New Delhi: India’s largest lender, State Bank of India has issued a notice asking its customers to complete their KYC for hassle-free banking experience. The SBI has also asserted that those who fail to complete their KYC by end of this month, i.e, February 28, 2020, their bank accounts may be freeze. “Bank may be constrained to freeze accounts which are KYC Non-Compliant/ overdue for KYC updations if the required documents are not provided before 28.02.20”, the notice issued by SBI read. Also Read - Amid NBFC Crisis, SBI Reminds RBI of Its Role as Lender of Last Resort
As stated on the Reserve Bank of India (RBI) website, in terms of the provisions of Prevention of Money-Laundering Act, 2002 and the Prevention of Money-Laundering (Maintenance of Records) Rules, 2005, as amended from time to time by the Government of India as notified by the Government of India, banks are required to follow certain customer identification procedures while undertaking a transaction either by establishing an account-based relationship or otherwise and monitor their transactions. Also Read - SBI Slashes Long-term Fixed Deposits Interests by 15bps | Know Latest Rates Here
This RBI guideline says that all Indian banks need to update their KYC by 28th February 2020 and the notice is to tell the customers that their KYC is due. Failing to do that, banks will have to face heavy penalties.
How to update SBI KYC?
One can visit the nearest SBI branch and provide a copy of any of the address and identity (ID) proof that is accepted for the KYC update. Net banking customers can login in through SBI net banking and update their the KYC within minutes
List of documents that can be used to do the SBI KYC update:
Voter’s Identity Card
Letter of NPR