PNB Update: If you are a customer of Punjab National Bank (PNB), you might find this news a bit worrying. Recently, PNB alerted its customers that accounts that have been inactive for a long time could be closed starting April 16th.
Key Takeaways
Quick Read- April 15 was the final date
- Which bank accounts are at risk of closure?
- How can bank accounts stay active?
- Bank quarterly results
April 15 was the final date
Punjab National Bank had established April 15 as the cutoff for reactivating dormant accounts. The bank mentioned that if customers do not activate their accounts by this date, the closure process for such accounts will commence on April 16. Notably, eligible accounts can be closed without any further notice.
Which bank accounts are at risk of closure?
This action is aimed at accounts that have not had any transactions for an extended period and maintain a zero balance. As per Punjab National Bank, accounts that have not had any transactions in the last three years or have a zero balance are subject to closure. Moreover, accounts that have been marked as inactive or dormant may also be closed.
The bank explains that accounts that remain inactive for a long time are more susceptible to fraud and unauthorized activities. Additionally, these accounts create an unnecessary burden on the bank’s operations. Hence, it is crucial to regularly review and tidy up such accounts.
How can bank accounts stay active?
According to PNB, to ensure your bank account remains active, customers need to visit their nearest bank branch and complete the KYC process. Updating KYC guarantees the account’s validity and adherence to bank regulations. Furthermore, customers can keep their accounts active even with minor transactions. However, if a customer’s account is closed, they may have to undergo additional steps to reactivate it or open a new account. This could involve new documentation, KYC verification, and other formalities.
Bank quarterly results
Public sector Punjab National Bank (PNB) is awaiting its March quarter results. Earlier, the bank’s net profit in the December quarter increased by 13 percent year-on-year to Rs 5,100 crore. The company’s profit in the third (October-December) quarter of the previous financial year 2024-25 was Rs 4,508 crore. Total income increased year-on-year to Rs 37,253 crore, compared to Rs 34,752 crore in the same quarter of the previous financial year. Interest income also increased from Rs 31,340 crore to Rs 32,231 crore.
