Punjab National Bank to Close Inactive Bank Accounts Starting June 1: Details Inside

PNB recently announced its decision to close accounts that have been inactive for a minimum of three years and hold no balance. The public sector bank specified that accounts meeting these criteria would be closed unless customers complete the Know Your Customer (KYC) process by May 31, 2024. No further notice will be issued to account holders after this deadline. However, certain accounts are exempt from closure, including those linked to DEMAT accounts, lockers, or active standing instructions.

Additionally, student accounts for customers under 25, minor accounts, and accounts opened for specific schemes such as PMJJBY, PMSBY, SSY, APY, DBT, along with those frozen by court orders, income tax department orders, or other statutory authorities, are exempted from closure.

PNB is implementing this measure to mitigate security risks and prevent the misuse of inactive accounts. Customers can reactivate their accounts by submitting the required KYC documents at their nearest bank branch. To complete the KYC process, customers will need to provide Identification Proof (such as PAN Card, Aadhar Card, Passport, or Driving Licence) and Address Proof (such as Aadhar Card, Electricity Bill, Water Bill, House Tax receipt, etc.).

Taking action on dormant accounts is crucial as they can become susceptible to fraud and may incur maintenance fees, as many banks charge for inactive accounts. Moreover, inactive accounts are more prone to hacking and unauthorized access, particularly if they are not regularly monitored.