Punjab National Bank: A proactive initiative to cancel accounts that have lain dormant for more than three years and keep a zero balance has been launched by Punjab National Bank (PNB). The purpose of this decision is to reduce the risks related to dormant accounts and guard against possible financial resource abuse.
Notification and Timeline Extension
Public notices about the upcoming closure of dormant accounts were sent out by PNB to account holders via newspapers, the bank website, and social media. Publication of the notices on May 1, May 16, May 24, and June 1, 2024 ensured that the decision was widely communicated.
PNB has extended the deadline to June 30, 2024, from the original July 1, 2024, closing date. This will provide account holders additional opportunity to reactivate their inactive accounts. To save their accounts from being closed, account holders are advised to visit their individual branches and turn in Know Your Customer (KYC) paperwork.
Exceptions to the Closure Process
Accounts connected to Demat accounts, active lockers with standing orders, student accounts of customers under 25, accounts of minors, and accounts opened for specific government schemes or purposes like PMJJBY, PMSBY, SSY, APY, and DBT are among the categories of accounts that are excluded from this closure process. Additionally not subject to closure are accounts that have been placed on hold by statutory or court authorities, such as the Income Tax Department.
Customer Convenience
By extending the deadline and offering several channels for customer engagement regarding the closure process, PNB highlights its dedication to reducing disruption for its clients. Account holders can preserve their banking links with the bank and guarantee continuous access to banking services by reactivating their accounts prior to the designated date. PNB advises impacted account holders to act quickly as the June 30 deadline draws near in order to prevent any interruptions to their banking services.