PNB KYC deadline today: Inoperative accounts may be closed after April 15

Punjab National Bank (PNB), a public sector lender, recently informed customers via its official X (formerly Twitter) handle that inoperative bank accounts with zero balance may be closed on or after April 15 if KYC requirements are not completed.

The bank has advised customers to update their Know Your Customer (KYC) details by April 15, 2026, to ensure continued access to their accounts. Customers whose accounts are inactive can reactivate them by submitting valid KYC documents before the deadline.

As per the KYC policy document on the bank website, the purpose of the policy is “to put in place customer identification procedures for opening of accounts and monitoring transactions in the accounts for detection of transactions of suspicious nature for the purpose of reporting to Financial Intelligence Unit-India [FIU-IND] in terms of the recommendations made by Financial Action Task Force (FATF) and the paper issued on Customer Due Diligence (CDD) for banks by the Basel Committee on Banking Supervision (BCBS) on AML standards and on CFT measures.”

To complete the customer due diligence procedure, individual customers need to submit the following documents:

1. Aadhaar number
2. Permanent Account Number or the equivalent e-document thereof or Form No. 60 as0) defined in Income-tax Rules, 1962, and
3. One recent photograph; and
4. Such other documents, including in respect of the nature of business and financial status of the customer, or the equivalent e-documents thereof, as may be required by the Bank.

For other accounts opened using Aadhaar OTP based e-KYC, in non-face-to-face mode, are subject to the following conditions as per the KYC policy document.

1. There must be a specific consent from the customer for authentication through OTP.
2. As a risk-mitigating measure for such accounts, it shall be ensured that transaction alerts, OTP, etc., are sent only to the mobile number of the customer registered with Aadhaar. There shall be a board-approved policy in the Board delineating a robust process of due diligence for dealing with requests for change of mobile number in such accounts.
3. The aggregate balance of all the deposit accounts of the customer shall not exceed rupees one lakh. In case the balance exceeds the threshold, the account shall cease to be operational till CDD as mentioned at (v) below is complete. 4)The aggregate of all credits in a financial year, in all the deposits taken together, shall not exceed rupees two lakh.
4. As regards borrowal accounts, only term loans shall be sanctioned. The aggregate amount of term loans sanctioned shall not exceed rupees sixty thousand in a year.
5. Accounts, both deposit and borrowal, opened using OTP based e-KYC shall not be allowed for more than one year unless identification as per Section 2 or as per Section 4 (V-CIP) is carried out. If Aadhaar details are used under Section 4, the process shall be followed in its entirety, including fresh Aadhaar OTP authentication.
6. If the CDD procedure as mentioned above is not completed within a year, in respect of deposit accounts, the same shall be closed immediately. In respect of borrowal accounts no further debits shall be allowed.
7. A declaration shall be obtained from the customer to the effect that no other account has been opened nor will be opened using OTP based KYC in non- face-to-face mode with any other Bank. Further, while uploading KYC information to CKYCR, Bank shall clearly indicate that such accounts are opened using OTP based e-KYC and other Banks shall not open accounts based on the KYC information of accounts opened with OTP based e-KYC procedure in non-face-to-face mode.
8. Bank shall have strict monitoring procedures including systems to generate alerts in case of any non-compliance / violation, to ensure compliance with the above-mentioned conditions.