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SBI Bank Customers Alert! SBI says update KYC or bank may freeze your accounts. Check details

SBI KYC Online: Are your holding savings accounts or other accounts with State Bank of India? Then SBI has an important notice for you. SBI Bank issued a public notice, published in an English daily on Sunday, asking its customers to complete their KYC for hassle-free banking experience. India's largest lender also said that those non-KYC bank accounts may be freeze by the bank.

Priya Jaiswal Priya Jaiswal @@JaiswalPriya11
New Delhi Updated on: January 31, 2020 14:19 IST
SBI Customers Alert! SBI says update KYC or bank may freeze

SBI Customers Alert! SBI says update KYC or bank may freeze your accounts. Check details

SBI KYC Online: Are your holding savings accounts or other accounts with State Bank of India? Then SBI has an important notice for you. SBI Bank issued a public notice, published in an English daily on Sunday, asking its customers to complete their KYC for hassle-free banking experience. India's largest lender also said that those non-KYC bank accounts may be freeze by the bank.

As per Reserve Bank of India guidelines, Bank has to update KYC of all customers periodically. Accordingly, notices have been sent to customers where KYC Updation is due. Customers who have received such notices are requested to visit the nearest branch of State Bank of India and provide the following documents/information urgently, SBI in its public notice said.

SBI in its public notice also said: Bank may be constrained to freeze accounts which are KYC Non-Compliant/ overdue for KYC updations if the required documents are not provided before 28.02.20.

Meanwhile, as mentioned in the notice, the bank has also sent the message alert to its customer to complete the KYC before the last date.

The bank has also mentioned that letters issued by the National Population Register (NPR) would be valid documents for the KYC (Know You Customer) requirements.

Earlier, the RBI had revised its KYC guidelines and made the NPR letters a valid document. Before SBI, the Central Bank of India had issued a similar notice.

Nowadays, Know your customer or KYC has become an important part of the banking system as per the RBI's norms. In fact, not adhering to KYC norms can also lead to heavy penalties being slapped on the offending banks. 

As per SBI webiste, "the guidelines issued by the Reserve Bank of India (RBI) on November 29, 2004, on Know Your Customer (KYC) Standards - Anti Money Laundering (AML) measures, all banks are required to put in place a comprehensive policy framework covering KYC Standards and AML Measures."

 

Bank account holders need to visit the nearest branch and submit a copy of any of the following identity and proof of address (either permanent or current) documents:

SBI KYC for individuals 

  • Passport
  • Voter's Identity Card
  • Driving Licence
  • Aadhaar Letter/Card
  • MNREGA Card
  • PAN Card
  • Letter of NPR
  • recent Photographs
  • Mobile Number

Just like customers, all commercial banks, cooperative banks, non-banking financial companies (NBFCs) and other microfinance lenders are also required to do KYC. To complete the KYC process, customers need to provide documents mentioned above with their bank or financial institution. 

For more KYC updation related visit: sbi.co.in/web/personal-banking/information-services/kyc-guidelines

Also Read: SBI KYC Online: Attention! State Bank of India KYC pending? Check full list of documents you need to submit

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