Why some PNB accounts will be closed after November 10
What's the story
Punjab National Bank (PNB) has announced its decision to shut down certain accounts after November 10. The move affects customers with zero-balance accounts that have been inactive for three years. The bank said the measure is aimed at preventing misuse and reducing security risks associated with these dormant accounts.
Closure conditions
Conditions for account closure
The decision to close accounts applies only to those that meet two specific criteria.
First, there should be no transactions or operations in the account since September 30, 2023.
Second, the bank account must have a zero balance.
If either of these conditions is not met, the account will remain open.
Account reactivation
What is an inoperative account?
As per PNB's guidelines, an account can be classified as inoperative if there are no 'customer induced transaction' for 24 months.
This includes both financial and non-financial transactions.
If an account becomes inoperative, customers can reactivate it by resubmitting their Know Your Customer (KYC) documents to their respective bank branch before the deadline of November 10.
Document details
How to reactivate an account?
Customers whose accounts are at risk of closure need to resubmit their KYC documents before November 10.
This includes government-approved identity and address proof such as passport, voter ID, or driving license.
Tax proof like PAN or Form 60 also needs to be submitted along with a request letter for activation of the inoperative account.
Verification procedure
For assistance, customers can call toll-free numbers
After the documents are verified, PNB will convert the account into an operative one. Customers can also approach their nearest branch for help with this process. The bank has provided toll-free customer care numbers, 1800-1800 and 1800-2021, for any assistance regarding this matter.