PNB tells customers to update KYC by Oct 1 or face bank account block

PNB to block KYC outdated bank account after October 1 , update KYC with your branch to save from account block : If you have bank account with Punjab National Bank, It is very important news for you. State owned Punjab National Bank (PNB) tells its customers whose accounts are due for KYC update, to update by October 1. If customers fails to do so will have to face their bank account transactions.

PNB tells customer to either update KYC by Oct 1 or face bank transactions block
PNB tells customer to either update KYC by Oct 1 or face bank transactions block

Update KYC by October 1 or face bank account block : PNB

If your account is also pending for KYC update, then visit your home branch by October 1 for KYC updation to save you account from block.

If you fail to update the same, bank reserve the right to block all transactions on your banking account including ATM, point of sale, Internet banking, mobile banking .

What are RBI Guidelines regarding KYC update :

As per RBI Guidelines, it is mandatory for customers to periodically update the know your customer (KYC) details with their banks.

In view of same, Punjab National Bank (PNB) has asked customers to submit a valid ID and address proof of officially valid documents at their respective branches.

For Individual Accounts :

In case of individual accounts, customer may submit Xerox copy of any of these documents – passport, Aadhaar Card, NREGA card, driving license, election ID, PAN card (valid only as identity proof)

For Current Accounts :

In case of current accounts, customers may furnish copies of existence and address proof and proprietors can submit documents related to identity and address as well.

What is KYC (Know your customers) ?

Know Your Customer (KYC) Policy is an important process which is developed for preventing identity theft, money laundering , fraud etc. The main aim behind Know your customer (KYC) policy is to enable banks or any institution to know or understand their customer better and to ensure that services of banks are not misused. All you need to know about KYC

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