At this time the whole country is plagued by the corona epidemic, and in such a situation, the State Bank of India has provided much relief to its customers. The bank gave clear direction that the account holder does not need to call the branch to renew KYC. Also, under the direction issued by the bank, it stated that all customers will be able to update their KYC by post and email on 31st May.
In a tweet from the bank, ‘Kovid-19 is a lockdown in many parts of the country. Due to this, the bank has decided that the customer’s KYC update can be done by post or registered email. Customers do not have to come to the bank to renew KYC. Transactions in your accounts may be banned if you do not have KYC. As per RBI rules, banks have to renew their KYC after a certain period of time.
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– State Bank of India (OTheOfficialSBI) May 1, 2021
When y c
The bank usually asks low-risk customers to renew KYC every ten years. At the same time, consumers with moderate risk are required to receive KYC upgrades in eight years. High-risk customers need to renew KYC every two years. It is determined based on class value and turnover.
What documents do KYC need
KYC requires customers to provide their ID proof and address proof. SBI has prepared a list of documents for individual, small, NRI and small account holders. If you have a personal account, you can use any passport, voter ID, driver’s license, PAN card, Aadhaar card.
If the account holder is a minor and is under 10 years of age, their ID will be proof, they are managing the account. If the minor manages the account itself, the process of verifying the identity or home address of the person in that case is similar to other common cases.
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If you are an NRI and have an SBI account, you can provide a copy of your passport or residency visa. Residency visa must be validated by foreign authorities, notaries, Indian Embassy and concerned bank officials.