State Bank of India (SBI) customers take note! The public sector lender has frozen many bank accounts of customers for non-compliance with KYC (Know Your Customer) norms. Several customers of the bank have taken to Twitter complaining about the same and tagged the official handle of SBI.
The bank has frozen the accounts for not updating their KYC details by July 1, as part of the SBI’s ongoing KYC drive. Due to this, many customers are not being able to execute any transaction with their SBI accounts. One SBI Customer Ajit Wale tweeted, “@TheOfficialSBI My account money transfer is banned and it shows message "KYC non-compliance" Atleast call or mail to complete the KYC, but here SBI directly stopped transaction...I am NRI... please guide how to complete KYC...”
Replying to the customer, SBI tweeted, “We would like to inform you that KYC is an ongoing exercise conducted at regular intervals. It seems that your account is due for KYC, hence the message has been forwarded to you. Kindly visit the branch and get it done for the smooth functioning of the account.”
Another SBI customer Gaurav Agarwal tweeted, “My account has been put on STOP because of KYC overdue. No one asked me for KYC so why the hell my account put on STOP mode. Is everyone fool in SBI?"
The bank said in its reply, “As per RBI Mandate, customers supposed get their KYC updated periodically. Hence, customers whose KYC updates are due are notified through many channels, one of them being SMS.”
“Based on this notification one can either visit any of our Branches to update their KYC details or send a copy for their KYC Documents to their Branch email id through your registered mail id (if the KYC details are unchanged)," SBI added.
In view of the rising threat of online frauds, the Reserve Bank of India (RBI) has mandated all financial institutions to carry out the KYC process before giving the customers the right to execute any transactions.
What Is KYC?
KYC – Know Your Customer – is a one-time process whereby banks verify the authenticity of a customer by obtaining information about the latter’s identity. Customers are required to get their KYC done when they open accounts with banks or invest in various instruments.
What Are The Documents Required For SBI KYC Updation?
How To Update SBI KYC Information?
In order to update SBI KYC details, the customers need to submit a duly filled and signed prescribed format in case there is no change in the KYC information furnished earlier by them. SBI customers can submit the KYC form at their nearest branch in person, by post or through the registered email id.
