Punjab National Bank [PNB] — Complaint for deceiving senior citizen to invest in scheme where money can be withdrawn only after death of customer

Address:Pune Kalyani Nagar



1. This is to inform you that, I am an old customer of Punjab National Bank and have a Saving Account and Locker with your bank for the last 20years and more.

2. I say that on 26/11/2022 I approached your Bank in order to add a saving amount or make a rightful investment of Rs.500, 000/-(Five Lakhs) in your account. It is to further inform you that I was guided by one of your staff namely Mrs. Shikha and Mr. Resham Patel for the same.

3. I say that it was clearly informed to the staff that the amount of Rupees Five Lakhs is to be saved or invested in the Bank, were in the amount can be withdrawn at any given time or a loan could be given on the said amount.

4. It is to inform you that the office staff members mentioned above, suggested me to create a PNB MetLife insurance Immediate Annuity Plan-117N095V07 which, would give me a return of Rs. 31, 561/- (Thirty one thousand Five Hundred and Sixty one Rupees) Annually and assured me that the amount could be withdrawn. It is to further inform you that it was falsely informed to me by your staff that once I invest in the given insurance, I would be able to withdraw the amount after a year and would get higher returns after 5years on investing in MetLife insurance.

5. It is to inform you that being an Old Customer with Punjab National Bank and trusting the Bank, I invested In MetLife insurance, which would allow me to withdraw the amount after a year or at least take a loan on the said amount.

6. It is to inform you that I would be turning 60years of age, and have health issues such as Rheumatoid Arthritis, Osteoporosis, Diabetes and unknown Joint issues for which I am in serious need of money for my health Checkup further my daughter is getting married in the year 2024 for which a reasonable amount would be needed.

7. I say that upon visiting the PNB branch on 24/11/2023 to withdraw the amount of 5Lakhs which has been invested by me, I was told by the staff members that I am unable to withdraw the amount and would only be able to withdraw the amount after my death, wherein the nominee namely Mr.Eufemiano Francisco Barreto, who is my husband of 65years of age would be able to withdraw the money.

8. I say that I am traumatized by the professionalism of PNB staff as they have miss guided and deceived me in investing a huge amount of my saving into an insurance where I am unable to withdraw my money nor take a loan on the said amount.

9. I say that I was asked to visit the bank multiple times since November in order to withdraw my money. I further say that I have not received any clarity on the amount invested and was ignored completely by the staff Mrs. Shikha and Mrs Resham Patel.

10. I say that upon visiting the bank multiple times for a month I was recently told that I cannot withdraw the amount nor can take a loan on the invested amount.

11. I say that I have been deceived by the staff of Punjab National Bank and I am now unable to withdraw my money when I need it the most.

12. I say that I write this Complaint to you in order to let PNB allow me to withdraw the amount of Rs.500, 000/- invested in the bank or transfer the amount to a fixed deposit on my name.

Thank you

Mr. Rosy Barreto
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    +91 11 2610 2303
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