PNB issued necessary information for customers, if it does not work, then the account can be applied on the account

Public sector K Punjab National Bank (PNB) has issued a warning for its customers. PNB has asked customers to update KYC details by 8 August to ensure smooth operation of accounts. Punjab National Bank has taken this step following the guidelines of the Reserve Bank of India (RBI). PNB customers will have to update KYC details for their account before August 8. If you do not update KYC details within the stipulated time, then your bank account can be banned. However, updating KYC details for bank account is not mandatory for all customers.

Which customers of PNB require to update KYC

Punjab National Bank said in a statement that KYC updates are only necessary for customers whose KYC update of bank accounts is to be done by June 30, 2025. According to PNB’s statement, “Under the KYC compliance process, PNB requests customers to provide identity proof, address proof, recent photo, PAN/Form 60, Income proof, mobile number (if not available) or any other KYC details should be made available in your branch. Registered email/post can also be done.

What is PNB’s periodic KYC updation policy

In terms of market cap, PNB, the country’s third largest government bank, had asked customers to update KYC in January this year. According to the periodic updation policy of PNB KYC, a risk-based approach is adopted by the bank for periodic updation of KYC. Opening of the account/Final KYC updation is required for customers with high risk customers at least once every two years, every 8 years every 8 years and customers with low risk customers require periodic updation every 10 years.

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