Your SBI A/C Will Be Suspended If You Don’t Do This Before May 31: No Need To Visit Branch!

India has been overwhelmed by the second wave of covid 19 and in order to break the chain of Covid-19 infections and provide the comfort and safety of their homes to their customers, SBI has decided to enable customers to update their KYC (Know Your Custoner) details.

In an announcement, SBI said this in context of the decision “Important announcement for our customers in view of the lockdowns in place in various states”.

Amid the second wave of Covid-19, State Bank of India (SBI) has decided to let its customers update their KYC (Know Your Custoner) details from the comfort and safety of their homes. SBI has taken the decision in view of the lockdowns introduced by many states to break the chain of Covid-19 infections.

“Important announcement for our customers in view of the lockdowns in place in various states,” country’s top lender tweeted along with the announcement.

The country’s top lender has asked its customers to update their KYC details and send it to the bank via email or through the postal service.

What is KYC and What If KYC Is Not Done Within Stipulated Time?

SBI said that the they have decided to permit acceptance of documents for KYC updation through mail or post in the light of spread of coronavirus and difficulties faced by customers due to local lockdown induced by the second wave of the same. Hence, said that customers will not have to visit the branch for the purpose of KYC updation.

The bank also said that failing to update the required information by May 31 shall result in the partial freezing of CIFs.

Sometimes bank services are misused as there are risks involved regarding the information provided by the banks. Hence, KYC, which is an abbreviation of Know Your Customer, is a process where banks obtain information about their customers’ identity.  This is done when customers open their accounts with the bank.

Periodic updation is done by the bank, which is different for different kinds of customers in the context of risk.

• For high risk customers, updation is carried out at least once every two years.
• For medium risk customers, updation is carried out once in eight years.
• For low risk customers, updation is carried out once in ten years.

The move is expected to be followed by other public sector lenders.

Documents Required For SBI KYC Updation

• Individuals (Documents acceptable as proof of identity/address)
• Passport
• Voter’s Identity Card
• Driving Licence
• Aadhaar Letter/Card
• NREGA Card
• PAN Card