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Bank News: Latest update for crores of customers, this bank is closing accounts..

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The bank has given necessary information to crores of its account holders. The PSU bank said that it has decided to close dormant/inactive accounts so that these accounts are not misused. PSU Bank has given this information by tweeting. If you have an account in this bank, you can save your account from closure within one month of the notice.

The accounts of these customers will be closed-

PNB tweeted on the social media platform 'X' and said, the bank has noticed that in many accounts no operations have been done by the customer for the last 3 years and there is no balance in these accounts. To prevent misuse of these accounts, the Bank has decided to close such accounts to prevent the risks involved.

Do these things to avoid account closure-

The bank said notice is given to all such account holders who have not operated their account for more than 3 years till April 30, 2024, and who have zero balance or no balance in their account. They will be closed without any further notice after one month of publication if they are not activated by the customer by submitting the KYC documents to the concerned branch.

The bank will not close these accounts -

The PSU bank said, please note that accounts linked to Demat Accounts, lockers with active standing instructions, student accounts with customers below 25 years of age, accounts of minors, accounts for specific purposes like PMJJBY/PMSBY/SSY/API, Accounts opened for DBT and frozen by the order of Court, Income Tax Department or any other statutory authority will not be closed under this process.

What are Dormant/Inoperative Accounts?

When transactions are not made from an account for 12 consecutive months, it is considered to be an inactive account. But when transactions are not done from the account for 24 consecutive months i.e. two years, then it is put in the category of Dormant Account. You can neither withdraw money from the dormant account nor deposit it in it. To get it activated you have to go to the bank.

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