Punjab National Bank (PNB) is set to close some accounts after November 10 this year. The bank issued an important alert to customers with inactive bank accounts. Certain accounts that have remained unused for three years and do not have any balance could be closed after November 10, the lender said.
PNB said that the measure aims to prevent misuse of any accounts and reduce the risks associated with them.
Which PNB bank accounts will be closed?
The closure applies only to accounts that meet two criteria. The first condition is that no transactions or operations have taken place in the account since September 30, 2023. The bank account must have zero balance as well.
If either of the two conditions is not met, the account will remain open.
A bank account can become inoperative under PNB’s guidelines if there has been no ‘customer induced transaction’ for a continuous period of 24 months. This includes financial transactions, non-financial transactions such as enquiries or requests for any product/service, or Know Your Customer (KYC) updates done either in face-to-face physical mode or via digital channels such as internet banking.
If the account becomes inoperative, customers can resubmit KYC documents to their bank branch.
PNB account closure: What can customers do?
PNB said that customers whose accounts are facing closure can resubmit their KYC documents to their respective bank branches before 10 November.
Customers should check their PNB account to see if it is at risk of closure. If they are unsure, they can contact their nearest bank branch for assistance.
The list of documents includes a government-approved identity and address proof, such as a passport, voter ID, or driving licence. Customers also need to submit tax proof like their PAN or Form 60.
A request letter for activation of the inoperative account must be given to the branch.
The bank can ask for any other documents as per their KYC policy.
After verification, the bank will convert the account into an operative one.
Customers can contact PNB on its toll-free customer care numbers, 1800-1800 and 1800-2021 for assistance.