Friday, June 25, 2021

SBI KYC Update: Customers Don’t Need to Visit Bank Anymore. Here’s How to Do it Online

If you are a State Bank of India (SBI) customer, then we have a good piece of news for you. Taking note of the rising Covid-19 cases in Indian, the country’s largest lender has decided to let its customers update their KYC details from the comfort and safety of their homes.

You can now update your KYC details then you can do so via email or through the postal service. SBI has taken the decision in view of the lockdowns introduced by many states to bring down Covid-19 numbers.  SBI, in its official statement, stated that the bank has been advised to accept KYC updated requests through mail or post without the physical presence of the customer in the branch in view of a resurgence in Covid-19 infections.

The communication was sent to the Chief General Managers of all 17 local head offices by SBI.  Banks usually carry out periodic updation of their database at least once every two years for high-risk customers. For medium-risk customers, the updation is delayed to eight years and for low-risk customers, it’s brought down to 10 years.  In response to SBI’s decision, other public sector lenders are likely to follow suit, allowing their customers to update their KYC details via email or post.

SBI said, “In view of Covid-19 curbs or lockdown, branches can carry KYC updation on the basis of documents received from customers through the post.” “Please ensure that partial freezing of CIFs due to KYC updation is not done up to May 31, 2021,” it added.

SBI also directed that in no case any of the branches should ask any customer to visit the branch for KYC updation. “The instruction should be applicable with immediate effect,” the public sector lender noted.

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