Bank Advises Customers to Activate Accounts, Submit KYC to Prevent Inactivity
If you have a Punjab National Bank (PNB) account and haven’t used it for over two years, this alert is crucial for you. PNB has once again informed customers that accounts with no transactions for more than two years and a zero balance may soon be closed. The bank has advised account holders to take necessary steps to avoid account closure by making transactions and updating Know Your Customer (KYC) documents.
PNB’s Social Media Alert: Make Transactions to Keep Your Account Active
PNB recently issued an important message on social media platform X (formerly Twitter), warning customers with inactive accounts. The bank’s post states: “Important information, if there is no transaction in the customer account for more than two years, the account will become inoperative. Please ensure transactions in your account so that it does not become inoperative.” Although this isn’t the first time PNB has warned its account holders, the bank has not set any specific deadline for this action.
This notice is especially important for customers who haven’t used their accounts in years. Inactive accounts pose security risks, which is why PNB has decided to take action. To avoid any inconvenience, it’s advised that customers perform a transaction or update their KYC at the nearest branch as soon as possible.
Why PNB is Closing Inactive Accounts
PNB has been keeping an eye on accounts with no activity for two or more years. After observing that many of these accounts are inactive, the bank is concerned about the potential misuse of such accounts. Therefore, the bank has decided to close accounts with no transactions and zero balance as a preventive measure.
In May and June of 2024, PNB issued several alerts through its website and social media to warn customers about this situation. The bank emphasized the importance of keeping accounts active to avoid closure. Despite these efforts, many customers still have inactive accounts, prompting PNB to issue another alert.
Which Accounts Will Be Affected?
While most inactive accounts will face closure, PNB clarified that certain accounts will not be closed. These include:
- Accounts linked to Demat services.
- Student accounts for customers under 25 years of age.
- Accounts of minors.
- Accounts opened under government schemes like Sukanya Samriddhi Yojana (SSY), Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY), and Atal Pension Yojana (APY).
This means that if your account falls into one of these categories, you won’t have to worry about it being closed.
How to Reactivate Your PNB Account?
If your account has been inactive for over two years, PNB provides a simple way to reactivate it. You’ll need to visit your bank branch and submit updated KYC documents. Only after completing this process can your account be reactivated. The bank has emphasized that transactions alone won’t reactivate your account if KYC isn’t up to date. Therefore, it’s crucial to complete both steps: perform a transaction and update your KYC information.
Additionally, if you’re unsure about your account status or need assistance, PNB encourages customers to contact their local branch. The bank staff will provide the necessary information and help you get your account back on track.
PNB Share Performance: A Quick Overview
Punjab National Bank is one of the largest public sector banks in India, with a market capitalization of ₹1.22 lakh crore. Its shares have been performing well, with a recent upward trend. On Monday, the shares opened at ₹108.59 and rose by nearly 3%, reaching ₹111.42 by the end of the day. This growth reflects the bank’s strong market position, and it continues to attract investors.
For account holders, this is a good time to ensure that their accounts are active and in good standing, as the bank is focused on improving its services and security measures.
