SBI will not freeze accounts if KYC not updated; customers need not visit bank

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SBI said that customers will not be required to personally visit the branch for the purpose of KYC updation

SBI said that customers will not be required to personally visit the branch for the purpose of KYC updation

SBI will not partially freeze the accounts if the KYC details are not being updated till May 31, the bank said.

In a bid to provide relief to thousands of customers amid coronavirus pandemic, the State Bank of India said on Saturday that the bank will not ask the customers to visit the branches for updating Know Your Customer (KYC) details. The bank customers can send the necessary details via post or registered email to update their KYC norms.

“In view of the resurgence of COVID-19 cases along with various lockdown in place in many states, it has been decided that KYC updation shall be carried out on the basis of documents received through post or registered email,” India’s largest bank said in a tweet. Customers will not be required to personally visit the branch for the purpose of KYC updation, the lender further mentioned.

SBI will not partially freeze the accounts if the KYC details are not being updated till May 31, the bank assured.”Partial freezing of CIFs due for KYC updation will not be done till 31st May 2021,” the lender added.

Know Your Customer is a process where banks obtain information about their customers’ identity thereby ensuring that bank services are not being misused. To open an account in any bank, the customer needs to submit any of the following documents for KYC procedure 1) Passport, 2) Voter’s Identity Card, 3) Driving Licence, 4) Aadhaar Letter/Card, 5) NREGA Card, 6) PAN Card. Banks also periodically update their customers’ KYC details.

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