PNB: Big news for PNB Account holders. Punjab National Bank (PNB) will close some accounts after November 10th of this year. The bank has issued an alert to customers with inactive bank accounts. Some accounts that have not been used for three years and have no balance may be closed after November 10th.
The account may be closed due to any of these two reasons
Punjab National Bank (PNB) stated that this is being done to prevent account misuse and the associated risks. However, only accounts that meet two conditions will be closed. First, accounts that have not had any transactions or operations after September 30, 2023. Second, the account has a zero balance. If any of these two conditions apply to a bank account, it may be closed after November 10.
Your account will become inoperative if you don’t complete any transactions within a 24-month period
According to PNB guidelines, your account transitions to an inoperative status when there’s a 24-month stretch without any customer activity. This covers both financial transactions (like transfers or withdrawals) and non-financial transactions (such as service requests, product inquiries, or KYC updates).
You can determine whether your account is at risk
PNB has announced that customers whose accounts face closure risk should submit their KYC documents to their local PNB branch by November 10th. It’s important to check if your PNB account is in danger of being closed. If you’re unsure about your account status, visit your nearest PNB branch for guidance.
Your documents need to reach the bank by November 10
Required documents include government-recognized identity and address verification (passport, voter ID, or driver’s license), along with tax documentation like Form 16 or PAN. You’ll also need to submit a letter to your branch requesting reactivation of your dormant account. The bank may ask for additional documents based on its KYC requirements.
You can reach the bank through their toll-free helpline
Once the bank receives and verifies your documents, they’ll reactivate your account. For support, contact PNB’s toll-free customer service at 1800-1800 or 1800-2021. As one of India’s largest public sector banks, PNB saw its stock price increase by 0.31% on October 27, closing at Rs 121.27.