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Warning for SBI Bank customers! SBI said, update KYC otherwise the account will freeze: Learn details.
SBI KYC Online: Do you have a savings account or other account with State Bank of India? If so, this is an important warning from the SBI. The SBI has issued a public notice in an English newspaper on Sunday. In which customers are asked to avail KVC to avail banking service without any hassle. India's largest lending bank has said that non-KYC accounts will be frozen.
According to the Reserve Bank of India guidelines, banks will have to periodically update the KYC of all their customers. Due to this, letters have been sent to the bank account holders who have not updated their KYC.
The SBI has stated in its public notice that customers who have received notice of the matter should go to the nearest SBI branch and give the said documents / information. The bank also said that the accounts of bank holders who did not update the KVC by February 28, 2020 will be frozen. The bank has also sent a message to alert the customers for this.
The bank has stated that the letter announced by the National Population Register (NPR) will be considered as a required document for KYC. Previously, the RBI has updated its KYC guidelines. Such notice was also announced by the Central Bank of India before the SBI.
KYC is an important part of any banking system. Bankers who did not complete the process have been fined a huge fine.
As stated on the SBI website, "The Reserve Bank of India (RBI) requires a comprehensive policy framework covering KYC standards and AML measures on November 29, 2004 - Know Your Customer (KYC) - Anti Money Laundering (AML) step".
Bank account holders are required to visit the nearest branch and submit a copy (permanent or current) of proof of any of the following identities and addresses:
SBI KYC:
- Passport
- Voter ID card
- Driving license
- Support letter / card
- MNREGA card
- Pancard
- Letter of NPR
- Advanced photograph
- Mobile number
Like consumers, all commercial banks, cooperative banks, non-banking financial companies (NBFCs) and other micro finance lenders are required to do KYC. To complete the KYC process, customers need to provide the above mentioned documents with their bank or financial institution.
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