Amid the second wave of Covid-19, State Bank of India (SBI) has determined to let its prospects replace their KYC (Know Your Custoner) particulars from the consolation and security of their properties. SBI has taken the choice in view of the lockdowns launched by many states to interrupt the chain of Covid-19 infections.

“Important announcement for our customers in view of the lockdowns in place in various states,” nation’s prime lender tweeted together with the announcement.

If you’re an SBI buyer than now you can replace your KYC particulars and ship it to the financial institution through electronic mail or by means of the postal service.

“In view of difficulties faced by customers due to local lockdown induced by the second wave of COVID-19, State Bank of India (SBI) has decided to permit acceptance of documents for KYC updation through mail or post. Customers will not be required to visit the branch for the purpose of KYC updation. Please ensure that partial freezing of CIFs due to KYC updation is not done up to May 31, 2021,” SBI knowledgeable its prospects.

Know Your Customer ( KYC) is a course of the place banks get hold of details about their prospects’ identification thereby guaranteeing that financial institution providers should not misused. The KYC process is used when financial institution prospects open accounts. Periodic updation needs to be carried out at the very least as soon as each two years for top threat prospects, as soon as eight years for medium threat prospects and as soon as in each ten years for low threat prospects.

The transfer is anticipated to be adopted by different public sector lenders.

Documents wanted for SBI KYC updation

Individuals (Documents acceptable as proof of identification/handle)

Passport

Voter’s Identity Card

Driving Licence

Aadhaar Letter/Card

NREGA Card

PAN Card

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