If your account is with Punjab National Bank (PNB), take note of this important update regarding inactive accounts.
Closure of Dormant Accounts
The bank has issued a warning to its customers concerning accounts that have been inactive for the past three years.
If there have been no transactions or outstanding amounts in these accounts, they will be closed within one month.
This measure is being implemented to prevent any potential misuse of such accounts. The calculation of the three-year period will be based on activity until April 30th.
Exceptions to the Closure
Certain types of accounts will not be affected by this closure:
1) Demat Account Linked Accounts
2) Standing Instruction with Active Locker
3) Accounts of Customers Below 25 Years of Age
4) Minor Accounts
5) Sukanya Samriddhi
6) Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)
7) PMSBY
8) APY
9) DBT Accounts opened for DBT purposes
Additionally, accounts that have been frozen by court orders, the Income Tax Department, or any other statutory authority will also remain unaffected.
Enhanced Payment Facilities
Meanwhile, ICICI Bank, a private sector bank, is offering enhanced payment facilities to its NRI customers.
International UPI Payments
ICICI Bank now allows NRI customers to use their international mobile numbers for UPI payments in India.
These customers can make UPI payments by scanning Indian QR codes, using UPI IDs, or sending money to any Indian mobile number or bank account.
This enhancement significantly improves their ability to make daily payments.
Previous Requirement
Previously, expatriates had to register an Indian mobile number with their banks to make UPI payments.
However, with this new service, NRI customers can conveniently make payments using the international mobile numbers registered in their NRE/NRO bank accounts with ICICI Bank, facilitated through the iMobile Pay mobile banking app.
