Punjab National Bank to close Inactive Accounts, ICICI Bank facilitates NRI Payments

Punjab National Bank (PNB) has issued a warning to its customers regarding the closure of dormant accounts.

Customers with accounts in the public sector bank are informed that accounts without any transactions for the past three years or with no outstanding balance will face closure within one month.

- Advertisement -

This proactive measure aims to prevent misuse and mitigate risks associated with inactive accounts.

The bank clarifies that the three-year calculation period extends until April 30th.

- Advertisement -

Exceptions and Account Categories Unaffected

Certain account categories and circumstances will remain unaffected by the closure initiative.

Demat Account Linked Accounts, Standing Instruction with Active Locker, Accounts of Customers Below 25 Years of Age,

- Advertisement -

Minor Accounts, Sukanya Samriddhi, Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), PMSBY, APY, DBT Accounts opened for DBT will not be subject to closure.

Additionally, accounts under legal orders, such as those frozen by the court or Income Tax Department, will also be exempt from closure.

- Advertisement -

ICICI Bank Enhances NRI Payment Facilities

ICICI Bank introduces a significant enhancement in its services for Non-Resident Indian (NRI) customers.

NRI customers can now utilize international mobile numbers to conduct Unified Payments Interface (UPI) transactions within India.


This innovation enables NRI customers to make UPI payments by scanning Indian QR codes, using UPI IDs, or transferring funds to Indian mobile numbers or bank accounts.

The bank reports a substantial improvement in the ease of daily payments with this feature.


Expanded Access: NRI Payments Simplified

Previously, NRI customers were required to register an Indian mobile number with their banks to execute UPI transactions.

With the latest offering, NRI customers can seamlessly manage bill payments, merchant transactions,

- Advertisement -

and e-commerce purchases using the international mobile number associated with their NRE/NRO bank accounts at ICICI Bank.

This service is accessible through the bank’s mobile banking app, iMobile Pay, facilitating smoother financial interactions for expatriates.

- Advertisement -


Please enter your comment!
Please enter your name here


More Articles