There’s important news you should know if you or any family members hold a savings account with Punjab National Bank (PNB). The second-biggest government bank in the nation, PNB, revealed a noteworthy update about certain savings accounts in June. The bank has started to close several special savings accounts as of today, July 1.
Why PNB Closed Inactive Accounts
PNB made the decision to close savings accounts that had been inactive for a long time. Particularly, accounts—including those with a zero balance—that have not been used over the previous three years have been closed. This action is intended to improve security and lower the possibility of fraud. PNB aims to reduce the risk of fraudulent activity by terminating inactive accounts, which are frequently the focus of such actions.
Exceptions to the Closure
It’s crucial to remember that not every inactive account is impacted. Accounts connected to lockers or Demat accounts will continue to function. Furthermore, none of the accounts formed for government programmes like PMJJBY, PMSBY, SSY, APY, or the Direct Benefit Transfer Scheme would be cancelled, nor will accounts held by students or children. This closure does not apply to accounts that have been frozen by the tax department, court, or any other body.
Steps to Reactivate Your Closed Account
If your savings account has been closed and you wish to reactivate it, you need to visit your nearest PNB branch promptly. The reactivation process requires you to complete the Know Your Customer (KYC) procedure. You will need to submit documents such as your PAN card, Aadhar card, passport, or driving license as proof of identity. Additionally, a copy of your address proof document is required.
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