PNB may close several accounts after November 10—could yours be among them?

Punjab National Bank (PNB) will close certain accounts after November 10 of this year. The bank has issued an alert to customers holding inactive accounts. Accounts that have remained unused for three years and have a zero balance may be closed after November 10.

Accounts may be closed based on the following criteria:

Punjab National Bank (PNB) has stated that this measure is being taken to prevent the misuse of accounts and mitigate associated risks. However, only accounts meeting two specific conditions will be closed: first, accounts in which no transactions or operations have taken place since September 30, 2023; and second, accounts with a zero balance. If an account meets both of these criteria, it may be closed after November 10.

An account becomes 'inoperative' if no customer-initiated transactions occur for 24 months.

According to PNB’s guidelines, an account is classified as 'inoperative' if no transactions—whether financial or non-financial—are initiated by the customer for a continuous period of 24 months. Non-financial transactions include requests for products or services, or updates to 'Know Your Customer' (KYC) information.

Customers can check if their account is at risk of closure.

The bank has advised customers whose accounts are at risk of closure to submit their KYC documents at their respective bank branch before November 10. Customers should verify whether their PNB account is at risk of being closed. If they have any doubts, they may visit their nearest PNB branch for assistance. These documents must be submitted to the bank before November 10.

The list of documents includes government-approved proof of identity and address, such as a passport, voter ID, or driving license. Customers are also required to submit tax-related documents, such as Form 16 or a PAN card. Additionally, customers must provide a request letter at the branch to activate an inoperative account. Under its KYC policy, the bank may also request other documents.

Customers can call the bank’s toll-free customer service number.

Once the bank receives and verifies the documents, it will make the account operative. For assistance, customers can call PNB’s toll-free customer care numbers: 1800-1800 and 1800-2021. PNB is one of the major public sector banks. On October 27, PNB shares closed at Rs 121.27, up by 0.31 percent.

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