NRI Close PNB Account Online and Offline

In India, Punjab National Bank (PNB) is a prominent public sector bank. Its headquarters are located in New Delhi. Despite offering a wide range of personal banking products and services, there may be instances where an NRI opts to close their PNB bank account. In this case, the common reason is that once their residential status changes to NRI, they cannot hold the same bank account.

Considering this, NRIs can close their PNB bank accounts by completing the account closure form and submitting the required documents to the bank. For now, the bank does not provide an online account closure process.

Confused? This blog provides all the information on how NRIs can close PNB bank accounts, both online and offline. So read on and clear all your doubts.

Who Can Close a PNB Bank Account?

According to the Foreign Exchange Management Act (FEMA), an individual whose residential status changes from resident to an NRI needs to close their resident savings account. Instead of closing, they can also convert it into NRO accounts. Considering this, if you hold a PNB bank account and your residential status changes to NRI, you either need to close it or convert it into an NRO account.

This applies to all NRIs who previously had a PNB savings account in their own name or have a resident savings account and later moved abroad. For this, NRIs need to submit their ID proof and other requested documents for KYC verification. Additionally, in the case of a joint account, after obtaining consent from all account holders, NRIs can close their PNB account.

So, this was all about who can close their PNB Bank account. Moving ahead, let's know the common reasons NRIs close PNB bank accounts. 

Common Reasons NRIs Close PNB Bank Accounts

Here are some of the common reasons why NRIs close their PNB account:

• Changes in Residential Status: From resident, your residential status changes to NRI status in India. Considering this, you are no longer allowed to hold your current PNB savings account.
• Higher Fees: Due to the high maintenance fees of the PNB bank account, you switch to another bank for a more cost-effective option. 
• No Indian Income: Another key reason to close the PNB bank account is not having ongoing financial transactions or income in India.
• Have Multiple Bank Accounts: Having multiple bank accounts with different banks creates a hurdle to manage them all. It further results in closing the inactive bank account.
• Limited Accessibility: Your banks have a few ATMs or branches abroad. This creates an inconvenience in accessing your funds.

These are some of the key reasons NRIs close PNB bank accounts. Now moving further, let's know how NRIs close a PNB bank account online.

How NRIs Can Close a PNB Bank Account Online?

Currently, the PNB bank account does not provide an online account closure process to its clients. However, by visiting the official bank website and downloading the PNB account closure form, you can initiate the process online. Considering this, here is how you can do so:

• Using your credentials, log in to the PNB bank website.
• Once you log in, look for the "Service Requests" or "Account Service" section.
• Now, from the website, download the PNB bank account closure form.

Once the form is downloaded, fill it out with the correct information and submit it at the home branch where you have your bank account, along with the other requested documents. Additionally, before closing your PNB account, transfer or withdraw your balance amount. 

So, here is how NRIs close a PNB bank account online. Moving forward, let's know how NRIs can close their PNB bank account offline. 

Steps for NRIs to Close a PNB Bank Account Offline?

Here is a step-by-step process for NRIs to close a PNB bank account offline:

1. Step: Go to the PNB bank home branch where you have your bank account. Now, ask for the PNB account closure form from the bank representative. 
2. Step: Fill out the PNB bank account closure form with the correct details. If you jointly hold the account, ensure that the name and signature of the other account holder are also included in the form. In the case of joint bank accounts, to close the account, all the account holders must sign the closure form.
3. Step: Submit the requested documents, such as your ID and KYC papers, along with your bank account closure form. 
4. Step: Gather all the account-associated products like your chequebook, debit card, and passbook.
5. Step: Before submitting the account closure form, withdraw your existing funds and clear all your outstanding dues. 
6. Step: Once you have done all this, submit the bank account closure form with all the requested documents to the PNB bank home branch. 

This is how NRIs close their PNB bank account offline. Now, moving ahead, let's know the documents required to close the PNB bank account for NRIs. 

Documents Required by an NRI to Close a PNB Bank Account

Documents required by an NRI to close a PNB bank account are as follows:

• NRI account closure/ conversion form
• PAN Card
• Passport copy with entry/ exit stamps or visa cancellation pages
• Updated KYC document and, if needed, FATCA/ CRS declarations
• Address proof in India, such as an Aadhaar card or a utility bill. 

In addition to these documents, you need to submit your bank passbook, debit card, chequebook, and unused cheques. Moving further, let's know the charges and processing time for closing a PNB bank account. 

Charges and Processing Time for Closing a PNB Bank Account

The PNB bank account charges for closing the account depend on factors like the type of bank account you hold and the duration for which you held it. To provide you with an idea, the table below outlines the applicable charges for closing a PNB bank account:

Further, the PNB bank account closing process generally takes 1-3 working days to close your bank account. 

This was all about charges and processing time for closing a PNB bank account. Moving forward, let's know the things NRIs should check before closing their PNB bank account. 

Things NRIs Should Check Before Closing a PNB Bank Account

Here are the following things NRIs should check before closing their PNB bank account:

• If you do not have an active NRO or NRI bank account, before closing your PNB bank account, open one. It ensures that your salary credits, return on investments, or other financial transactions in India continue without any issue. 
• Before closing your PNB bank account, unlink all automatic payments, such as electricity bills, mobile recharge, OTT subscriptions, or EMI payments, associated with it. Failing to unlink them can result in missed payments, which can further lead to penalties and service disruptions. 
• Additionally, even when you close your PNB bank account, it is advisable to have a record of your past bank statements (at least one year). Furthermore, it can serve as proof of income for a loan application or tax filing.
• Clear all your loans, credit card bills, or outstanding overdrafts linked with your PNB bank account. 
• While closing the PNB account, return your unused cheques, debit card, and other documents issued by the PNB bank.

Here are some things NRIs should check before closing their PNB bank account. Moving forward, now let's know what NRIs should do after closing their PNB bank account. 

What to Do After Closing Your PNB Bank Account?

After closing the PNB bank account, NRIs should consider the following things:

• After submitting your PNB account closure form, confirm that it has been officially closed. You can do so by visiting the bank branch in person, through mobile banking, or contacting customer service. 
• From UPI applications like Google Pay, PhonePe, or Paytm, unlink your PNB bank account. It is vital for conducting smooth financial transactions in the future.
• If you have a balance amount in your PNB bank account, before closing it, either withdraw or transfer it. Additionally, if there are any outstanding dues with your PNB bank account, clear them. 
• It is advisable either via email or hard copy, get a written confirmation. It verifies the closure of your PNB bank account successfully.
• For salary and investments in India, update your banking information.

These are some of the key things NRIs should consider after closing their PNB bank account. 

Final Thoughts

Lastly, from the blog above, it is clear how NRIs can close PNB bank accounts online and offline. Having an understanding of the bank account closure process makes it easier in actual situations. Considering this, you can simply close your bank account by filling out the PNB account closure form and submitting it with the requested documents at the home branch where you held the account. Additionally, if required, pay the account closure fees. 

Moreover, for NRI-related banking issues such as finances, repatriation, or transactions, contact Savetaxs. Our financial experts will resolve all your bank-related issues in a few minutes and assist you in better investment planning.