Weeks after the Reserve Bank advising banks to take required measures immediately to lower the number of inoperative accounts, Punjab National Bank (PNB) has launched a nationwide campaign to reactivate dormant accounts, including Pradhan Mantri Jan Dhan Yojana (PMJDY) accounts.
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Dormant or inoperative account refers to an account in which no customer induced transaction has been done for more than two years. To reactivate such accounts, customers are required to resubmit their updated KYC documents.
PNB, nation’s leading public sector bank, will run this campaign until December 24, 2024. The effort highlights “its continued efforts in raising awareness about the importance of maintaining active accounts, encouraging customers to reactivate their inoperative savings and current accounts, promoting regular transactions, and preventing accounts from becoming dormant,” the lender said in a statement.
The RBI earlier this month asked banks to take necessary steps to cut the number of inoperative/frozen accounts and make the process of activation of such accounts smoother and hassle-free, including by enabling seamless updation of KYC through mobile/internet banking, non-home branches, video customer identification process, etc.
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PNB’s strategic efforts to enhance customer engagement and experience
This campaign also forms part of PNB’s strategic efforts to enhance customer engagement and experience, reinforce financial inclusion across the nation, and strengthen its Current Account and Savings Account (CASA) deposit base.
The bank has rolled out multiple measures to facilitate account reactivation, with representatives actively reaching out to customers through various communication channels.
To further enhance convenience and ensure a seamless process, the bank has enabled account reactivation at non-home branches through biometric authentication. For more details, customers can visit their nearest branch or login to the official website http://www.pnbindia.in.
Existing process of activation of PNB inoperative account
“Customer to visit the base branch of the Bank where the account is maintained with request letter for activation of inoperative account and submit fresh KYC documents. The customer to deposit minimum Rs 100/- in their account at the time of activation of inoperative accounts. Individual customer may approach any branch of the bank with request letter for activation of inoperative account. The customer shall submit Aadhaar number to branch office and same shall be validated from UIDAI using biometric e-KYC. Upon updation of KYC details of the customer to deposit minimum Rs 100/- in their account at the time of activation of inoperative accounts. Branch shall convert account into Operative category and allow transactions in the account after verification,” as per PNB website.
Documents required for activation of inoperative accounts
“Valid OVD (the Passport, the driving license, proof of possession of Aadhaar number, the voter’s identity card issued by the Election Commission of India, job card issued by NREGA duly signed by an officer of the state government and letter issued by the National Population Register containing details of name and address) Tax Proof (PAN/Form-60) Request letter for activation of inoperative accounts Any other document as per KYC policy of the bank,” the bank says.
