State Bank of India has given a big relief to its customers, saying that the account will not be closed till May 31, but no KYC detail updates. Along with this, KYC update can be done by sending the document by post or registered email.
New Delhi: Amidst the corona virus epidemic, the country’s largest State Bank of India has given great relief to its customers. The bank said that there is no need to go to the branch to update the KYC details. Bank customers can send the required details by post or registered email to update their KYC norms. Along with this, the bank said that the account will not be closed till May 31, but no KYC details are updated.
The bank said in a tweet, “In view of increasing lock-in-place cases as well as Kovid-19 cases in many states, it has been decided that the updation will be done on the basis of the documents received by post or email.” Said that the customer will not need to go to the branch personally for KYC updation.
SBI said that if the KYC documents are not updated till May 31, the bank will not freeze the accounts. The bank further said that partial freeze of CIF will not be done till 31 May 2021 due to KYC updation.
KYC updation is done to identify the customer
Know Your Customer is a process where banks obtain information about the identity of their customers, which ensures that the bank services are not misused.
Banks periodically update their customers’ KYC details. To update the KYC documents, SBI customers will have to submit one of the documents including passport, voter ID card, driving license, Aadhaar card, MNREGA card, PAN card. For minor customers below the age of 10 years, the identity document (ID) of the person operating the account will have to be submitted to the proof bank.