If you or relative have an account with Punjab National Bank (PNB) has been inactive for many months, it's needed to be active now. PNB has freshly announced that it could close accounts with no activity for the past three years and no balance, unless the Know Your Customer (KYC) completed by May 31, 2024. After this specific date, account holders won't receive further.
Which PNB Accounts Will Meet Closure?
Accounts inactive for more than three years by April 30, 2024, and holding a zero balance will face closure. If your account fits this description, it's extremely crucial to act swiftly to avoid closure.
When Will the Shutting Down Happen?
June 1, 2024, will witness the closure of inactive accounts. To uphold your account, make sure to fulfill the essential KYC process by this deadline.
Accounts Exempted
Few PNB accounts are not affected by this upcoming closure. The following accounts are disregarded from closure:
- Accounts related to DEMAT accounts, lockers, or active standing instructionsS
- tudent accounts for individuals below the age of 25
- Infant accounts
- Accounts initiated for particular schemes like PMJJBY, PMSBY, SSY, APY, DBTA
- Accounts restricted by judicial orders, income tax department orders, or other official authorities
Important Announcement! 📢#Announcement #PNB #Saving #Digital #Banking #account #alert #notice pic.twitter.com/L2phGgeE17
— Punjab National Bank (@pnbindia) May 24, 2024
Reviving a Closed Account
If your account gets closed, it's possible to reactivate it by depositing the necessary KYC documentation at your nearby PNB branch. To prevent the shutting down, make sure you present the documents by May 31, 2024.
The mandatory documents for completing the KYC process are:
1. Identification Proof (like PAN Card, Aadhar Card, Passport, or Driving Licence)
2. Address Proof (like Aadhar Card, Electricity Bill, Water Bill, House Tax receipt, etc.)
Why Is PNB Closing These Accounts?
PNB is taking this step to prevent security threats and ensure that inactive accounts are not misused. Dormant accounts result in many risks, such as:
1. Fraud trials: In the past, scammers have attempted to withdraw funds from dormant accounts by altering data, using counterfeit KYC information, and activating these accounts with inaccurate phone numbers. Luckily, such trials have been noticed.
2. Identity robbery: Endangered dormant account information can lead to identity theft, bringing financial losses for the account owner and potential harm to their credit score.
Therefore, if you have any inactive PNB account, don't hold off. Take the required actions to keep it active or have it reactivated before the deadline. PNB's act aims to increase security and safeguard account holders from potential threats. Bear in mind, your financial protection is significant, and prompt actions can change the outcome!