PNB Asks To Update KYC By 23rd January For These Customers

The country's leading public sector bank, Punjab National Bank (PNB), urges that customers should update their "Know Your Customer" (KYC) information by 23.01.2025 in accordance with Reserve Bank of India (RBI) rules to guarantee seamless account operation. Only customers whose accounts were due for KYC updates as of 30.09.2024 are affected by this move of the bank.

"As part of the KYC compliance exercise, PNB customers are requested to provide their updated information like identity proof, address proof, recent photo, PAN/Form 60, income proof, mobile number (if not available) or any other KYC information at any branch. It can also be done through PNB ONE/Internet Banking Services (IBS) or registered e-mail/post to their base branch by 23.01.2025. Failure to update KYC details within the stipulated time may result in restrictions on account operations," PNB said in a statement on Tuesday.

PNB has also asked its customers to don't click/download any link/file received from any unverified sources to update their KYC.

The bank recently reported that, as of December 31, 2024, its total deposits were Rs 13.3 lakh crore, up 14.4% from the year before. According to the bank's interim quarterly business updates, the lender's deposits were Rs 12.9 lakh crore during the same period last year.

The overall advances made by the public sector bank increased by 14% to Rs 9.4 lakh cr. As of December 31, its total advances for the previous fiscal year were Rs 9.3 lakh crore. In comparison to the same period last year, the lender's global advances increased 15.7% in the third quarter and its global deposits increased 15.6% in the December quarter of FY25.

Punjab National Bank (PNB) modified the interest rates on domestic term deposits under Rs 3 Cr on January 1, 2025. A fresh 303-day tenure with a 7% interest rate and 506 days tenure with an interest rate for regular residents of 6.7% have been added by PNB as two new maturity buckets. For regular residents, Punjab National Bank offers fixed deposit interest rates ranging from 3.50% to 7.25% for terms spanning seven days to ten years and on a 400-day term, the maximum interest rate of 7.25% is available.

Following his retirement on December 31, 2024, Shri Atul Kumar Goel recently resigned as the bank's managing director and chief executive officer, effective January 1, 2025.