PNB: Big news for PNB account holders. The state-owned Punjab National Bank (PNB) has issued an important alert for its customers. The bank has made it clear that accounts that have not had any transactions for an extended period, meaning those that have become inoperative, need to update their KYC as soon as possible. If customers fail to complete their KYC by April 15, 2026, the bank may close these accounts after April 16, 2026, without any further notice.
What are the rules?
According to the regulations set by the Reserve Bank of India (RBI), a savings or current account is deemed “inoperative” if there are no transactions made by the customer for two consecutive years. These accounts are monitored for security purposes, and regular KYC updates are necessary to prevent fraud or misuse.
If your account has become inoperative, reactivating it is now simpler than ever. Customers can update their KYC by visiting their home branch or any other branch. Furthermore, many banks are now providing digital options like V-CIP (Video KYC), which enables KYC completion from the comfort of your home. However, the account will only be reactivated once the bank has thoroughly verified the KYC requirements.
How to activate the account?
To activate the account, customers must perform certain mandatory transactions. These include financial transactions, such as depositing or withdrawing money. Non-financial transactions, like checking the balance, requesting a checkbook or card, or adjusting transaction limits, can also be done. All these activities require two-factor authentication to ensure account security.
If you want to activate your account at your home branch, you will need to submit a request letter along with new KYC documents. This can also be done at a non-home branch, as long as your Aadhaar verification has been completed biometrically. The bank will then verify the account and reactivate it, allowing you to carry out transactions as usual.
Overall, if your PNB account hasn’t been used for a long time, don’t take it lightly. Update your KYC in a timely manner, otherwise your account could be closed, and reactivating it later could be a hassle. Therefore, it’s best to complete the necessary procedures before the deadline.