In a recent development, Punjab National Bank (PNB) has issued a crucial alert for its customers, specifically regarding dormant accounts. The bank has announced its intention to close accounts that have remained inactive for the past three years. Customers with such dormant accounts are urged to take prompt action within 30 days to avoid closure.
Account Closure Notice
PNB’s decision to close inactive accounts within a month aims to mitigate the risks associated with these accounts. Accounts with no transactions or balances for the past three years fall under this category. The bank has taken this step to prevent misuse of such accounts and streamline its operations.
Assessment of Dormant Accounts
According to the notification issued by PNB, the assessment of these accounts will be conducted based on data available as of April 30, 2024. Notice for closure will be issued within one month of the notification. Customers will not receive any prior notice regarding the closure. However, accounts associated with demat accounts and lockers will not be suspended.
Exemption for Government Schemes
Accounts linked to government schemes such as the Prime Minister Jeevan Jyoti Bima Yojana (PMJJYBY), Sukanya Samriddhi Yojana (SSY), Prime Minister Suraksha Bima Yojana (PMSBY), and Atal Pension Yojana will not face closure even if there have been no transactions for three years. PNB assures that no action will be taken on such accounts. Additionally, accounts frozen due to Direct Benefit Transfer (DBT) or court orders will also remain unaffected.
Reactivating Closed Accounts
Customers whose accounts are closed can reactivate them by visiting their nearest PNB branch and submitting Know Your Customer (KYC) documents. Failure to do so will result in the permanent closure of the account.
PNB’s initiative to close dormant accounts underscores its commitment to maintaining the integrity of its banking system and ensuring the security of customer funds. Customers are advised to take immediate action if they wish to keep their accounts active and avoid any inconvenience.