Punjab National Bank said in a statement that KYC update is necessary only for those customers whose bank accounts have to be KYC updated by June 30, 2025.
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Bank Account Close: Public sector Punjab National Bank (PNB) has issued a warning to its customers. PNB has asked customers to update KYC details by August 8 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 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 may be banned. However, updating KYC details for a bank account is not mandatory for all customers.
For which PNB customers is it necessary to update KYC
Punjab National Bank said in a statement that updating KYC is necessary only for those customers whose bank accounts have to be KYC updated by June 30, 2025. According to the PNB statement, “As part of the KYC compliance process, PNB requests customers to provide proof of identity, proof of address, recent photograph, PAN/Form 60, income proof, mobile number (if not available) or any other KYC details to their branch.” KYC update can also be done through PNB One/Internet Banking Services (IBS) or through registered email/post to your branch by August 8, 2025.
What is PNB’s periodic KYC update policy
PNB, the country’s third largest public sector bank in terms of market cap, had also asked customers to update their KYC in January this year. According to the PNB KYC periodic update policy, the bank adopts a risk-based approach for periodic update of KYC. Periodic update is required to be done at least once every two years for high-risk customers, once every 8 years for moderate-risk customers and once every 10 years for low-risk customers from the date of account opening/last KYC update.
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