Punjab National Bank: Inactive bank accounts will be closed from June 1. Check details

Punjab National Bank (PNB) has recently announced that the accounts that have inactive for minimum three years with no balance will be closed. The public sector bank has said that it will close accounts with no activity for the past three years and no balance, unless the Know Your Customer (KYC) process is completed by May 31, 2024. After this date, no further notice will be given to account holders.

However, the bank said that a few accounts are exempted from closure. These are the accounts linked to DEMAT accounts, lockers, or active standing instructions.

Student accounts for customers under the age of 25, minor accounts, accounts opened for specific schemes like PMJJBY, PMSBY, SSY, APY, DBT, and those frozen by court orders, income tax department orders, or other statutory authorities are also exempted.

PNB is taking this measure to avoid security risks and ensure that inactive accounts are not misused.

In order to reactivate the account, customers need to submit the necessary KYC documents to your nearest bank branch.

To complete the KYC process, one will need Identification Proof (PAN Card, Aadhar Card, Passport, Driving Licence); Address Proof (Aadhar Card, Electricity Bill, Water Bill, House Tax receipt, etc.).

It is important to take action on your abundant account as these unused bank accounts can become prime targets for fraud.

They can also attract maintenance fees, as many banks charge it for inactive accounts.

Also, inactive accounts are more vulnerable to hacking and unauthorised access, especially if they are not regularly monitored.