Punjab National Bank has made an important announcement for its customers. PNB, which is known as one of the major government banks of India, has mentioned that customers can reactivate their bank accounts if the accounts were closed by the bank due to no customer-initiated transaction in savings or current accounts for more than two years.
Punjab National Bank has come forward with this unique and special service to assist people who want to restart their service with the bank. Following this initiative, PNB has launched a nationwide campaign, which will come to an end on March 7, 2025, which commenced on February 17, 2025.
What process needs to be followed to reactivate the account?
According to the bank officials' official update, to reactivate an inoperative account, the account owner must submit KYC (Know Your Customer) documents. Keeping it more convenient, PNB has appealed to customers to come to their nearest bank branch and submit their documents and reactivate their accounts.
Furthermore, the officials can also check PNB's official website, www.pnbindia.in, to gather more information about the matter.
Steps to follow -
- Update your KYC by visiting your nearest branch.
- Make a transaction, whether it is depositing, withdrawing, or transferring money online.
Along with this, an individual can also reactivate the bank account through online banking through the official website or mobile banking application.
What is an inactive or inoperative account?
Different banks have different policies to mark an account as inoperative. However, as per PNB, if a customer doesn’t use a savings or current account for two years, then the bank marks the account as inactive or inoperative.
What are the reasons why an account is termed inactive?
Some of the reasons why the account is marked as inactive or inoperative are as follows:
No transactions for a longer time: As per the bank officials, if any account does not witness any transaction, whether withdrawal, deposit, or online transfer, for a longer time period, then an account is marked as inactive. Transactions like interest credit or bank charges deduction are not considered customer transactions.
KYC not updated: If KYC documents of any account are not updated regularly, then the account may become inactive.
It is to be noted that the banks block or inactive an account (which does not have any kind of transactions for a longer period of time) for security reasons.
Problems which can be faced due to an Inactive Account -
- Services like online banking and ATM transactions may get blocked.
- Auto-debit services, including bill payments, EMIs, and investments, may get halted.
- The customer will fail to use other banking services linked to the account.