Savings Accounts Of This Bank To Be Closed After June 30: Here's Why
Attention Punjab National Bank ( PNB ) customers: If you have a savings account with PNB that has been inactive for several years, it’s crucial to take action. PNB has announced that customers must complete their KYC (Know Your Customer) process by June 30, 2024, to prevent their accounts from being closed.
Check the Status of Your PNB Savings Account
To avoid account closure, check the status of your PNB savings account. Accounts with no transactions in the last three years and a zero balance will be closed. Notices have been sent to affected customers, and account closure will occur one month after notice issuance. To keep your account active, visit a PNB branch and complete the KYC process immediately.
Reason for Account Closures
PNB is taking this step to prevent misuse of dormant accounts by scammers. According to the bank's notification, accounts inactive since April 30, 2024, will be targeted for closure. Customers with zero balance and no transaction activity over the past three years are particularly affected. The bank had previously notified these customers about the impending closure.
Reactivating Inactive Accounts
Customers wishing to reactivate their inactive accounts must visit their local PNB branch and complete the KYC form. Required documents must be submitted along with the form to reactivate the account. For additional information, customers are encouraged to contact the bank directly.
Exempt Accounts
Certain accounts are exempt from closure under this rule. PNB will not close Demat accounts or accounts associated with specific government schemes such as Sukanya Samriddhi Yojana (SSY), Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY), Atal Pension Yojana (APY), or Minor Savings Accounts.
To avoid any inconvenience, ensure your PNB savings account is compliant with the latest KYC requirements by the June 30 deadline.
Check the Status of Your PNB Savings Account
To avoid account closure, check the status of your PNB savings account. Accounts with no transactions in the last three years and a zero balance will be closed. Notices have been sent to affected customers, and account closure will occur one month after notice issuance. To keep your account active, visit a PNB branch and complete the KYC process immediately.
Reason for Account Closures
PNB is taking this step to prevent misuse of dormant accounts by scammers. According to the bank's notification, accounts inactive since April 30, 2024, will be targeted for closure. Customers with zero balance and no transaction activity over the past three years are particularly affected. The bank had previously notified these customers about the impending closure.
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Reactivating Inactive Accounts
Customers wishing to reactivate their inactive accounts must visit their local PNB branch and complete the KYC form. Required documents must be submitted along with the form to reactivate the account. For additional information, customers are encouraged to contact the bank directly.
Exempt Accounts
Certain accounts are exempt from closure under this rule. PNB will not close Demat accounts or accounts associated with specific government schemes such as Sukanya Samriddhi Yojana (SSY), Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY), Atal Pension Yojana (APY), or Minor Savings Accounts.
To avoid any inconvenience, ensure your PNB savings account is compliant with the latest KYC requirements by the June 30 deadline.
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