Punjab National Bank has announced its decision to close dormant or inactive accounts, as detailed in a recent public notice.
This measure aims to mitigate the risk of potential misuse associated with dormant accounts.
The bank will identify accounts meeting the criteria of dormancy or inactivity, defined as those that have remained unused for over three years as of April 30, 2024, and those with a zero balance.
Account holders have the opportunity to reactivate their dormant accounts by submitting the requisite Know Your Customer (KYC) documents to the relevant branch by May 31, 2024.
The closure for these identified accounts will commence from June 1, 2024, onwards.
Additionally, certain types of accounts will be exempt from closure under this initiative. These include accounts linked to DEMAT accounts, lockers, those with active standing instructions, student accounts for customers under 25 years of age, accounts for minors, and those opened for specific purposes such as PMJJBY/PMSBY/SSY/APY, DBT, as well as accounts frozen by court order, the Income Tax Department, or other statutory authorities.
