Having updated details with documents provided for banks is always important. One of India’s popular banks, the State Bank of India, allows users to update KYC details using online methods, which allows customers to send KYC documents right from their homes, without having to visit the branch. If your documents are not updated to date with the bank, SBI may freeze your account, which will not allow you to do any transactions from the account. To unfreeze and gain full control of the account, you will have to update your KYC details.
Since the Covid-19 and lockdown started across India, SBI bank has started accepting KYC documents online. The bank has confirmed that the KYC updation shall be carried out based on documents received from customers through post or registered email. Customers will not be required to visit the branch for the purpose of KYC updation personally. Let’s look at how one can update KYC online for SBI bank.
Documents Required for Online KYC
Before you submit the documents for KYC, to update the KYC details, you will have to submit some documents to the bank. We have listed all the accepted documents for individuals, NRIs, and small account holders.
KYC Documents Required for Individuals
The following documents are accepted as proof of identity and address. Any document towards proof of identity and proof of address needs to be sent.
- Voter’s Identity Card
- Driving License
- Aadhaar Letter/Card
- NREGA Card
- PAN Card
KYC Documents Required for Minors
In the case of a minor account holder, where the minor is less than 10 years of age, ID proof of the person who will operate the account has to be submitted. In cases where the minor can operate the account independently, the KYC procedure for identification/address verification as in the case of any other individuals would apply.
KYC Documents Required for NRIs
These are the documents accepted for Non-Resident Indians for KYC at SBI.
- Foreign offices
- Notary Public
- Indian Embassy
- officers of correspondent banks whose signatures are verifiable through an authorized(A/B category Forex handling branch) branch of the Bank
KYC Documents Small Accounts
A small account means a savings account in a bank where
- The aggregate of all credits in a financial year does not exceed Rs 1,00,000
- The aggregate of all withdrawals and transfers in a month does not exceed Rs 10,000
- The balance at any point in time does not exceed Rs 50,000
A small account can also be opened with any one of the following documents which are deemed valid documents.
- Identity card with the applicant’s photograph issued by Central/State Government Departments, Statutory/Regulatory Authorities, Public Sector Undertakings, Scheduled Commercial Banks, and Public Financial Institutions.
- Letter issued by a gazetted officer, with a duly attested photograph of the person
How to Update SBI KYC Details Online For Individuals
- Scan the documents that you have to give to the bank as KYC proof (address and identity proof)
- Email or courier the KYC document to the SBI bank branch (email should be sent from the registered email ID)
- Once the bank receives your email ID, they will take some time to verify the document
- Once the documents are verified, your account’s KYC details will be updated
The email ID of the bank branch and the address of the bank can be found on the SBI passbook’s first page.
For a minor account, the person who will be operating the account will need to submit the KYC details from his/her registered email address.
What Happens When you Don’t Update your KYC Information with SBI?
SBI has stepped up its Know-Your-Customer (KYC) compliance. With this, the bank sends customers an alert message to update their KYC details per the RBI norms. The bank has also revealed that customers who do not adhere to KYC norms will face heavy penalties. These include partially freezing the account, which will make it difficult to perform any transcation. Moreover, if a customer does not update the KYC details on time, he/she will face a permanent frozen account.
Frequently Asked Questions (FAQs)
When should I send the KYC documents?
SBI says you have to send the KYC documents only if the KYC update is due in your account and the branch has notified you of the same.
Will KYC documents be required for all account holders?
Yes, each individual must submit documents in order to update the KYC details. You can check out the required documents above.
How to check the status of the KYC update?
Once the mail has been sent to the branch, you might get an acknowledgement email, depending on the branch. In case you didn’t get it, you can mail them back and check for the update.
How long does it take to update KYC?
Once you have submitted the KYC documents to the bank branch, the bank will take some time to verify the details. However, there is no time limit for the same. In case you don’t get a response within a few days, you can mail them and ask for an update.
Can I update my KYC through Yono SBI?
The SBI Yono application only allows you to update your PAN card. For other documents and more, one needs to visit the SBI branch or send the details to a registered bank email address.