Punjab National Bank (PNB) has announced a crucial update for its savings account holders. The bank has decided to close savings accounts that have not seen any transactions in the last three years.
This decision, aimed at preventing misuse and ensuring account safety, affects accounts that have been inactive and without any balance. PNB has set a deadline of June 30 for customers to maintain funds and reactivate these accounts.
Official Notification and Extension
PNB communicated this decision through an official notice on its website and social media channels. The notice highlighted that numerous accounts have remained dormant for three years, posing potential security risks. In a message shared on their official X account, PNB stated, “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.”
Initially, the bank planned to close these accounts by June 1 but extended the deadline by a month, allowing account holders more time to reactivate their accounts. The notice included specific dates of when the notifications were sent to account holders.
Exemptions and Reopening Process
Certain accounts are exempt from this closure. These include DEMAT accounts, lockers, accounts with active standing instructions, student accounts for customers under 25, minor accounts, accounts opened for specific schemes by PNB, and accounts frozen by court orders or other statutory authorities.
After the deadline, closed accounts can only be reactivated by visiting the branch. Account holders will need to complete a Know Your Customer (KYC) form and provide the necessary documents. PNB has advised customers to visit their official website or contact their branch for more details.
Ensuring Account Safety
PNB’s proactive measure aims to protect account holders from potential risks associated with dormant accounts. By closing inactive accounts, the bank seeks to mitigate the risk of misuse and enhance the overall security of customer funds.
Conclusion
Account holders are urged to take immediate action to maintain their account activity before the June 30 deadline. For further assistance, customers should visit the PNB website or reach out to their local branch.
