\" id=\"Punjab_National_Bank_offers_different_types_of_bonds_each_with_its_own_risk_and_return_profile_This_guide_explains_senior_infrastructure_bonds_Tier_2_bonds_and_AT1_bonds_and_how_to_claim_money_from_old_or_unclaimed_PNB_bonds\"><\/span><strong>Punjab National Bank offers different types of bonds, each with its own risk and return profile. This guide explains senior infrastructure bonds, Tier 2 bonds, and AT1 bonds, and how to claim money from old or unclaimed PNB bonds.<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<\/div>\n\n\n<p>A Punjab National Bank bond can be a senior infrastructure bond, a Tier 2 bond, or an AT1 bond. While all are issued by the same bank, they differ in maturity, safety, rating, and what can happen if the bank faces severe financial stress. The right choice depends on whether you value a fixed maturity date and lower risk or are comfortable taking on more risk for a potentially higher yield.<\/p><div id=\"ez-toc-container\" class=\"ez-toc-v2_0_79_2 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/goldenpi.com\/blog\/guide\/punjab-national-bank-bonds-types-yields-safety-and-ratings\/#Punjab_National_Bank_offers_different_types_of_bonds_each_with_its_own_risk_and_return_profile_This_guide_explains_senior_infrastructure_bonds_Tier_2_bonds_and_AT1_bonds_and_how_to_claim_money_from_old_or_unclaimed_PNB_bonds\" >Punjab National Bank offers different types of bonds, each with its own risk and return profile. This guide explains senior infrastructure bonds, Tier 2 bonds, and AT1 bonds, and how to claim money from old or unclaimed PNB bonds.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/goldenpi.com\/blog\/guide\/punjab-national-bank-bonds-types-yields-safety-and-ratings\/#PNB_Bond_Types_at_a_Glance\" >PNB Bond Types at a Glance<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/goldenpi.com\/blog\/guide\/punjab-national-bank-bonds-types-yields-safety-and-ratings\/#Old_PNB_Bonds_and_Unclaimed_Money\" >Old PNB Bonds and Unclaimed Money<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/goldenpi.com\/blog\/guide\/punjab-national-bank-bonds-types-yields-safety-and-ratings\/#The_Modern_PNB_Debt_Spectrum\" >The Modern PNB Debt Spectrum<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/goldenpi.com\/blog\/guide\/punjab-national-bank-bonds-types-yields-safety-and-ratings\/#PNB_Senior_Infrastructure_Bonds\" >PNB Senior Infrastructure Bonds<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/goldenpi.com\/blog\/guide\/punjab-national-bank-bonds-types-yields-safety-and-ratings\/#PNB_Tier_2_Bonds\" >PNB Tier 2 Bonds<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/goldenpi.com\/blog\/guide\/punjab-national-bank-bonds-types-yields-safety-and-ratings\/#PNB_AT1_Bonds_and_the_PONV_Walkthrough\" >PNB AT1 Bonds and the PONV Walkthrough<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/goldenpi.com\/blog\/guide\/punjab-national-bank-bonds-types-yields-safety-and-ratings\/#How_to_Buy_and_Tax\" >How to Buy and Tax<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/goldenpi.com\/blog\/guide\/punjab-national-bank-bonds-types-yields-safety-and-ratings\/#Which_PNB_Bond_Fits\" >Which PNB Bond Fits?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/goldenpi.com\/blog\/guide\/punjab-national-bank-bonds-types-yields-safety-and-ratings\/#Frequently_Asked_Questions\" >Frequently Asked Questions<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/goldenpi.com\/blog\/guide\/punjab-national-bank-bonds-types-yields-safety-and-ratings\/#Disclaimer\" >Disclaimer<\/a><\/li><\/ul><\/nav><\/div>\n\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"PNB_Bond_Types_at_a_Glance\"><\/span><strong>PNB Bond Types at a Glance<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-table\"><div class=\"pcrstb-wrap\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>Instrument<\/strong><\/td><td><strong>Issuer<\/strong><\/td><td><strong>Indicative yield\/coupon<\/strong><\/td><td><strong>Rating<\/strong><\/td><td><strong>Main thing to know<\/strong><\/td><\/tr><tr><td>Senior infrastructure bonds<\/td><td>Punjab National Bank<\/td><td>Varies by ISIN; check current market yield.<\/td><td>AAA (ICRA\/CARE\/CRISIL)<\/td><td>Simplest and safest of the three; no PONV write-down risk.<\/td><\/tr><tr><td>Tier 2 bonds<\/td><td>Punjab National Bank<\/td><td>Varies by ISIN and maturity<\/td><td>AAA (CRISIL)<\/td><td>Paid after senior bondholders; PONV write-down risk.<\/td><\/tr><tr><td>AT1 bonds<\/td><td>Punjab National Bank<\/td><td>Example: 8.40% coupon on AT1 Series XIII<\/td><td>AA+ (ICRA\/CRISIL)<\/td><td>No fixed maturity; interest can be skipped; highest write-down risk.<\/td><\/tr><\/tbody><\/table><\/div><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Old_PNB_Bonds_and_Unclaimed_Money\"><\/span><strong>Old PNB Bonds and Unclaimed Money<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>If you hold an older PNB bond, first check whether it is in demat form or held as a physical certificate. Make sure your registered bank account, mobile number, and email are up to date.<\/p>\n\n\n\n<p>For demat holdings, interest and repayment amounts are usually credited directly to your registered bank account. So, updating those details is the first step. If you have a physical certificate, contact PNB\u2019s investor-support team or the registrar mentioned on your certificate, with the certificate and identity documents. If the certificate is lost, ask the registrar what documents and process it requires for a duplicate certificate.<\/p>\n\n\n\n<p>PNB also lists a nodal officer for IEPF-related matters, whom investors can contact for help with unclaimed amounts. If interest or repayment money remains unclaimed for seven years, it may be transferred to the Investor Education and Protection Fund, or IEPF. Investors can then file a claim through Form IEPF-5 on the IEPF website, along with the required documents. For physical bonds, the original certificate is usually needed; PNB\u2019s IEPF nodal officer can guide investors on the submission process.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"The_Modern_PNB_Debt_Spectrum\"><\/span><strong>The Modern PNB Debt Spectrum<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>PNB\u2019s current bonds fall into three broad groups:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Senior infrastructure bonds:<\/strong> The simplest and usually safest type.<\/li>\n\n\n\n<li><strong>Tier 2 bonds:<\/strong> These rank below senior bonds if the bank runs into serious trouble.<\/li>\n\n\n\n<li><strong>AT1 bonds:<\/strong> These are the riskiest type and can be written down if the bank becomes non-viable.<\/li>\n<\/ul>\n\n\n\n<p>PNB\u2019s ratings reflect this difference. Its infrastructure bonds carry AAA ratings from ICRA, CARE and CRISIL, while its AT1 bonds are rated AA+ by ICRA and CRISIL. In simple terms, AAA is a higher safety rating than AA+.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"PNB_Senior_Infrastructure_Bonds\"><\/span><strong>PNB Senior Infrastructure Bonds<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Senior infrastructure bonds are regular PNB bank bonds. They sit ahead of Tier 2 and <a href=\"https:\/\/goldenpi.com\/blog\/essentials\/at1-bonds-a-kind-of-contingent-convertible-bonds\/\" type=\"post\" id=\"7129\">AT1 bonds<\/a> if the bank is wound up. They also do not carry the special \u201cwrite-down\u201d rule that applies to AT1 bonds. Like other bank infrastructure bonds, they must have a minimum maturity of seven years under RBI rules.<\/p>\n\n\n\n<p>ICRA has reaffirmed AAA (Stable) ratings on PNB\u2019s infrastructure bonds, while CRISIL has assigned AAA\/Stable to PNB\u2019s \u20b93,000 crore infrastructure bond programme. For a buyer in the secondary market, the coupon is only the starting point. The yield is the number to compare.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Latest Bond Updates:<\/h3>\n\n\n<ul class=\"wp-block-latest-posts__list is-grid columns-3 has-dates wp-block-latest-posts\"><li><div class=\"wp-block-latest-posts__featured-image aligncenter\"><a href=\"https:\/\/goldenpi.com\/blog\/guide\/guaranteed-bonds-in-india\/\" aria-label=\"Guaranteed Bonds in India: How They Work, Key Risks, and What to Check\"><img decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/31143422\/Guaranteed-Bonds-in-India-1024x576.jpg\" class=\"attachment-large size-large wp-post-image\" alt=\"Guaranteed Bonds in India\" style=\"\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/31143422\/Guaranteed-Bonds-in-India-1024x576.jpg 1024w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/31143422\/Guaranteed-Bonds-in-India-300x169.jpg 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/31143422\/Guaranteed-Bonds-in-India-768x432.jpg 768w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/31143422\/Guaranteed-Bonds-in-India-1536x864.jpg 1536w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/31143422\/Guaranteed-Bonds-in-India.jpg 1600w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/div><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/goldenpi.com\/blog\/guide\/guaranteed-bonds-in-india\/\">Guaranteed Bonds in India: How They Work, Key Risks, and What to Check<\/a><time datetime=\"2026-10-31T14:35:39+05:30\" class=\"wp-block-latest-posts__post-date\">October 31, 2026<\/time><\/li>\n<li><div class=\"wp-block-latest-posts__featured-image aligncenter\"><a href=\"https:\/\/goldenpi.com\/blog\/bond-news\/patna-municipal-bonds-200-crore-issue-and-bihars-market-debut\/\" aria-label=\"Patna Municipal Bonds: \u20b9200 Crore Raise Marks Bihar\u2019s Debut in India\u2019s Civic Debt Market\"><img decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/31142355\/Patna-Municipal-Bonds-1024x576.jpg\" class=\"attachment-large size-large wp-post-image\" alt=\"Patna Municipal Bonds\" style=\"\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/31142355\/Patna-Municipal-Bonds-1024x576.jpg 1024w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/31142355\/Patna-Municipal-Bonds-300x169.jpg 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/31142355\/Patna-Municipal-Bonds-768x432.jpg 768w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/31142355\/Patna-Municipal-Bonds-1536x864.jpg 1536w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/31142355\/Patna-Municipal-Bonds.jpg 1600w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/div><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/patna-municipal-bonds-200-crore-issue-and-bihars-market-debut\/\">Patna Municipal Bonds: \u20b9200 Crore Raise Marks Bihar\u2019s Debut in India\u2019s Civic Debt Market<\/a><time datetime=\"2026-10-31T14:24:54+05:30\" class=\"wp-block-latest-posts__post-date\">October 31, 2026<\/time><\/li>\n<li><div class=\"wp-block-latest-posts__featured-image aligncenter\"><a href=\"https:\/\/goldenpi.com\/blog\/bond-news\/foreign-holdings-of-indias-index-linked-bonds-hit-4-month-low\/\" aria-label=\"Foreign Holdings of India\u2019s Index-Linked Bonds Hit 4-Month Low as Oil and Rate Fears Mount\"><img decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/31131407\/Foreign-Holdings-of-Indias-Index-Linked-Bonds-1024x576.jpg\" class=\"attachment-large size-large wp-post-image\" alt=\"Foreign Holdings of India\u2019s Index-Linked Bonds\" style=\"\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/31131407\/Foreign-Holdings-of-Indias-Index-Linked-Bonds-1024x576.jpg 1024w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/31131407\/Foreign-Holdings-of-Indias-Index-Linked-Bonds-300x169.jpg 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/31131407\/Foreign-Holdings-of-Indias-Index-Linked-Bonds-768x432.jpg 768w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/31131407\/Foreign-Holdings-of-Indias-Index-Linked-Bonds-1536x864.jpg 1536w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/31131407\/Foreign-Holdings-of-Indias-Index-Linked-Bonds.jpg 1600w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/div><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/foreign-holdings-of-indias-index-linked-bonds-hit-4-month-low\/\">Foreign Holdings of India\u2019s Index-Linked Bonds Hit 4-Month Low as Oil and Rate Fears Mount<\/a><time datetime=\"2026-10-31T13:10:45+05:30\" class=\"wp-block-latest-posts__post-date\">October 31, 2026<\/time><\/li>\n<\/ul>\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"PNB_Tier_2_Bonds\"><\/span><strong>PNB Tier 2 Bonds<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Tier 2 bonds are subordinated bonds. In simple words, if the bank is wound up, senior bondholders and depositors are paid before Tier 2 bondholders.<\/p>\n\n\n\n<p>These bonds also have a Point of Non-Viability (PONV) rule. If the RBI decides that the bank cannot survive without emergency support, Tier 2 bonds can be written down or converted into shares. This is rare, but it is a serious risk.<\/p>\n\n\n\n<p>PNB\u2019s Tier 2 bonds carry a CRISIL AAA\/Stable rating. A high rating is reassuring, but it does not remove subordination or PONV risk. Always check the details of the exact bond you are buying, including its maturity date, call date, and terms.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"PNB_AT1_Bonds_and_the_PONV_Walkthrough\"><\/span><strong>PNB AT1 Bonds and the PONV Walkthrough<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>AT1 bonds are the most complicated type of bank bond. They are also called Additional Tier 1.\u00a0<\/p>\n\n\n\n<p>bonds. Unlike normal bonds, they do not have a fixed maturity date.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>No fixed end date:<\/strong> AT1 bonds are perpetual. The bank may have a call option to repay them early, but if it does not, investors usually have to sell in the market to exit.<\/li>\n\n\n\n<li><strong>Interest can be skipped:<\/strong> The bank can choose not to pay interest in some situations without this being called a default.<\/li>\n\n\n\n<li><strong>Write-down risk:<\/strong> If the RBI says the bank is not viable, AT1 bonds can be written down fully or partly, or converted into shares. This can happen before senior bondholders and Tier 2 bondholders face losses.<\/li>\n\n\n\n<li><strong>Lower rating:<\/strong> PNB\u2019s AT1 bonds are rated AA+ by ICRA and CRISIL, lower than the AAA rating on its infrastructure bonds.<\/li>\n\n\n\n<li><strong>Limited access:<\/strong> Since SEBI\u2019s 2020 rules, individual and HNI investors generally cannot buy new AT1 bonds directly. They can usually buy them only in the secondary market, often in large quantities.<\/li>\n<\/ul>\n\n\n\n<p>For example, PNB\u2019s AT1 Series XIII bond, ISIN INE160A08209, carries an 8.40% annual coupon and has a call option date of 9 December 2026. A call date is the date from which the bank can choose to repay the bond; it does not guarantee repayment on that date. The higher interest rate on AT1 bonds is compensation for these extra risks, not a guaranteed upgrade over safer senior bonds.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_to_Buy_and_Tax\"><\/span><strong>How to Buy and Tax<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>You can buy listed PNB bonds through a broking platform in the secondary market. You can also apply when the bank launches a new bond issue, though such opportunities are not always available.<\/p>\n\n\n\n<p>You can also compare similar options and browse AAA-rated bank and NBFC NCDs on GoldenPi and check the coupon, tenure, and rating side by side before you invest.<\/p>\n\n\n\n<p>Interest earned from bonds is usually taxed at your income-tax slab rate. If you sell a bond before maturity, the tax on any gain depends on how long you held it and the tax rules at the time of sale. Before buying, check the bond\u2019s ISIN, face value, interest payment frequency, maturity date, call date, rating, and how easily it can be sold in the market.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Which_PNB_Bond_Fits\"><\/span><strong>Which PNB Bond Fits?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>If your main goal is safety and getting your principal back on a fixed date, senior AAA infrastructure bonds are usually the clearer choice. If you understand and accept the extra risk, Tier 2 bonds may offer a higher return. AT1 bonds are suitable only for investors who fully understand that they are perpetual and can face write-downs.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Frequently_Asked_Questions\"><\/span><strong>Frequently Asked Questions<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<div class=\"schema-faq wp-block-yoast-faq-block\"><div class=\"schema-faq-section\" id=\"faq-question-1793430164983\"><strong class=\"schema-faq-question\">Q1. <strong>What is the difference between senior, Tier 2 and AT1 bonds?<\/strong><\/strong> <p class=\"schema-faq-answer\">Senior bonds are paid first if the bank is wound up. Tier 2 bonds are paid after senior bonds, while AT1 bonds are perpetual and can be written down if the bank becomes non-viable.\u00a0<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1793430175708\"><strong class=\"schema-faq-question\">Q2. <strong>Can PNB skip interest payments on AT1 bonds?<\/strong><\/strong> <p class=\"schema-faq-answer\">Yes. PNB can choose not to pay interest on AT1 bonds in certain situations without this being treated as a default.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1793430189049\"><strong class=\"schema-faq-question\">Q3. <strong>What is a PONV trigger?<\/strong><\/strong> <p class=\"schema-faq-answer\">PONV stands for Point of Non-Viability. If the RBI decides a bank cannot survive without emergency support, Tier 2 and AT1 bonds can be written down or converted into shares.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1793430203647\"><strong class=\"schema-faq-question\">Q4. <strong>How can I claim money from an old PNB bond?<\/strong><\/strong> <p class=\"schema-faq-answer\">Check whether your bond is in demat or physical form, update your bank and contact details, and contact PNB or the registrar with your bond details. If the money has moved to the IEPF, file Form IEPF-5 on the IEPF website.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1793430216652\"><strong class=\"schema-faq-question\">5. <strong>How are PNB bond returns taxed?<\/strong><\/strong> <p class=\"schema-faq-answer\">Interest is generally taxed at your income-tax slab rate. If you sell a bond before maturity, capital-gains tax may apply depending on how long you held it.\u00a0<\/p> <\/div> <\/div>\n\n\n<div class=\"gpi-custom-widget-box\" style=\"border-left-color: #0066cc; background-color: #f0f7ff;\">\n<div class=\"gpi-custom-widget-title\" style=\"color: #0066cc;\">Ready to Invest?<\/div>\n<div class=\"gpi-custom-widget-content\">\n<p>Visit <a href=\"https:\/\/goldenpi.com\/\">GoldenPi<\/a> to explore current bond options. Compare yields, ratings, and tenures in one place and invest online with as little as \u20b930,000.<\/p>\n<\/div>\n<\/div>\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Disclaimer\"><\/span>Disclaimer<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Fixed returns do not constitute guaranteed or assured returns. Investments in corporate debt securities and municipal debt securities\/securitized debt instruments are subject to credit risks, market risks, and default risks, including delay and\/or default in payment. Read all the offer-related documents carefully. This blog\/article should not be construed as financial advice or as an offer or recommendation to buy or sell any security or any products\/services of\/on GoldenPi or any product\/services of its third-party client(s). For a detailed calculation of YTM, visit our website.&nbsp;<a href=\"https:\/\/delivery.goldenpi.com\/XPRBSN?id=162365=ch0GCFVXBVBUH1QDUlZXUlgBVgNSUwJVWgQGDFJQAVsEUwRfBldSBFVUAglRBFJSAA0ZBgxfQFBbERxBFSNTV10FU1cTDBgFDg5OAFIKVVFQBlZTVwQBBgFSAg0aC0BMQRIMFkwBUwoIFVdDHBwCCw1QAAsTWBpSVwgebDYxdmt\/Xl9dHxMF&amp;fl=WRVCSRBfGUkETltfVwNLAxVbCQwNWhpYVkpFGwMOBRcEWQMNUEoHSQJaV1BQAQQHTAZXA1IcAAMOBBxWB1IMFQUEVQxXXAEFBVQEUkpTVlMCUFEHU1JVAwhUAFECAQZaVFEADVAAVQBXVFRUUw==\" target=\"_blank\" rel=\"noreferrer noopener\">T&amp;C\u2019s Apply<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\ud83d\udcdd Quick Summary: Punjab National Bank offers different types of bonds, each with its own risk and return profile. This guide explains&hellip;<\/p>\n","protected":false},"author":17,"featured_media":16876,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[1026],"tags":[],"class_list":["post-16873","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-guide"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>PNB Bonds in India: Types, Yields, Ratings &amp; Risks<\/title>\n<meta name=\"description\" content=\"Explore Punjab National Bank (PNB) bonds, including bond types, yields, credit ratings, interest payouts and investment risks. 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Learn how to evaluate PNB bonds before investing.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/goldenpi.com\/blog\/guide\/punjab-national-bank-bonds-types-yields-safety-and-ratings\/\" \/>\n<meta property=\"og:site_name\" content=\"GoldenPi | Blogs\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/goldenpitech\" \/>\n<meta property=\"article:published_time\" content=\"2026-10-31T07:11:56+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-10-31T07:11:57+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/31124138\/PNB-Bonds-Explained.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1600\" \/>\n\t<meta property=\"og:image:height\" content=\"900\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Deepak Narang | CFA Level 3\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@GoldenPiTech\" \/>\n<meta name=\"twitter:site\" content=\"@GoldenPiTech\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Deepak Narang | CFA Level 3\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"7 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/goldenpi.com\\\/blog\\\/guide\\\/punjab-national-bank-bonds-types-yields-safety-and-ratings\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/goldenpi.com\\\/blog\\\/guide\\\/punjab-national-bank-bonds-types-yields-safety-and-ratings\\\/\"},\"author\":{\"name\":\"Deepak Narang | CFA Level 3\",\"@id\":\"https:\\\/\\\/goldenpi.com\\\/blog\\\/#\\\/schema\\\/person\\\/9781cfb40abd7777b2fcbbbd5b6ac0ba\"},\"headline\":\"Punjab National Bank Bonds Explained: Types, Yields, Safety, and Ratings\",\"datePublished\":\"2026-10-31T07:11:56+00:00\",\"dateModified\":\"2026-10-31T07:11:57+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/goldenpi.com\\\/blog\\\/guide\\\/punjab-national-bank-bonds-types-yields-safety-and-ratings\\\/\"},\"wordCount\":1461,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/goldenpi.com\\\/blog\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/goldenpi.com\\\/blog\\\/guide\\\/punjab-national-bank-bonds-types-yields-safety-and-ratings\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/d2zny4996dl67j.cloudfront.net\\\/blogs\\\/wp-content\\\/uploads\\\/2026\\\/10\\\/31124138\\\/PNB-Bonds-Explained.jpg\",\"articleSection\":[\"Guide\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/goldenpi.com\\\/blog\\\/guide\\\/punjab-national-bank-bonds-types-yields-safety-and-ratings\\\/#respond\"]}]},{\"@type\":[\"WebPage\",\"FAQPage\"],\"@id\":\"https:\\\/\\\/goldenpi.com\\\/blog\\\/guide\\\/punjab-national-bank-bonds-types-yields-safety-and-ratings\\\/\",\"url\":\"https:\\\/\\\/goldenpi.com\\\/blog\\\/guide\\\/punjab-national-bank-bonds-types-yields-safety-and-ratings\\\/\",\"name\":\"PNB Bonds in India: Types, Yields, Ratings & Risks\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/goldenpi.com\\\/blog\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/goldenpi.com\\\/blog\\\/guide\\\/punjab-national-bank-bonds-types-yields-safety-and-ratings\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/goldenpi.com\\\/blog\\\/guide\\\/punjab-national-bank-bonds-types-yields-safety-and-ratings\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/d2zny4996dl67j.cloudfront.net\\\/blogs\\\/wp-content\\\/uploads\\\/2026\\\/10\\\/31124138\\\/PNB-Bonds-Explained.jpg\",\"datePublished\":\"2026-10-31T07:11:56+00:00\",\"dateModified\":\"2026-10-31T07:11:57+00:00\",\"description\":\"Explore Punjab National Bank (PNB) bonds, including bond types, yields, credit ratings, interest payouts and investment risks. 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Tier 2 bonds are paid after senior bonds, while AT1 bonds are perpetual and can be written down if the bank becomes non-viable.\u00a0","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/goldenpi.com\/blog\/guide\/punjab-national-bank-bonds-types-yields-safety-and-ratings\/#faq-question-1793430175708","position":2,"url":"https:\/\/goldenpi.com\/blog\/guide\/punjab-national-bank-bonds-types-yields-safety-and-ratings\/#faq-question-1793430175708","name":"Q2. Can PNB skip interest payments on AT1 bonds?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"Yes. PNB can choose not to pay interest on AT1 bonds in certain situations without this being treated as a default.","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/goldenpi.com\/blog\/guide\/punjab-national-bank-bonds-types-yields-safety-and-ratings\/#faq-question-1793430189049","position":3,"url":"https:\/\/goldenpi.com\/blog\/guide\/punjab-national-bank-bonds-types-yields-safety-and-ratings\/#faq-question-1793430189049","name":"Q3. What is a PONV trigger?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"PONV stands for Point of Non-Viability. If the RBI decides a bank cannot survive without emergency support, Tier 2 and AT1 bonds can be written down or converted into shares.","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/goldenpi.com\/blog\/guide\/punjab-national-bank-bonds-types-yields-safety-and-ratings\/#faq-question-1793430203647","position":4,"url":"https:\/\/goldenpi.com\/blog\/guide\/punjab-national-bank-bonds-types-yields-safety-and-ratings\/#faq-question-1793430203647","name":"Q4. How can I claim money from an old PNB bond?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"Check whether your bond is in demat or physical form, update your bank and contact details, and contact PNB or the registrar with your bond details. If the money has moved to the IEPF, file Form IEPF-5 on the IEPF website.","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/goldenpi.com\/blog\/guide\/punjab-national-bank-bonds-types-yields-safety-and-ratings\/#faq-question-1793430216652","position":5,"url":"https:\/\/goldenpi.com\/blog\/guide\/punjab-national-bank-bonds-types-yields-safety-and-ratings\/#faq-question-1793430216652","name":"5. How are PNB bond returns taxed?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"Interest is generally taxed at your income-tax slab rate. 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