SBI alert! Bank may block your account after Feb 28; update KYC now
New Delhi, Feb 6:
The State Bank of India (SBI), in its public notice issued recently, has said that the 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.
As per Reserve Bank of India guidelines, Bank has to update KYC of all customers periodically. Accordingly, notices have been sent to customers where KYC Updation is due. Customers who have received such notices are requested to visit the nearest branch of State Bank of India and provide the following documents/information urgently, SBI in its public notice said.
The bank has mentioned that letters issued by the National Population Register (NPR) would be valid documents for the KYC (Know Your Customer) requirements.
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As per SBI website, "the guidelines issued by the RBI on November 29, 2004, on KYC standards – Anti Money Laundering (AML) measures, all banks are required to put in place a comprehensive policy framework covering KYC standards and AML measures."
Bank account holders need to visit the nearest branch and submit a copy of any of the following identity and proof of address (either permanent or current) documents:
Passport, Voter's ID, Driving Licence, Aadhaar card, MNREGA card, PAN Card, letter of NPR, recent photographs and mobile number.
Please note that KYC needs to be done at regular intervals as per RBI directives. Kindly get the KYC updated at your nearest branch and accordingly advise the home branch branch.
— State Bank of India (@TheOfficialSBI) February 5, 2020
