PNB KYC: A significant update has been released for account holders of Punjab National Bank. The bank has issued a notification regarding the necessity of updating KYC (Know Your Customer) information. Customers who have not completed their KYC updates by March 31, 2025, are urged to do so promptly.
Updating KYC is compulsory for all customers, prompting the bank to send periodic reminders. Failure to complete the KYC update within the designated timeframe may lead to limitations on account activities, potentially affecting transactions and causing issues with deposits and withdrawals. It is important to note that the final deadline for KYC updates, previously set for December 31, 2024, has been extended to March 26, 2025.
Why the bank ask to do this
KYC plays a crucial role in the banking sector as it verifies the identity and address of customers. This process also enables banks to maintain essential information about their clients, thereby helping to prevent financial crimes and mitigate fraud cases. Punjab National Bank has also warned customers about potential scams, advising them to refrain from clicking on or downloading links or files from unverified sources.
Customers are encouraged to report any suspicious SMS or calls immediately. KYC updates can be requested through various channels, including PNB One, IBS, registered email, or by post. Additionally, customers may visit the nearest Punjab National Bank branch to complete their KYC updates.
What to do
Customers will need to visit the nearest branch by April 10 to fulfill this requirement. If the update is not completed, the bank may take action on accounts that have not undergone the KYC update. Punjab National Bank has communicated this KYC update requirement to customers via social media. In their announcement, PNB emphasized that “as per RBI guidelines, KYC updates are mandatory for all customers. Neglecting to update KYC by the specified deadline may lead to restrictions on account operations, affecting all types of transactions.” Previously, the deadline for KYC updates was set for March 26, 2025, extending until December 31, 2024.