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State Bank of India may block your bank account after 28th February

  • Writer: NewsIndia
    NewsIndia
  • Feb 9, 2020
  • 2 min read

Do this fast or face trouble, SBI has issued a major public notice to SBI account holders asking them to complete their KYC by February 28, 2020.

souce financialexpress

The State Bank of India (SBI) issued a major public notice to the SBI account holders asking them to complete their KYC and avoid future inconvenience in the banking process.In this public notice, the largest Indian commercial bank has also maintained that if an SBI client fails to complete its KYC by 28 February 2020, then the SBI will have no choice but to block those SBI accounts. SBI also sent SBI alerts to holders of SBI bank accounts whose KYC is not complete.


Pursuant to the provisions of the Money Laundering Prevention Act, 2002 and the 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;


Banks are required to follow certain customer identification procedures while undertaking a transaction either by establishing an account-based relationship or otherwise and to monitor their transactions, as indicated on the website of the Reserve Bank of India (RBI).


This RBI guidance says all Indian banks need to update their KYC by February 28th, 2020, and the notice is to tell customers that their KYC is due. Banks will have to face heavy penalties if they fail to do so.


How to update SBI KYC?

Those who have received a SBI message to update their KYC need to visit the nearest SBI branch and provide a copy of any of the KYC update address and identity (ID) proof accepted. Here is the list of documents which you can use to update the SBI KYC:


1] Passport; 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.


Those who practice net banking can also do the KYC online. They just need to log in via SBI net banking and in a few minutes update the required KYC requirement.



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