SBI Bank KYC Alert! The State Bank of India (SBI), India's largest lender, has issued a notice to its account holders in regard to their incomplete KYC. From today, SBI account holders with incomplete KYC will not be able to do transactions.
SBI had instructed its consumers to obtain the Know Your Customer (KYC) associated with the bank-account by 28 February and avoid inconvenience in the future in their banking procedures.
In recent years, banks have been more vigilant in keeping records updated and they call for many rounds of KYC (Know Your Customer).
Now the due date features passed away. In such a scenario, the bank is now able to shut or freeze the account associated with the consumer who’s got perhaps not done KYC. Now it’ll be hard to withdraw funds from such bank-account from March 1. If you’ve got perhaps not done this, however, ensure you get your banking account KYC finished straight away.
How to update SBI KYC?
Customers have to visit the SBI branch near them and provide a copy of any of the address and identity (ID) proof that is accepted for the KYC update. The SBI net banking users can do their KYC online also.
According to SBI website, You need to submit a valid government id card.
SBI is accepting these to be valid id proofs:
- Voter ID
- Passport
- Driving license
- MNREGA CARD
- Identity Card issued by India Post
- Telephone
- Pension pay order
- Electricity Bill
- Bank Passbook with photo
- Ration Card
- Sale deed/ Lease agreement
- Aadhaar Card
- PAN Card
According to the guidelines issued by the RBI, thus the bank has to update their KYC after a certain amount of time and the notice is to tell the customers that their KYC is due.
According to the RBI norms, if the KYC is not updated, the offending banks may receive a huge penalty.
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