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Public sector bank to close these savings accounts from July 1: Details

Mumbai: Leading public sector bank in the country, Punjab National Bank has made an important announcement for its savings account holders. The bank will  close savings accounts where the customer has not made any transactions in the last three years. The decision will affect accounts that have been lying unused without any balance.

The bank has set a deadline of June 30 to maintain funds and activate these accounts.

‘Bank has noticed that in many accounts there has been no operation by the customer in the last 3 years, and there is no balance in these accounts. To ensure that these accounts are not misused, the bank has decided to close them to prevent the inherent risk,’ PNB said in its  official account on X.

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Certain accounts are exempted from closure. This includes DEMAT accounts, lockers, or active standing instructions, student accounts for customers under the age of 25, minor accounts, accounts opened for specific schemes by PNB, and those accounts that are frozen by court orders, income tax department orders, or other statutory authorities. Once the bank accounts are closed after the deadline, account holders will only be able to make them functional again by going to their branch and filling out a KYC form along with all the necessary documents.

For more details, account holders are advised to visit the bank’s official website or contact the branch.




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