New Delhi: & nbsp; Amidst the corona virus epidemic, the country’s largest State Bank of India has given great relief to its customers. The bank said that there is no need to go to the branch to update the KYC details. Bank customers can send the required details by post or registered email to update their KYC norms. Along with this, the bank said that the account will not be closed until May 31, if the KYC details are not updated.
The bank said in a tweet, ‘Kovid along with lock-in-place in many states In view of the increase in 19 cases, it has been decided that the updation will be done on the basis of the document received by post or email."& nbsp; The bank further stated that the customer would not be required to visit the branch in person for KYC updation.
SBI said that if the KYC documents are not updated till May 31, the bank will not freeze the accounts. The bank further stated that partial freeze of CIF due to KYC updation will not be done till 31 May 2021.
KYC updation is to identify the customer.
Know Your Customer is a process where banks obtain information about the identity of their customers which ensures that the bank services are not misused. Banks periodically update their customers’ KYC details. To update KYC documents, SBI customers will have to submit passport, & nbsp; voter ID card, & nbsp; driving license, Aadhaar card, & nbsp; MNREGA card, one of the PAN card documents. For minor customers below the age of 10 years, the identity document (ID) of the person operating the account will have to be submitted to the proof bank. & nbsp;