Representative image
Representative image

The State Bank of India said on Saturday that the bank will not ask its customers to visit the branches for updating Know Your Customer (KYC) details. Customers can send the necessary details via post or registered email to update their KYC norms.

The bank will not partially freeze the accounts if the KYC details are not being updated till May 31, the bank assured. "Partial freezing of CIFs due for KYC updation will not be done till 31st May 2021," the lender added.

What is KYC

KYC means Know Your Customer and is a mandatory process of identifying and verifying the client's identity when opening an account and periodically over time.

To open a bank account, individuals need to submit proof of identity and proof of address (either permanent or current ). It could be any one of these documents: Passport, Voter’s Identity Card, Driving Licence, Aadhaar Letter/Card, NREGA Card, or PAN Card. If minor is less than 10 years of age, ID proof of the person who will operate the account needs to be submitted. If the minor can operate the account independently, KYC procedure for identification/address verification as in the case of any other individuals would apply.

In the case of non-resident Indians, the passport and residence visa copies, should be attested by foreign offices, notary, the Indian embassy, officers of correspondent banks whose signatures are verifiable through an authorized(A/B category Forex handling branch) branch of SBI.

(To receive our E-paper on whatsapp daily, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)

Free Press Journal