PNB Bank New Update: PNB has notified consumers that they must complete this task promptly or their account may be terminated

 PNB Bank New Update: PNB has notified consumers that they must complete this task promptly or their account may be terminated

PNB Bank New Update: PNB has notified consumers that they must complete this task promptly or their account may be terminated

PNB Bank: According to PNB, no transactions have been made from current or savings accounts in the last two years. They'll be regarded as dormant. To activate the account, these account holders will need to undergo KYC verification once again.

One of the biggest banks in the nation, Punjab National Bank, has sent out a notice to its clients. The bank has said that under this, savings accounts and current accounts that have not had a transaction in the previous two years are eligible. It'll be regarded as dormant. An dormant account must be reactivated in person at the branch.

On social media, Punjab National Bank made a plea.

In addition to pleading with clients via its official has not been completed. Thus, the bank deactivates these accounts. In order to reactivate your account, you will need to visit the branch and complete KYC. Your account will then be reactivated after this.

If your account is disabled, you won't be able to conduct any transactions.

You won't be able to conduct any form of transaction using your account if it has been disabled. Bank credits interest on the money deposited on a regular basis. Debit and SMS fees will also keep being subtracted. Tell you what, the interest you paid and the fees the bank withheld are not regarded as transactions.

What is the RBI's policy on inactive accounts?

All banks are required to abide with the RBI's requirements. These accounts are ones from which there isn't a single transaction for two years, according to RBI. They are regarded as dormant, and new KYC must be completed in order to reactivate them.

Banks notify customers when an account is dormant.

The bank notifies the client and urges him to make any debit or credit transaction from the account if no activity has been made from it for more than a year. In addition, the bank is required to notify the client three months in advance if it deems an account inactive after two years of no activities.