
Punjab National Bank (PNB) has recently announced that it will be closing zero-balance accounts that have been inactive for the past three years. This decision has been taken to prevent the misuse of these accounts and mitigate any associated risks.
The bank has sent notices to all account holders who have not operated their accounts for more than three years as of April 30, 2024, and who have a zero or no balance in their accounts. These accounts will be closed on or after June 1, 2024, without any further notice.
Option to Activate Dormant Accounts
To provide an opportunity for account holders to keep their accounts active, PNB is offering an option to activate dormant accounts. Account holders can do so by submitting their KYC (Know Your Customer) documents at their respective branches before May 31, 2024. It is important to note that once the deadline passes, dormant accounts will be permanently closed.
Exceptions to Account Closure
It is worth mentioning that not all dormant accounts will be closed as per the notice. PNB has provided relaxation for certain types of accounts, even if they have been dormant for more than three years. The following accounts are exempt from closure:
- Accounts linked with Demat accounts
- Accounts linked with lockers
- Accounts with active standing instructions
- Student accounts with customers below the age of 25
- Accounts of minors
- Accounts opened for specific purposes such as PMJJBY/PMSBY/SSY/APY
- Accounts involved in DBT (Direct Benefit Transfer)
- Accounts frozen by order of the Court or the Income Tax Department, etc.
PNB aims to streamline its operations and ensure the proper usage of its banking services. By closing inactive zero-balance accounts, the bank can focus on providing efficient services to its active customers while also minimizing the potential risks associated with unused accounts.