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PNB reminds customers to update KYC details by August 31; otherwise, accounts will be restricted

Only PNB customers whose accounts have become due for the process as of March 31, 2022, need to update their KYC. They are required to provide updated information, including PAN, most recent photo, address verification in the form of an Aadhaar or passport, and other information as requested by the bank.

ET Now Digital

Updated Aug 19, 2022, 07:23 IST

The Punjab National Bank (PNB) has once again reminded its customers to update their Know Your Customer (KYC) details in bank accounts by August 31. The PSU lender warned that failure to update KYC by August 31 will lead to restriction on bank accounts.

The bank, however, clarified that only PNB customers whose accounts have become due for the process as of March 31, 2022, need to update their KYC.

According to the PNB tweet, “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.”

Customers are required to provide updated information, including PAN, most recent photo, address verification in the form of an Aadhaar or passport, and other information as requested by the bank, as part of the KYC compliance exercise.

How to know if KYC is pending

In a tweet, one customer asked how one would know if the KYC was pending, the bank replied to the tweet stating: “Dear customer, thank you for writing to us. We request you to please connect with our customer care service at 1800 180 2222/ 1800 103 2222 (toll-free)/ 0120-2490000 (tolled number) for more information in this regard. Thank you."

PNB KYC Policy 2022, which was released earlier this year, is aimed at ensuring that the bank is not used for unlawful activities like money laundering purposes or for terrorist financing activities. The policy released by PNB would help the bank understand the financial dealings of its customers better and also aid in mitigating associated risks prudently, the bank stated in the policy.

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