Have a PNB account? It could be shut from April 16: Here’s why

PNB to close dormant and zero-balance accounts from April 16. Check eligibility, steps to avoid closure, and latest bank update for customers.

Customers of Punjab National Bank have been advised to review their account status as the bank moves to close certain inactive accounts starting April 16. The decision targets accounts that have remained dormant for three years or hold a zero balance, according to the bank’s latest update.

The move is part of a broader effort to streamline account management and reduce potential risks associated with long-unused accounts.

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Which accounts will be affected

It should be noted that accounts that fall into the below categories could potentially be closed by the bank:

Accounts with no transactions for three years prior

Accounts with a zero balance

Inactive accounts

Accounts on which e-KYC is yet to be performed

Customers whose KYC documentation is outdated or whose accounts are inactive are expected to be affected by this move.

How to keep your account active

In order to ensure that your account is not closed by the bank, you will have to take the following steps. These include getting your e-KYC done and performing some transactions within the account.

One can go to the nearest branch to get their documents updated and perform a verification of their identity. You can also deposit money in your zero-balance account and perform a few transactions.

Why the bank is closing such accounts

Inactive accounts are reviewed by banks from time to time as a means of risk management. Accounts that have no transactions and whose balances are zero are more exposed to being abused or fraudulently used.

The bank expects to improve its compliance levels as well as minimize risks through the closure of such accounts.

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