Punjab National Bank (PNB) has issued a crucial alert for its millions of customers regarding dormant savings accounts.
If you have a savings account with PNB that has been inactive for years, this concerns you.
Extended Deadline for KYC Update
Initially, PNB had notified customers to complete KYC (Know Your Customer) procedures for such dormant accounts.
The bank has now extended the deadline until June 30, 2024. After this date, these accounts may face closure.
Action Required: Check Your Account Status
If you hold a savings account with PNB, it’s essential to check its status promptly.
The bank plans to close accounts that have shown no transactions or maintained a zero balance for the past three years.
Notifications have been sent to affected customers, and these accounts will be closed one month after the notice is issued.
To prevent closure, visit your nearest PNB branch and complete the KYC process immediately.
Reasons Behind PNB’s Decision
PNB’s decision to close dormant accounts aims to prevent misuse by unauthorized entities.
Accounts inactive for three consecutive years as of April 30, 2024, will be closed if not reactivated through customer action.
Reactivating Your Account
According to PNB’s notification, if your account has become inactive and you wish to reactivate it, visit a branch, complete a KYC form, and submit necessary documents.
This will restore your account to active status. For further details, please contact your nearest PNB branch.
Exempt Accounts
Certain types of accounts are exempt from this closure policy, including Demat Accounts and accounts opened under government schemes like Sukanya Samriddhi Yojana (SSY),
Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY), Atal Pension Yojana (APY), and Minor Savings Accounts.
This simplified version retains all the essential information while making it clear and easy to understand.
