Bank Account Holder Alert: This bank will close these accounts from June 1, gave ultimatum to customers
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State-owned Punjab National Bank (PNB) says it will close from June 1 these accounts which have been inactive for at the least three years and don’t have any steadiness. If such customers need to save their bank accounts from closure, then they will have to full the KYC (Know Your Customer) course of by 31 May 2024. Let us know the entire information.
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Public sector Punjab National Bank (PNB) says that from June 1, it will close these accounts that are inactive for at the least three years and don’t have any steadiness. If such customers need to save their bank accounts from closure, then they will have to full the KYC (Know Your Customer) course of by 31 May 2024. The bank has clarified that no additional discover will be given to the account holders after May 31.
These accounts will not be closed
Punjab National Bank stated that it has given particular concession to some accounts. They will not be closed even after being inactive for 3 years or having zero steadiness. These embody locker or demat account. Also, accounts opened for customers under 25 years of age and availing advantages of presidency schemes will additionally not be closed.
If an account has been frozen on the orders of the court docket, Income Tax Department or another authorized establishment, then it will additionally not be closed.
Why is the bank closing the account?
Punjab National Bank says that it’s taking the choice to close inactive accounts for safety causes. Sometimes inactive accounts additionally get misused. Later it will also be used for unlawful actions like fraud or cash laundering. In such a state of affairs, it has been determined to close them.
Will the account be activated once more?
If you come to know after June 1 that your account has been closed due to inactivity, you will nonetheless have the ability to reactivate it. However, for this you will have to go to the closest department of the bank and submit the mandatory KYC paperwork there.
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