PNB launches campaign called 100 Days, 100 Pays

- Advertisement -

Punjab National Bank has launched a campaign known as “100 Days 100 Pays,” running from June 1, 2023, to September 8, 2023. The purpose of this initiative is to track and settle unclaimed deposits in each district of the country. The Reserve Bank of India (RBI) had previously announced the establishment of a centralized web portal to search for unclaimed deposits older than ten years. This new portal aims to streamline the process, as customers used to visit various institutions’ websites to claim their deposits.

An account is classified as an Inoperative Account or an unclaimed deposit if it remains unused (excluding interest credits and service charge debits) for ten years or more from the date of its last operation. To address this issue, Punjab National Bank allows customers, survivors, legal heirs, and authorized signatories to make a claim for unclaimed deposits and reactivate the accounts.

The claim process involves visiting the bank’s branch and providing the required documents, such as a request letter (Annexure-I), proof of identity, address, and a recent photograph. Upon verification by the branch, the account will be reactivated, allowing transactions to resume. For legal heirs or nominees making a claim, they must adhere to the bank’s claim settlement process and submit the necessary documents.

- Advertisement -

Non-individual account holders can also make a claim by submitting a Claim Form on their Company’s/Firm’s/Institution’s letterhead, signed by authorized representatives, along with appropriate identity and address documents. Additional documentation, if needed, may also be required by the Bank.

The growing amount of unclaimed deposits is primarily attributed to the failure to close savings and current accounts that depositors no longer use, as well as the neglect to file redemption claims for matured fixed deposits with banks. Some accounts belonging to deceased depositors also remain unclaimed due to the failure of nominees or legal heirs to lodge a claim with the bank.

To assist such depositors or their representatives in identifying and claiming these unclaimed deposits, banks already maintain a list of them on their websites, containing certain identifiable details.

- Advertisement -

For PNB customers wishing to check for unclaimed deposits, they can visit https://www.pnbindia.in/inoperactive-accounts.aspx, enter their name as per the record, enter the code, and click on “Go” to access the relevant information.

- Advertisement -

Share this article...

Comments

LEAVE A REPLY

Please enter your comment!
Please enter your name here

More News...

Latest

Fake Currency Notes Found in Punjab National Bank Currency Chest in Agra

Fake Currency Notes Found in Punjab National Bank in Agra

Congress Questions Steel Minister on Disinvestment and Privatization of Steel Plants

Congress Questions Steel Minister on Disinvestment and Privatization of Steel Plants

Yes Bank and IDFC First Bank Announce Initiatives to Boost Corporate Lending

Yes Bank and IDFC First Bank Announce Initiatives to Boost Corporate Lending

Union Minister says BPCL privatization plan has been put on hold

Union Minister says BPCL privatization plan has been put on hold

86% Employees not happy with their life in India: Report

Low Employee Wellbeing in India: Gallup 2024 Report Reveals Alarming Statistics

PNB next MD & CEO appointment process to start from July

Appointment of Next Managing Director and CEO of Punjab National Bank (PNB) and Expectations for the Future

What are the Expectations of Banking Industry from Newly Formed Modi Government?

What are the Expectations of Banking Industry from Newly Formed Modi Government?

SBI Annual Report 2024 [Download PDF]

SBI Annual Report 2024 [Download PDF]

Bank of Baroda Officers start nationwide protest against Transfer Policy

Bank of Baroda Officers start nationwide protest against Transfer Policy

Bank Privatization: Can PM Modi privatize Banks after formation of coalition government?

Bank Privatization: Can PM Modi privatize Banks after formation of coalition government?

Latest News