SBI customers BEWARE! State Bank of India may block your bank account; Do this by 28th February or face problems
SBI Customers Beware: The State Bank of India (SBI) has issued an urgent public notice to the SBI account holders in regard to their incomplete KYC. The largest Indian commercial bank has asked all such SBI account holders to complete their KYC and avoid inconvenience in the future in their banking procedures. The SBI has also said in this public notice that if an SBI customer fails to complete one’s KYC by 28th February 2020, then the State Bank of India will have no choice but to block those SBI accounts. The SBI is sending text messages and e-mails to such SBI accountholders whose KYC is incomplete. Hence, if you have received such a mail or text message on your mobile phone, you are advised not to ignore this SBI communication as you have still around a week in your hand.
As per 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 and notified by the Government of India, all operating Indian 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, as stated on the Reserve Bank of India (RBI) website. This RBI guideline says that all Indian banks need to update their KYC by 28th February 2020 and tell their customers that their KYC is incomplete or due. Failing to do that, banks will have to face heavy penalties.
How to update SBI KYC?
Those SBI customers, who have received a message from the State Bank of India to update their KYC, need 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.
Here is the list of documents that can be used to do the SBI KYC update:
2] Voter ID;
3] Driving License;
4] Aadhaar Card;
5] MNREGA Card;
6] PAN Card;
7] NPR (National Population Register) letter;
8] Recent passport size photograph; and
9] Mobile number.
The SBI net banking users can do their KYC online also. They need to log in through SBI net banking and update the required KYC in a few minutes.