PNB To Close These Accounts From July 1; Know Details

Government-owned Punjab National Bank has made an important announcement for its savings account holders. The bank is set to close savings accounts where the customer has not made any transactions in the last three years. The decision will affect accounts that have been lying unused without any balance.

The bank has set a deadline of June 30 to maintain funds and activate these accounts. The Punjab National Bank (PNB) had also sent out an official notice through their website and social media accounts.

PNB has taken this decision to ensure the safety of the account and protect against any misuse.

In a picture shared by PNB’s official account on X, they wrote, “Bank has noticed that in many accounts there has been no operation by the customer in the last 3 years, and there is no balance in these accounts. To ensure that these accounts are not misused, the bank has decided to close them to prevent the inherent risk.” In the notice, the bank has also specified the dates on which it sent the notice. Earlier, PNB decided to close these accounts on June 1. However, they have extended the last day by a month.

Certain accounts are exempted from closure. This includes DEMAT accounts, lockers, or active standing instructions, student accounts for customers under the age of 25, minor accounts, accounts opened for specific schemes by PNB, and those accounts that are frozen by court orders, income tax department orders, or other statutory authorities.

Once the bank accounts are closed after the deadline, account holders will only be able to make them functional again by going to their branch and filling out a KYC form along with all the necessary documents.

For more details, account holders are advised to visit the bank’s official website or contact the branch.