Big relief given by SBI to account holders, now KYC can be updated sitting at home, know how?

 Big relief given by SBI to account holders, now KYC can be updated sitting at home, know how?

State Bank of India (SBI) does not require the account holder to go to the branch for KYC update as the entire country is currently plagued by the Koro epidemic.

State Bank of India (SBI) has given a big relief to the customers at a time when the entire country is currently plagued by the Koro epidemic. The bank has clearly instructed all its branches that the account holder does not need to call them at the branch for KYC update. It further said that KYC can be updated by May 31 through customer post and email.

The bank tweeted: "There are lockdowns in many parts of the country due to the Covid-19 epidemic, which is why the bank has taken this decision." The customer does not need to go to the bank for updates KYC updates by post or registered email. In the event of a KYC, the transaction of the account may be blocked. Updates are required in a specific period as per RBI rules.

When to do KYC?

The bank usually asks low risk customers to update KYC every ten years. On the other hand, medium risk customers have to update KYC every eight years while high risk customers have to update KYC every two years. This category is determined by value and transaction.

What documents are required for KYC?

For KYC, customers have to provide proof of their ID and address. SBI has released a list of documents for individuals, minors, NRIs and small account holders. If you have a personal account, you can use any passport, voter ID, driving license, PAN card, Aadhaar card.

What is the rule for minors?

If the account holder is a minor and the age is less than 10 years, their ID proof will be required if they are operating the account. If the minor runs the account himself, the process of verifying the identity or home address of the person will be the same as in other normal cases.

NRI Account

If you are an NRI and you have an account with SBI, you can provide a copy of your passport or resident visa. The visa must be verified by a foreign officer, notary, embassy of India, official of the concerned bank.