PNB customers ALERT! Do THIS before August 31 otherwise your bank account will be restricted

The Punjab National Bank (PNB) has urged its customers to update their Know Your Customer (KYC) details in bank accounts. The public lender in a Tweet said that the last date to complete KYC is August 31. It said that failure to update KYC will lead to restriction of operations in bank accounts.

“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,” the bank tweeted.

"You are requested to contact your base branch to get your KYU updated before 31.09.2022. Non updation may lead to restriction in your account," it added.

As part of the KYC compliance exercise, bank account holders are required to provide their most recent information like PAN, photo, address and other details as requested by the institution.

Meanwhile, responding to a customer's query on Twitter, the bank said: "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."

The customer had sought to know how one will know if the KYC was pending.

Important announcement regarding #KYC, please note! pic.twitter.com/2RSJrZxxMf

— Punjab National Bank (@pnbindia) August 17, 2022

PNB KYC Policy 2022, which was released earlier this year, aims to prevent the bank from being used by criminals for 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.

 It must be noted that the Prevention of Money-Laundering Act (PMLA), 2002 and the Prevention of Money-Laundering (Maintenance of Records) Rules, 2005 mandate the banks to undertake KYC compliance on a regular basis