PNB Customers Alert! Your Saving, Current Account May Get Frozen; Do This By Aug 12 To Avoid Trouble

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New Delhi: Punjab National Bank, a leading public sector lender in India has urged its customers to update their KYC (Know Your Customer) details by August 12 to avoid their accounts from getting suspended. This directive, which affects accounts that were due for KYC updates as of March 31, aligns with the guidelines set by the Reserve Bank of India (RBI).

"As part of the KYC compliance exercise, PNB customers are requested to provide their updated information like identity proof, address proof, recent photo, PAN, income proof, mobile number (if not available) or any other KYC information to their base branch. It can be done through PNB ONE App/Internet Banking Services (IBS)/registered e-mail/post or in person visit to any branch by 12.08.2024. Failure to update KYC details within the stipulated time may result in restrictions on account operations,"the bank stated in a notification.

What documents do customers need to provide to complete the KYC update?

To complete the KYC update, customers need to provide the following information: updated identity proof, current address proof, recent photograph, PAN details (Permanent Account Number), income proof, mobile number, and any other relevant details.

What are the consequences of missing the deadline?

Punjab National Bank also announced that customers can update their KYC details through the PNB ONE App, Internet Banking Services (IBS), registered email, post, or by visiting any branch in person by August 12, 2024. “Failure to update KYC details within the stipulated time may result in restrictions on account operations.” the bank warned.

Can PNB customers update their KYC details online?

PNB customers can update their KYC details online without having to visit a branch. The Reserve Bank has established guidelines to make sure the online KYC process is smooth and secure.

As per an RBI circular, “Banks have been advised to provide the facility of such a declaration to the individual customers through various non-face-to-face channels such as registered email ID, registered mobile number, ATMs, digital channels (such as online banking/internet banking, mobile application), letter, etc., without need for a visit to a bank branch.”