State Bank of India (SBI) account holders can now update their Know Your Customer (KYC) documents online amid the COVID-19 pandemic. KYC documents are needed for all account holders
SBI had said in a tweet earlier this month that due to the resurgence in COVID-19 cases, KYC will be updated on the basis of documents received via post or registered email.
India's largest public-sector lender tweeted, "Important Announcement. In view of the resurgence of COVID-19 cases along with various lockdowns in place in many states, it has been decided that KYC updation shall be carried out on the basis of documents received from customers through post or registered email. Customers will not be required to personally visit the branch for the purpose of KYC updation."
Individuals aged 18 years or above need to submit a government-accepted proof of identity and address. This includes documents like passport, voter ID card, driving license, AADHAAR card, NREGA card and PAN card.
In the case of minors less than 10 years of age, ID proof of the person who will be operating the account will be required. In situations where minors can operate their accounts independently, KYC procedure for ID/address verification shall remain the same as in the case of individuals aged 18 years and above, according to the SBI.
Non-Resident Indians (NRIs) will have to submit copies of passport and Resident visas duly attested by foreign offices, notary, Indian Embassy, and officers of correspondent banks whose signatures via an authorized (A/B category forex handling branch) of the Bank.
Earlier this month, RBI Governor Shaktikanta Das had also urged banks to not take any strict action against accountholders with pending KYC update till December 31, 2021, due to the second COVID-19 wave.
Das said, "...keeping in view the COVID related restrictions in various parts of the country, Regulated Entities are being advised that for the customer accounts where periodic KYC updating is due/pending, no punitive restriction on operations of customer account(s) shall be imposed till December 31, 2021, unless warranted due to any other reason or under instructions of any regulator/enforcement agency/court of law, etc."
Edited by Mehak Agarwal
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