State-owned Punjab National Bank (PNB) says it will close from June 1 those accounts which have been inactive for at least three years and have no balance. If such customers want to save their bank accounts from closure, then they will have to complete the KYC (Know Your Customer) process by 31 May 2024. Let us know the complete news.
New Delhi. Public sector Punjab National Bank (PNB) says that from June 1, it will close those accounts which are inactive for at least three years and have no balance. If such customers want to save their bank accounts from closure, then they will have to complete the KYC (Know Your Customer) process by 31 May 2024. The bank has clarified that no further notice will be given to the account holders after May 31.
These accounts will not be closed
Punjab National Bank said that it has given special concession to some accounts. They will not be closed even after being inactive for 3 years or having zero balance. These include locker or demat account. Also, accounts opened for customers below 25 years of age and availing benefits of government schemes will also not be closed.
If an account has been frozen on the orders of the court, Income Tax Department or any other legal institution, then it will also not be closed.
Why is the bank closing the account?
Punjab National Bank says that it is taking the decision to close inactive accounts for security reasons. Sometimes inactive accounts also get misused. Later it can also be used for illegal activities like fraud or money laundering. In such a situation, it has been decided to close them.
Will the account be activated again?
If you come to know after June 1 that your account has been closed due to inactivity, you will still be able to reactivate it. However, for this you will have to go to the nearest branch of the bank and submit the necessary KYC documents there.
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