Your Account May Get Blocked if You Don’t Do This by August 31

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PNB KYC Update: In the past few months, several banks have been alerting customers to update their Know Your Customer, or KYC details in order to keep their accounts active and carry on account-related work smoothly. Public sector lender Punjab National Bank has become the latest one to notify customers about KYC update. In a tweet dated Wednesday, August 17, the lender said that PNB KYC needs to be done within August 31, 2022 in order to keep the accounts active. The PNB KYC updation is applicable to those customers whose accounts have become due for the process as on March 31 this year.

In a tweet accompanied by the information in an image, PNB wrote, “Important announcement regarding KYC, please note!”

The notification reads, “As per RBI guidelines, KYC updation for all customers is mandatory. If your account has become due for KYC updation as of 31.03.2022, you are requested to contact your base branch to get your KYC updated before 31.08.2022.”

“Non updation may lead to restriction of operations in your account,” adds the notification.

How to Update PNB KYC?

To update their PNB KYC details, customers need to submit a duly filled and signed prescribed format if there is no change in the KYC information provided earlier by them. This format can be submitted to the branch in person, or through the registered email id or by post and it can be obtained from the Branch by sending a request on the branch email id. If there is a change in any of the details, the customer has to visit the branch and carry out the process.

As per the Reserve Bank of India’s KYC guidelines for banks in case of existing customers, “Banks are expected to have adopted due diligence and appropriate KYC norms at the time of opening of accounts in respect of existing customers in terms of our extant instructions referred to in the Annexure. However, in case of any omission, the requisite KYC procedures for customer identification should be got completed at the earliest.”

PNB’s notification comes a month after several customers of the State Bank of India alleged that the bank had  stopped the functioning of several accounts for non-compliance with KYC  norms. As per several users who had complained on Twitter tagging the official handle of the public sector lender, the SBI had allegedly frozen their accounts for not updating the KYC details by July 1, as part of the bank’s KYC drive. As a result, these customers, many of whom stay abroad, were not being able to carry out any transaction with their SBI accounts.

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