How To Update KYC in SBI Bank Online? There are now more online facilities than offline services as a result of the Covid-19 pandemic. Customers of the nation’s public sector banks benefit from it. You don’t need to go to the bank in person to update your KYC. The State Bank of India has made the initiative to let its clients send their paperwork by email or postal mail. Based on the documentation that has been received from clients via registered mail or email, the KYC can be updated. Due to the requirement, all the account holders have KYC documentation.
What is KYC
The majority of financial institutions around the world have embraced the KYC, or “know your customer,” approach. It aids in compiling all pertinent data of each client. The users’ names and addresses are collected by financial institutions and this information is linked to their bank accounts and other official documents. By doing this, bank information is shielded from unauthorized users and allows for quick tracing.
When creating an account or when the bank asks for updated KYC information, the necessary information should be provided. Banks verify a customer’s identity using a one-time process called Know Your Customer, or KYC, in which they find out more about them. When opening bank accounts or making investments in various instruments, customers must complete their KYC.
The Know Your Consumers (KYC) process is essential for assisting banks and other similar organizations in identifying their clients. The KYC regulations’ primary objective is to help banks stop criminal elements from using them today to launder money.
Importance of KYC in SBI Bank
It is always necessary to furnish banks with updated information and supporting documentation. One of the most well-known banks in India, the State Bank of India, enables users to update KYC information utilizing online procedures, enabling clients to email KYC documents straight from their homes without having to go to the branch.
SBI may freeze your account and prevent you from making any transactions if your documentation is not up to date with the bank. Everyone must update KYC information to unfreeze the account and regain full control.
Why is it Necessary for SBI Bank to Update KYC
A formal notification the RBI issued on December 30, 2021, required the revised KYC information to be given by March 31, 2022, at the latest (extended deadline). According to reports from July, the State Bank of India (SBI) has frozen the accounts of some customers as a result of non-compliance with know-your-customer (KYC) rules.
Using the official SBI handle, bank customers tweeted about the issue and their displeasure. But despite all these issues, according to the RBI ruling, consumers are required to renew their KYC regularly. As a result, customers who have outstanding KYC updates are informed via a variety of channels, including SMS.
Customers can update their KYC information by visiting any of the bank branches or, if their KYC data haven’t changed, they can send a copy of their KYC documents via registered mail to the branch’s email address.
How to Update KYC in SBI Online
Thousands of customers are now feeling relieved as during the second pandemic wave the State Bank of India (SBI) announced that account holders do not need to visit offices to update their Know Your Customer (KYC) documentation.
Customers can email or courier identification and address documentation to their local bank office. Based on the documentation that has been received from clients via registered mail or email, the KYC can be updated. All account holders must now provide KYC documentation. You can follow the given instructions to update the KYC for the State Bank of India online:
- Scan the identification and address verification documents which you need to provide to the bank.
- Send the KYC document to the SBI bank branch by email or courier (emails should come from the registered email ID).
- The bank will need some time to validate the document after they receive your email ID.
- The KYC information for your account will be updated after the documents have been verified.
- The first page of the SBI passbook has the bank branch’s email address and its address.
- The individual who manages a minor account must submit the KYC information from his registered email address.
- An NRI account holder must produce copies of his passport and residence visa that have been signed by foreign authorities, a notary public, the Indian embassy, and officers of correspondent banks whose signatures may be verified by an authorized (A/B category Forex dealing branch) branch of the bank.
Documents Required For KYC
- Passport driving licence,
- Aadhaar card,
- PAN number and
- Voter identification card
- Driving Licence
In the case of the minor account holder, the person who is in charge of the minor account, or who manages the account, needs to fulfill the KYC formalities by himself.
The RBI strongly recommends bank customers update the bank with any changes to their KYC information. By making the change, banks and other financial organizations are better able to track down every bank transaction and maintain system updates.
Customers of the Bank can now utilize transaction applications (mobile apps) with confidence thanks to this. A significant digital revolution for SBI banks is the updating of KYC data. Without having to go to the bank, it enables quick data transfer. Banks and consumers both benefit from the saving of lives, time, and resources.