Attention all bank customers! The Reserve Bank of India oversees all banking regulations to ensure transparency, safety, and financial inclusion.
When opening a bank account, you must submit documents such as your PAN Card, Aadhaar Card, Passport or Voter ID, and proof of home address.
Non-resident Indians (NRIs) can also open special category accounts, such as NRE (Non-Resident External) or NRO (Non-Resident Ordinary) accounts.
Indian banks offer various accounts, including savings, current, and fixed deposits, each with different minimum balance requirements.
Many banks now offer zero-balance accounts, especially for students and low-income individuals. The Pradhan Mantri Jan Dhan Yojana allows citizens, particularly in rural areas, to open primary savings bank accounts without a minimum balance, promoting financial inclusion.
Debit cards provide basic banking services, and Indian banks adhere to strict anti-money laundering laws.
If you have an account with Punjab National Bank (PNB), it’s important to note that the bank has issued a warning to customers with accounts that have had no transactions for more than two years and a zero balance.
The bank has stated that such accounts will be closed. If you have not conducted any transactions in your PNB Bank account for three years, it’s crucial to do so immediately to avoid closure.
To prevent misuse, the bank has decided to close these accounts. Despite previous warnings, many accounts still have no transactions. The bank has announced that these accounts will be closed without further notice.
Accounts linked with demat accounts, student accounts for customers below 25 years, accounts of minors, and accounts opened for specific schemes will not be closed.
Additionally, the bank has provided customers the option to contact their bank branch for any assistance or information related to their accounts.
It’s important to note that such accounts cannot be reactivated until the account holder submits all necessary KYC documents at the concerned branch.
Therefore, if you want to keep your account active, ensure you complete your KYC immediately at your bank branch.