The State Bank of India (SBI) has issued an urgent public notice to its account holders regarding the incomplete KYC (Know Your Customer). As per the public notice issued, SBI has stated that the customers who fail to complete their KYC or submit their required documents before February 28, 2020, would have their SBI bank account freezed.
Moreover, the bank has asked SBI account holders to complete the KYC and avoid any further inconvenience in their banking process.
SBI Alert! SBI has also sent text messages and emails to SBI account holders with incomplete KYC.
Note: If one finds any message or mail related to this are advised not to ignore the same as of now they still have a week to complete their KYC and to submit documents.
What can customers do to update SBI KYC?
Customers are required 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. Also, SBI customers who use net banking can do their KYC online.
Therefore, as per the SBI website, they need to submit a valid government id card.
Valid id proofs accepted by SBI:
- Voter ID
- Driving license
- MNREGA CARD
- Identity Card issued by India Post
- Pension pay order
- Electricity Bill
- Bank Passbook with photo
- Ration Card
- Sale deed/ Lease agreement
- Aadhaar Card
- PAN Card
As per the guidelines issued by the RBI, the bank has to update their KYC after a certain period of time and the notice is to tell the customers that their KYC is due.
If the KYC is not updated, the offending banks might receive a huge fine, according to the RBI norms.
Some of the changes in rules made by the RBI:
Reserve Bank of India (RBI) has now allowed banks to complete KYC via a video-based method which includes PAN or Aadhaar card linking. For more details, customers can visit the State Bank of India and Reserve Bank of India’s official websites.