In the wake of COVID-19 pandemic in India, the State of Bank of India last week said that customers do not need to visit bank branches to submit Know Your Customer (KYC) details. The account holders can send the necessary documents via post or registered email to update their KYC.
“In view of the resurgence of COVID-19 cases along with various lockdown in place in many states, it has been decided that KYC updation shall be carried out on the basis of documents received through post or registered email," India’s largest bank said.
Know Your Customer is a process where banks obtain information about their customers’ identity thereby ensuring that bank services are not being misused. Banks periodically update their customers’ KYC details.
Here’s how to update your KYC
Customers will have to submit proof of address and identity to their bank branch via email. Account holders can send the the documents using their registered email address to the branch’s mail address."You may scan and email your KYC documents on the branch email address only if KYC updation is due in your account and the branch has notified you for the same. Please note to send the email from the email ID you have registered with your bank account," State Bank of India said in a tweet.
Documents you need to update your KYC details at SBI:
SBI customers need to submit any of the following documents to update their KYC documents: 1) Passport, 2) Voter’s Identity Card, 3) Driving Licence, 4) Aadhaar Letter/Card, 5) NREGA Card, 6) PAN Card.
Minors: For the account holders below the age of 10 years, the ID proof of the person who will operate the account, is required to be submitted to the bank. Minors operating the bank account themselves, can produce any of the KYC documents for identification or address verification.
Non-resident Indians KYC update: Non-resident Indians (NRIs) can submit a passport or residence visa copies to complete KYC norms. The residence visa copies should be attested by foreign offices, notary, Indian Embassy, officers of correspondent banks whose signatures are verifiable through an authorized branch of the SBI, the lender mentioned earlier.
Last year, the Reserve Bank of India allowed banks, lending institutions and fintech companies to onboard customers remotely through video-based KYC. The central bank permitted the use of a live photo of the customer and his or her officially valid document as a proof of identification. It also mandated for the geo-tagging of the customer’s video to ensure that they are located within the country.
State Bank of India is India is the largest commercial bank in terms of assets, deposits, branches, customers, and employees. The home loan portfolio of the bank has crossed the milestone of Rs 5 lakh crore. The bank has auto loan book of Rs. 75,937 crore, as on December 31, 2020. With more than 22,000 branches in India and 58,000 ATM or CDM, State Bank of India has the largest in the country.