PNB inactive account: Conduct transactions by this date to avoid account closure

New Delhi: PNB inactive accounts will be closed by the lender after June 30, 2024. According to Punjab National Bank accounts with not a single transaction for more than 3 years and containing zero balance will be closed after the above date. PNB is taking this step to avoid misuse of the bank account. PNB has notified that such accounts will be closed without any further notice to accountholders. So, if you have an inactive account, here’s let how you can stop your PNB account from being closed.

Which PNB accounts are safe?

PNB inactive account definition will not apply to bank accounts opened for specific purposes such as:

Pradhan Mantri Jeevan Jyoti Bima Yojana
Pradhan Mantri Suraksha Bima Yojana
Atat Pension Yojana
Direct benefit transfer beneficiary accounts
Demat account linked savings bank account
Account with lockers
Accounts with active standing instructions
Student accounts for customers below 25 years of age
Minors’ accounts

This policy does not apply to accounts that have been frozen by court order, by the Income Tax Department, or any other statutory authorities.

How to reactivate your inactive PNB account?

If you want to stop your PNB inactive account from closure you will have to activate it by submitting KYC documents to the bank branch. You will have to submit the necessary identification and address proofs to your nearest PNB branch. You can show these documents as ID and address proof:

Identification Proof

PAN Card
Aadhar Card
Passport
Driving Licence

Address Proof

Aadhar Card
Electricity Bill
Water Bill
House Tax receipt

How to stop your PNB from turning dormant?

Banks will consider a savings or current account to be ‘inoperative’ or ‘dormant’ if there have been no transactions conducted in the account for more than 2 years. Transactions include debit or credit of money in account. Interest credited or any charges deducted by the bank, are not considered transaction. So if you want to stop your account from being dormant, ensure these following tips

Make sure there is at least one transaction in your account every two years.
Link your bank account to a mobile wallet or UPI app for making regular payments
Set up a standing instruction for regular transfers from another account to your bank account.

 PNB inactive account: Punjab National Bank Accounts will close inactive savings after June 30, 2024. Know what is an inactive account.  Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today